CHICAGO, Feb. 12, 2021
CHICAGO, Feb. 12, 2021 /PRNewswire/ -- According to the new market research report "Semi-Trailer Market by Type (Flatbed, Lowboy, Dry Van, Refrigerated, Tankers and Others), Number of Axles (<3 Axles, 3-4 Axles, and >4 Axles), Tonnage (Below 25T, 25T-50T, 51T-100T, and Above 100T), Length, End-Use and Region", published by MarketsandMarkets™, the global Semi-Trailer Market is estimated to be USD 29.5 billion in 2020 and is projected to grow to USD 41.2 billion by 2025, at a CAGR of 5.6% during the forecast period.
The Semi-Trailer Market is primarily driven by the ever-growing need for improved transportation operations across various essential as well as non-essential sectors. OEMs are integrating fuel-efficient designs in their new models to reduce the air resistance and offer cost savings for fleet operators. Rising importance of fuel conservation and emission control has resulted in government authorities mandating technologies and emphasizing on improved designs. OEMs are therefore focusing on increasing usage of lightweight materials to reduce weight and help fleet operators reduce carbon footprint and increase cost savings. These cost savings may result from reduced fuel consumption or extra legally permissible load carrying capacity for semi-trailers. On a global level, the demand for semi-trailers is expected to grow significantly due to positive economic outlook and expanding supply chain infrastructure. Due to the ongoing COVID-19 pandemic, effective transportation chain has gained immense importance worldwide.
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249 – Tables
64 – Figures
236 – Pages
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Expanding cold chain and logistics industry and increasing use of advanced technologies are the key drivers for the Semi-Trailer Market. Increasing disposable income of consumers and the general push to fresh, healthier products, and increasing number of quick service restaurants (QSRs) are impacting the cold chain industry. A key driver for the growth of the cold chain industry in recent years has been the growth in large-format supermarket retailing. The installation of technically advanced devices such as temperature recorder with built-in GSM modem and remote temperature monitoring in the refrigerated trailers is benefiting trailer owners and managers in the real-time monitoring of the trailer.
Logistics is estimated to hold the largest market share during the forecast period
The logistics segment is projected to be the largest during the forecast years. Increasing demand for third-party logistics by small & medium players of various industries would continue to drive the demand for semi-trailers. Most companies rely on third-party logistics companies to decrease investments in fleet, reduced workforce, and availability of various types of containers, tanks, and flatbeds as per the requirement of companies.
Increasing dependence of ecommerce companies on third-party logistics (3PL) providers to ensure transportation of goods through warehouse and distribution hub and increasing partnerships between manufacturers and semi-trailer service providers is driving the logistics market for semi-trailers. North America is estimated to be the largest region for the logistics Semi-Trailer Market. The region's market is driven by growing adoption of third-party semi-trailers service by key players of various industries, growing demand for reefers, and increasing number of logistics service providers.
Less than 3 axles segment is estimated to be the largest segment by number of axles from 2017 to 2025
The market size for semi-trailers with less than 3 axles is expected to be the largest as this type of trailers are preferred in North America and Asia Pacific. The legally permissible load that can be transported on a semi-trailer depends on the number of axles. Weight limit and Gross Axle Weight Rating (GAWR) depend on state laws and are designed for the safety of the vehicle during operation. Government regulations on weight limits and number of axles are driving the market for less than 3 axles segment.
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Asia Pacific is estimated to highest CAGR growth in semi-trailer
This Semi-Trailer Market in Asia Pacific has experienced high growth in the past few years. The region comprises some of the fastest growing economies, including India, China, and South Korea. With developments taking place at a fast pace, the logistics sector in this region is growing. High growth of industrialization in these countries offers new opportunities in the Semi-Trailer Market. The increase in the overall industrial production has led to increased freight transportation, fueling the demand for semi-trailers in this region. The region offers better cost advantages related to labor and materials than developed regions. Moreover, government policies in India and China encourage the production of semi-trailers in local markets to satisfy domestic demands. For instance, in 2015, China has started "Made in China 2025", which is backing the companies in this region to compete with global players. All these factors have led to the increased production volumes over the years, where OEMs not only satisfy domestic demands but also serve developed markets and remain globally competitive.
The report analyzes all major players in the Semi-Trailer Market including China International Marine Containers (China), Wabash National (US), Schmitz Cargobull AG (Germany), Utility Trailer Manufacturing Company (US), and Fahrzeugwerk Bernard Krone (Germany).
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