BANGALORE, India, Jan. 5, 2022
BANGALORE, India, Jan. 5, 2022 /PRNewswire/ -- The Semi Trailer Market is Segmented by Type (Flatbed Semi-trailer, Lowboy Semi-trailer, Dry Van Semi-trailer, Refrigerated Semi-trailer, Others), Application (Logistics, Chemical, Food, Cement, Oil and Gas, Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2027.
In 2020, the global Semi-trailer Market size was USD 26490 Million and it is expected to reach USD 38600 Million by the end of 2027, with a Compound Annual Growth Rate (CAGR) of 5.9% during 2021-2027. The global semi-trailer key players are Schmitz Cargobull, Krone, Kogel, WIELTON, CIMC, Schwarzmüller Group, TIRSAN, Mammut Industries, Gorica, etc. The top 3 companies occupied about 22% market share.
Major Factors Driving The Growth Of The Semi Trailer Market Are:
Road transportation is a widely used mode of goods transportation because of the vast inland connection in many locations and the financial advantages it offers over other forms of transportation. Increasing manufacturing operations, urbanization, the demand for efficient transportation, and the expansion of rural area road networks are all driving the semi-trailer market forward.
Trailers are used for the majority of transportation in the energy, construction, automotive, and manufacturing industries because of their flexibility and versatility. This, in turn, is likely to fuel semi-trailer market expansion.
In addition, manufacturers offering custom-built semi-trailers to match client demand are expected to create lucrative growth opportunities for semi-trailer market players.
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Trends Influencing The Growth Of The Semi-Trailer Market:
The rising preference for semi-trailers for logistics is the key driver fueling the semi-trailer market growth. In most regions, road transportation accounts for the majority of freight transit, and amongst various types of road transportation, semi-trailers are the most preferred for shipping large cargo. Furthermore, the rapidly expanding e-commerce business is likely to boost the semi-trailer market even further. As the e-commerce business expands, so does the need for a more sophisticated distribution network. As the industry grows, demand for semi-trailers of all types is expected to rise.
Advantages of semi-trailers over other trailers are expected to increase its use during the forecast period thereby driving semi-trailer market growth. The main benefit of a semi-trailer is its flexibility. Semi-trailers can easily and quickly be coupled and disconnected, allowing for shunting during loading and trunking between loading terminals. If the tractor breaks down, another tractor can be coupled and the load can continue on to its destination without delay. A dolly can be used to connect one semi-trailer to another. The semi-trailer can transport a big amount of cargo and has a high operating stability coefficient, making it appropriate for long-distance transportation. It is also relatively simple to operate.
Expanding cold chain industry is expected to further augment the growth of the semi-trailer market. Fruit, dairy products, vegetables, fish, chicken, fresh flowers, and a wide range of medicinal products have all seen a growth in demand as the middle-class population has become more economically stable. Furthermore, as disposable income has increased in emerging nations, customers have been able to spend more on high-quality, organic, and fresh items. Every part of the cold chain sector is being impacted by a combination of more disposable income, a general push for fresher, healthier products, and an increase in the number of quick-service restaurants (QSRs).
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Semi-Trailer Market Share Analysis:
Based on type, the dry van segment is expected to be the most lucrative. Dry vans are typically used to deliver cargo that requires only minimal protection from road and weather conditions.
Based on application, food is expected to be the most lucrative due to increasing consumption of consumer goods.
With a market share of almost 33%, North America held the largest Semi-Trailer market share. It is followed by Europe with a market share of 30% due to the significant presence of the truck industry, increased connectivity, and expanding road infrastructure.
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Leading Players in the Semi-trailer Market
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- In 2020, the global Refrigerated Trailer market size was USD 3872.2 Million and it is expected to reach USD 5847.6 Million by the end of 2027, with a CAGR of 6.1% during 2021-2027.
- The global Automotive Trailer market size is expected to grow from USD 20670 Million in 2020 to USD 24740 Million by 2027; it is expected to grow at a CAGR of 2.2% during 2021-2027.
- The global Agricultural Trailer market was valued at USD Million in 2020 and it is expected to reach USD Million by the end of 2027, growing at a CAGR of % during 2021-2027.
- In 2021, the global Trailer Telematics market size will be USD Million and it is expected to reach USD Million by the end of 2027, with a CAGR of % during 2021-2027.
- The global Food Grade Tank Trailer market was valued at USD Million in 2020 and it is expected to reach USD Million by the end of 2027, growing at a CAGR of % during 2021-2027.
- In 2020, the global Self-Propelled Modular Transporter market size was USD 464 Million and it is expected to reach USD 620.7 Million by the end of 2027, with a CAGR of 4.3% during 2021-2027.
- In 2020, the global Conventional Travel Trailer market size was USD 7496 Million and it is expected to reach USD 10070 Million by the end of 2027, with a CAGR of 4.3% during 2021-2027.
- In 2020, the global Transport Refrigeration Unit (TRU) market size was USD 1214.5 Million and it is expected to reach USD 1633.5 Million by the end of 2027, with a CAGR of 4.3% during 2021-2027.
- The global Trailer Assist System market size is projected to reach USD 109.2 Million by 2027, from USD 71 Million in 2020, at a CAGR of 6.0% during 2021-2027.
- In 2020, the global Trailer Hitch market size was USD 728.4 Million and it is expected to reach USD 889.8 Million by the end of 2027, with a CAGR of 2.9% during 2021-2027.
- The global Cold Chain market size is projected to reach USD 443630 Million by 2027, from USD 224190 Million in 2020, at a CAGR of 10.0% during 2021-2027
- The global Refrigerated Transport market size is projected to reach USD 16840 Million by 2027, from USD 13030 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 3.3% during 2021-2027.
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