New York, July 09, 2021 (GLOBE NEWSWIRE) -- Semi-Trailer Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Semi-Trailer Market Research Report, Type, Tonnage, Axle count and Region - Forecast till 2027” the market is projected to be worth USD 45.48 Billion by 2027, registering a CAGR of 5.81% during the forecast period (2021 - 2027), The market was valued at USD 30.56 billion in 2020.
COVID-19 Analysis
The market gained traction by the end of 2020. With current lockdown restrictions getting lifted gradually, businesses plan in restarting operations, which will create new needs. Shipping companies which are majorly focused on the automotive, commercial, and oil and gas industries have been significantly affected due to the COVID-19 business closures. The standstill in transportation and logistics activities has led to a sharp fall in freight rates and volumes. Besides, there are more empty miles resulting from fragmented supply chains negatively affecting the profitability of the carrier. The orders of new trailers reached a low record of just 300 units being sold in April 2020, representing a drop of 98% in comparison to April 2019. The COVID-19 crisis has created acute uncertainties for the semitrailers market.
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Key Players
Eminent players profiled in the global semi-trailer industry report include-
- Wabash National Corporation (US)
- Schmitz Cargobull (Germany)
- Kögel Trailer GmbH & Co.KG (Germany)
- Great Dane Trailers (US)
- PACCAR Inc. (U.S.)
- China International Marine Containers (Group) Co. Ltd. (China)
- American Trailer & Storage (U.S.)
- Utility Trailer Manufacturing Company (the U.S.)
- Schmitz Cargobull AG (Germany)
- Great Dane Limited Partnership (the U.S)
Industry Updates
Fruehauf has brought semi-trailer production to Kentucky. The new dry van trailer manufacturing operation is locating in an unfinished spec building in Transpark, enabling it to serve its customers better in Canada and the US with components chiefly manufactured offsite and assembled at the new location.
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Alluring Features that Boost Market Growth
As per the latest MRFR report, numerous factors are propelling the global semi-trailer market value.
Drivers
Growing FMCG Industry to Boost Market Growth
The growing FMCG Industry is predicted to boost market growth over the forecast period. Currently, companies are laying emphasis on investments in automation of supply chains, development of warehouse hubs, and expansion of existing manufacturing facilities. Besides, distribution centers and locations play a crucial role in FMCG logistics. Thus, growing transport of goods from manufacturing facilities to warehouses, distribution centers to retail stores, and warehouses to distribution centers for semi-trailers in the FMCG sector are adding market growth. Besides, the growing acceptance of eCommerce in FMCG is also adding to the semi-trailer market share.
Opportunities
Integration of ADAS to offer Robust Opportunities
Manufacturers are focusing on incorporation of ADAS in transport vehicles to enable fleet operators/logistics service offer track freight efficiently. Thus, technology advances like ADAS integration and semi-trailer platooning will offer robust opportunities to the market in the forecast period.
Restraints
Existence of Local Players to act as Market Restraint
The existence of various local players in unorganized sector and transportation of goods through sea and air may act as market restraints over the forecast period.
Challenges
Rise in Terror Attacks to act as a Market Challenge
The rise in terror attacks, the seasonality dependence, and levy of heavy taxes on tour operators may act as market challenges over the forecast period.
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Market Segmentation
- By Tonnage
By tonnage, the below 25t segment will lead the market over the forecast period at a high CAGR over the forecast period for the introduction of government regulations regarding weight carrying capacity for road safety.
- By Type
By type, the dry van segment will dominate the market over the forecast period for the huge production of this type of semi-trailers across the globe. Dry vans represent the majority of the sales in the market and has a large percentage of total semi-trailer miles travelled.
- By Axle Count
By axle count, the less than 3 axles segment will spearhead the market over the forecast period. These trailers are widely used and preferred over other types of semi-trailers. The legally permissible load that can be transported on semi-trailers rests on the axle count of semi-trailers. Government regulations on weight limits are driving the less than 3 axles segment.
Regional Analysis
North America to Precede Semi-Trailer Market
North America will precede the semi-trailer market over the forecast period. Improving infrastructure, introduction of government regulations on weight carrying capacity and dimensions of a semi-trailer, expanding supply chain industry, the strict government norms, rise in the use of food and beverages industry, integration of telematics in semi-trailer, robust road infrastructure network, growing transportation and logistics industry, and increased demand for light-weight transport vehicles are adding to the global semi-trailer market growth in the region.
Segmentation of Market covered in the research:
Information by Type (Flatbed, Lowboy, Dry van, Refrigerated, Tankers, Others), By Tonnage (Below 25 t, 25 t – 50 t, 51 t – 100 t and Above 100 t), By Axle count (<3 axles, 3–4 axles, >4 axles) and By Region (North America, Europe, Asia-Pacific, and Rest of the World)
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