What is the global market size of the Semi Trailer Market?

Global Semi Trailer Market size was valued at USD 19.76 billion in 2021 and is poised to grow from USD 20.88 billion in 2022 to USD 32.86 billion by 2030, growing at a CAGR of 5.8% in the forecast period (2023-2030).

Global Semi Trailer Market Size, Share, Growth Analysis, By Semi-trailer type(Refrigerated trailer, flatbed trailer), By Tonnage(Below 25 Tons, between 25-50 Tons), By Axle(Less than 3 axles, 3 to 4 axles), By length(Up to 45 feet and above 45 feet), By End use industry(Heavy industry, construction) - Industry Forecast 2024-2031

Report ID: SQMIG20H2016 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 151 | Figures: 78

Global Semi Trailer Market Insights

Global Semi-Trailer Market size was valued at USD 32.9 billion in 2022 and is expected to rise from USD 34.74 billion in 2023 to reach a value of USD 53.72 billion by the end of 2031, at a CAGR of 5.60% during the forecast period (2024-2031).

The growth of the market is attributed to growing urbanization, rising manufacturing activities, and the need for effective transportation. In addition, the growth of the end use industries coupled with the expanding cold industry is increasing the demand for semi -trailers. Manufacturers offer Custom-built semi-trailer to full-fill the consumer demand, and this factor is anticipated to create significant growth opportunities for the global semi-trailer market in the coming years.

A significant factor boosting the growth of this market is the rise in demand from end use industries such as the logistics sector for the transportation of goods. Road transportation is the most utilized mode of transportation as it offers better cost advantages over other modes. Hence, with the improved road infrastructure, the demand for road transport has increased, subsequently benefiting the semi-trailer market.

The demand for fuel efficient vehicles has increased so that manufacturers invest more on enhancing the semi-trailer designs. Moreover, increasing demand for packaged food is contributing to the market growth. Adoption of semi-trailer is increasing as it provides benefits with respect to efficiency and productivity.

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Global Semi Trailer Market Report Snapshots

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The global semi-trailer market is highly fragmented due to the presence of several global and regional players. Key players increased their focus on product launches and expansions to strengthen their position in the global market. In addition, there is an increasing trend towards the collaboration among component suppliers and OEMs in order to ensure a consistent supply of inventory. 'Wabash National Corporation', 'Great Dane Trailers', 'Hyundai Translead', 'Utility Trailer Manufacturing Company', 'Schmitz Cargobull AG', 'Kögel Trailer GmbH & Co. KG', 'CIMC Vehicles Group Co., Ltd.', 'Sinotruk (Hong Kong) Limited', 'Kässbohrer Fahrzeugwerke GmbH', 'Vanguard National Trailer Corporation', 'Stoughton Trailers, LLC', 'Trail King Industries, Inc.', 'Fontaine Trailer Company, Inc.', 'MAC Trailer Manufacturing, Inc.', 'Heil Trailer International', 'East Manufacturing Corporation', 'Doepker Industries Ltd.', 'Manac Inc.', 'Wilson Trailer Company', 'Reitnouer, Inc.'

Fast Moving Consumer Goods (FMCG) is one of the largest industries in the world in terms of revenue generation. Perishable products such as meat, dairy products, fruits and vegetables, and baked goods have short shelf life and these products have high consumer demand. The FMCG industry is segmented into personal care and food & beverage industries. The growth of the FMCG industry is attributed to rising income, increasing population, brand consciousness, favourable policies, and digitalization of the purchasing process. In the FMCG sector, along with the changes in consumer demand, there has been shifts in the logistics of FMCG products. All this supports the growth of the technologically advanced semi-trailer in the FMCG industry.

Automobile industry undergoes technological advances such as witnessing the vehicle conversion from gas engine to an electrical one. In the coming years, electric semi-trailers offer an opportunity for the original equipment manufacturers and semi-trailer. Perseverance and innovation have resulted in the development of electric semi-trailers.

Asia Pacific is expected to emerge as the largest market and further expected to register the fastest growth during the forecast period with significant revenue generation from emerging economies such as India and China, which comprise large supply chains and logistics networks. Moreover, the growing e-commerce industry in this region is anticipated to propel the demand for dry vans trailers in the coming years.

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Global Semi Trailer Market Insights

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