Semi-Trailer Market

Growing urbanization to boost Semi-Trailer market growth

Urbanization is one of the most important economic and social changes of the 20th century, particularly in the developing world. Cities have been important throughout human history, but it wasn't until the industrial revolution that a network of sizable cities began forming in the world's most developed economies. Innovation was disseminated, and most of the economic growth occurred through this network of interconnected cities.

Urban populations have more than doubled since 1950; by 2021, they will make up nearly 4.4 billion people, or 56.6% of the world's population. This transition is anticipated to continue well into the second half of the twenty-first century, a trend reflected in the expansion of urban areas and the proportion of the population living in cities. 70% of the world's population, or 6.4 billion people, may live in cities by 2050. As they account for the majority of production, distribution, and consumption, cities also account for the majority of the national economic output.

Such urbanization has led to the rising need for transportation and fueling the Semi-Trailer market CAGR across the globe the recent years.

However, to cater to the rising demand, companies in the market are developing and launching advanced trailers, which is another factor driving the growth of the Semi-Trailer market revenue.

Infrastructure development initiatives across various regions significantly bolster the Global Semi-Trailer Market Industry. Governments are investing in road networks and transportation facilities to facilitate smoother logistics operations. For instance, the expansion of highways and intermodal terminals enhances the efficiency of semi-trailer transportation. These developments not only improve connectivity but also reduce transit times, thereby increasing the attractiveness of semi-trailers for freight transport. As infrastructure projects continue to unfold, the market is likely to benefit from increased demand, contributing to the anticipated growth trajectory.

The Global Semi-Trailer Market Industry experiences a robust demand for freight transportation, driven by the increasing need for efficient logistics solutions. As global trade expands, the requirement for semi-trailers to transport goods across vast distances becomes more pronounced. In 2024, the market is projected to reach 31.2 USD Billion, reflecting the industry's response to heightened freight volumes. This growth is further supported by advancements in logistics technology, which enhance the efficiency of semi-trailer operations. The trend indicates a potential for sustained growth, as the industry adapts to evolving transportation needs.

Technological advancements play a pivotal role in shaping the Global Semi-Trailer Market Industry. Innovations such as lightweight materials, advanced braking systems, and telematics integration enhance the performance and safety of semi-trailers. These improvements not only increase fuel efficiency but also reduce operational costs for logistics companies. As the industry embraces these technologies, it is expected to attract more investments, further driving market growth. The ongoing evolution of semi-trailer designs aligns with the projected market expansion, with estimates suggesting a rise to 52.0 USD Billion by 2035.

The rise of e-commerce significantly impacts the Global Semi-Trailer Market Industry, as it drives demand for efficient last-mile delivery solutions. With consumers increasingly relying on online shopping, logistics companies are compelled to optimize their transportation networks. Semi-trailers play a crucial role in facilitating the movement of goods from distribution centers to urban areas. This trend is expected to contribute to a compound annual growth rate (CAGR) of 4.76% from 2025 to 2035, as the industry adapts to the evolving landscape of e-commerce logistics.

The Global Semi-Trailer Market Industry is influenced by regulatory compliance and environmental standards that govern transportation practices. Stricter emissions regulations compel manufacturers to develop eco-friendly semi-trailers that meet sustainability criteria. This shift towards greener technologies not only addresses environmental concerns but also enhances the market's appeal to environmentally conscious consumers. As companies strive to comply with these regulations, the demand for innovative semi-trailer solutions is likely to increase, fostering growth in the industry. The emphasis on sustainability may also lead to new market opportunities.

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North America Semi-Trailer market accounted for USD 11.5 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the growing retail sector, rising investments in the development of new products, and rising construction activities across the region.

Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Semi-Trailer Market Share By Region 2021 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe Semi-Trailer market accounts for the second-largest market share due to the growing cold chain infrastructure, government initiatives for the development of transportation, and the rising food & beverage sector. Further, the Germany Semi-Trailer market held the largest market share, and the UK Semi-Trailer market was the fastest-growing market in the European region.

The Asia-Pacific Semi-Trailer Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to growing urbanization, increased demand for lightweight transport vehicles, and the rising development of the e-commerce sector. Moreover, the China Semi-Trailer market held the largest market share, and the India Semi-Trailer market was the fastest-growing market in the Asia-Pacific region.

Major market players are launching new products in the market, which will help the Semi-Trailer market grow even more in the coming years. Major players in the market are taking strategic initiatives to grow their market share, with key market developments such as new product launches, mergers and acquisitions, contractual agreements, rising investments, and collaboration with other manufacturers. Competitors in the Semi-Trailer industry are offering cost-effective products to stay in the competitive market.

One of the other strategies primarily adopted by businesses in the global Semi-Trailer industry is to launch advanced products in the market. The Semi-Trailer market major player such as Wabash National Corporation (US), Schmitz Cargobull (Germany), Kögel Trailer GmbH & Co.KG (Germany), Great Dane Trailers (US), American Trailer & Storage (U.S.), PACCAR Inc. (U.S.), China International Marine Containers (Group) Co. Ltd. (China), Utility Trailer Manufacturing Company (the U.S.), Schmitz Cargobull AG (Germany), and Great Dane Limited Partnership (the U.S), and others are working to introduce new products in the market demand by conducting in research and development activities.

Wabash National Corporation (US) is a manufacturer of advanced engineered solutions and services for the logistics, transportation, and distribution industries. In November 2021, the company launched a new light-duty, home-delivery refrigerated truck body. It also had a patented molded structural composite (MSC) technology.

Also, Schmitz Cargobull AG (Germany) is a manufacturer of semi-trailers, trailers, and truck bodies. The company opened a factory in  2021 in Manchester, Great Britain. Since November 2021, they have also been manufacturing the S.KO PACE SMART and curtainsider semi-trailers. In November 2021, Schmitz Cargobull launched S. KO PACE SMART, a box body semi-trailer. For manufacturing, these trailers' lightweight panels are used that are far lesser in weight than companies. Over the course of the trailer's lifetime, this will also significantly reduce carbon emissions, which operators can assume will result in lower fuel costs.