Semi-Trailer Market Analysis

Semi-Trailer Market Overview:

Semi-Trailer Market Size was valued at USD 29.6 billion in 2023. The Global Semi-Trailer market industry is projected to grow from USD 31.2 Billion in 2024 to USD 45.6 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.5% during the forecast period (2024 - 2030). A surge in construction activities and the rising need for effective transportation are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Semi-Trailer Market Trends

• 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.

Semi-Trailer Market Segment Insights:

Semi-Trailer Type Insights

Based on Type, the Semi-Trailer Market segmentation includes tankers, flatbed, dry van, lowboy, and refrigerator. The dry van segment held the majority share in 2021, contributing around ~28-30% with respect to the Semi-Trailer Market revenue. This is primarily owing to the growing retail sector and the rising need to transport various products from retailers to consumers. Moreover, an increased initiative to introduce more semi-trailers and rising investment in the automotive sector. Further, the refrigerator segment is expected to grow at the fastest CAGR during the forecast period owing to the growing need for cold logistics to transport frozen products and changing lifestyle patterns that have boosted the demand for packaged products.

January 2021: Ascend LLC launched a dry van, a full truckload carrier that brings high-performance service and reliability to the rapidly expanding middle-mile market.

June 2021: Krueger launches a series of dry vans in a show at the 2021 Brisbane Truck Show. The dry freight range includes straight bodies – 34-pallet B-doubles (12-pallet roll-back ‘A’ / 22-pallet ‘B’), 36-pallet B-double (14-pallet roll-back ‘A’ / 22-pallet ‘B’), 24-pallet van trailer, 26-pallet van trailer.

Figure 2: Semi-Trailer Market, by Type, 2021 & 2030 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Semi-Trailer Length Insights

The Semi-Trailer Market segmentation, based on Length, includes above 45 feet and below 45 feet. The 45 feet segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2030. This is due to the growing product launch and the rising demand for semi-trailers for retail transportation. Moreover, new governmental regulations and expansion of the manufacturing industry are also positively impacting the Semi-Trailer market growth.

Semi-Trailer Tonnage Insights

The Semi-Trailer Market data has been bifurcated by Tonnage into 25 t to 50 T, 51 T to 100 T, and Above 100 T. The 25 t to 50 T segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. 25 t to 50 T semi-trailers are largely used in flatbed semi-trailers and low boy trailers. Moreover, the increasing need for the transportation of goods and the wide-scale application of semi-trailers across various industries is also siding the Semi-Trailer Market.

Semi-Trailer Axels Insights

Based on Axles, the global Semi-Trailer industry has been segmented into below 3 axles, 3 to 4 axles, and 4 axles. 3 to 4 axles held the largest segment share in 2021, owing to the rapid adoption of 3 to 4 axles Semi-Trailers and the government regulations on weight limits. Moreover, new product launches and the rising use of 4 axles Semi-Trailers in various industries to aid segmental growth.

March 2021: Tata Motors launched Signa 3118.T 3-Axle 6x2 Truck in the M&HCV segment. This truck is India's first 3-axle 6x2 (10-wheeler) rigid truck with a GVW of 31 tonnes.

Semi-Trailer Regional Insights

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, MRFR 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.

Semi-Trailer Key Market Players & Competitive Insights

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.

Key Companies in the Semi-Trailer market includes

• 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)


• Great Dane Limited Partnership (the U.S)., among others

Semi-Trailer Industry Developments

January 2020: BharatBenz launched a New next-generation heavy-duty segment 5050-tonner-tractor-trailer truck in India.

September 2022: TX Logistik introduced the third generation of its NiKRASA system for transporting road trailers by rail. This was developed by the freight company and trailer manufacturer Wecon.

July 2022: Panus delivered 150 semi-trailers in March 2022, and, under the new agreement, it will be supplying over 3,000 trailers in the North American Market in 2022.

Semi-Trailer Market Segmentation

Semi-Trailer Type Outlook

• Tankers


• Flatbed


• Dry van


• Lowboy


• Refrigerator

Semi-Trailer Length Outlook

• Above 45 feet


• Below 45 feet

Semi-Trailer Tonnage Outlook

• 25 t to 50 T


• 51 T to 100 T


• Above 100 T

Semi-Trailer Axles Outlook

• Below 3 axles


• 3 to 4 axles


• 4 axles

Semi-Trailer Regional Outlook

• 
  North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• 
  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• 
  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• 
  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America