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Semi-trailers are unpowered vehicles that are dragged by powered vehicles. The semi-trailers are more superior than full trailers in terms of safety and reliability. The growing urbanization, rise in industrialization, improvement in road connectivity, and road conditions are the foremost reasons for the rise in road transportation and logistics, which is eventually favoring the growth of the semi-trailer market. Owing to the increasing population, increase in manufacturing industries, expansion in agriculture, rise in construction, growth in the cold chain industry is propelling the market for semi-trailers. High cargo-carrying capacity, reduced operating costs, rise in fuel efficiency, less emission are some of the cost-effective factors of transportation by semi-trailers. Moreover, the expansion in the food and beverage industry, dairy products, and consumable goods have facilitated the need for semi-trailers. Furthermore, increasing the safety of goods transported in trailers, reduction in damage of goods transported has necessitated the development of trailer vehicles.
The adoption of advanced technologies such as the electronic braking system, electric semi-trailers, improved safety features, cost efficiency is anticipated to drive the growth of the semi-trailer market. On the contrary, high maintenance costs, alternate modes of cargo transports may hinder the growth of the market in the forecast period.
Key Market Driver -
Improved road transportation, increased industrialization, goods safety and cost effectiveness are expected to drive the growth of the market in the forecast period.
Key Market Restraint -
High maintenance cost, alternative sources for cargos like airplanes and trains, less resale value is expected to hinder the growth of the market in the future.
Globally, the semi-trailer market has been segmented into semi-trailer type, by foot length type and region. Semi-trailer type is further segmented into lowboy, flatbed, dry van, tankers and refrigerated.
Dry van semi-trailers are dominating the semi-trailer market as compared to other types of semi-trailers. They are primarily popular as carriers and shippers and protect the goods from bad weather and theft. The growth in retail, rise in fast-moving consumable goods and durables (FMCG & FMCD) driving the growth of dry vans majorly in India and China. A refrigerated semi-trailer is the next widely used semi-trailer after dry vans. These semi-trailers are designed to carry goods at a specific temperature. These trailers are equipped with refrigeration systems and are powered with diesel engines. They use carbon dioxide as a cooling agent. Owing to the expansion of the food and beverage industry, a constant rise in the demand for packed food, and frozen products across major countries has led to the increase in the sale of refrigerated semi-trailer market. Lowboy and flatbed also have substantial growth in the market, owing to the rise in road connectivity and right road conditions. By foot length, 28-45 foot length semi-trailers are widely used.
Key players operating in the global semi-trailer market are Kögel Trailer GmbH, HYUNDAI Translead, Wabash National Corporation, Schwarzmüller Group, FAHRZEUGWERK BERNARD KRONE GMBH & CO., Utility Trailer Manufacturing Company, Dorsey Trailer, Fontaine Commercial Trailer, Schmitz Cargobull, China International Marine Containers (Group) Ltd., LAMBERT SAS, Shandong Arima group and Polar Tank.
Geographically, the automotive motors market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America holds the largest market share of semi-trailers owing to the improved road infrastructure, excellent connectivity, expansion of the truck industry, growing construction activities. The Asia Pacific is also projected to show a significant growth in the semi-trailer market owing to the rapid urbanization, industrialization, rise in FMCGs and food and beverage industry, and improved logistics. Europe is expected to show a steady growth in this market owing to stringent government norms to promote fuel-efficient vehicles.
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By Semi-Trailer Type
By Foot Length
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