June 18, 2024
Semi Trailer Market

The Global Semi-Trailer Market Is Driven By Increasing Demand From Logistics Industry

The semi-trailer market consist of various types of trailers such as Dry Van, Flatbed, Refrigerated, Tanker, and Others that are suitable for carrying various types of goods and commodities across different industries. Semi-trailers provide enhanced cargo capacity and longer reach which increases productivity and efficiency. They are essential for inter-state transportation of goods and long distance hauling. The global logistics industry has been growing at a rapid pace with increasing international trade. Growing e-commerce sector has also fueled the demand for logistics and transportation services. The need for efficient transportation of goods over long distances is driving the semi-trailer market.

The global Semi-Trailer Market is estimated to be valued at US$ 37.21 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Some of the major trends influencing the semi-trailer market include growing inclination towards environment-friendly trailers and emergence of autonomous semi-trailers. Manufacturers are focusing on developing electric and hybrid semi-trailers in order to reduce carbon emissions from transportation sector. Growing awareness regarding reducing carbon footprint is expected to fuel the demand for electric and hybrid trailers. Additionally, integration of advanced driver assistance and connectivity technologies in semi-trailers is enabling partial or full automation of driving functions. Autonomous semi-trailers can potentially improve road safety and transportation efficiency. Various companies are conducting trials of self-driving trucks and platooning of trucks. Commercialization of autonomous semi-trailers over the next decade can significantly disrupt the market.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate due to high capital requirements and established brand loyalty of existing players.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of multiple semi-trailer options.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitute components.
Threat of new substitutes: The threat of new substitutes is low as semi-trailers have few product alternatives for hauling heavy loads over long distances.
Competitive rivalry: The competition is high among existing players.

Key Takeaways

The Global Semi-Trailer Market Demand is expected to witness high growth.

Regional analysis: The North American region dominated the global semi-trailer market in 2020 attributed to robust transportation and logistics industry in countries like US and Canada.

Key players related content comprises Key players operating in the semi-trailer market are ESI Group, COMSOL, Numeca International, Ansys, EXA Corp., and Aspen Tech.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it