July 16, 2024

Technology Advancements Projected To Boost The Growth Of Semi-Trailer Market

The global Semi-Trailer Market is estimated to be valued at US$ 32.3 Bn Or Mn in 2023 and is expected to exhibit a CAGR Of 3.7% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

A semi-trailer is a trailer without a front axle. A large proportion of its weight is supported by a tractor or “power unit” or towing vehicle. Semi-trailers are commonly hauled by fully integrated semi-trailer truck tractors which have a fifth wheel coupling. Semi-trailers are widely used for transporting bulk cargo or freight between destinations across land. They provide maximum cargo capacity for transportation at economical costs owing to their durable structure and enhanced fuel efficiency. They come in different sizes, types and specifications based on the load being carried.

Market key trends:

Technological advancements such as increase in adoption of GPS trailer tracking systems and telematics solutions in semi-trailers are facilitating better fleet management. The real-time location and sensor data collection helps in monitoring vehicle performance, reduces downtime and improves safety and security of freight. This is encouraging higher uptake of semi-trailers integrated with advanced technologies. Further, the introduction of electric and hybrid powertrains in semi-trailers is expected to drive their demand. The new generation electric and hybrid drivetrains are more economical and environment-friendly alternatives owing to lower maintenance costs and reduced carbon footprint. Their adoption is anticipated to increase substantially over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the semi-trailer market is low due to high costs involved in setting up manufacturing units and developing distribution channels.

Bargaining power of buyers: The bargaining power of buyers is moderate in the semi-trailer market as buyers have a fair number of options for semi-trailers from different manufacturers.

Bargaining power of suppliers: The bargaining power of suppliers in the semi-trailer market is moderate as manufacturers source raw materials like steel from a large number of suppliers.

Threat of new substitutes: There are no close substitutes for semi-trailers available presently.

Competitive rivalry: High due to presence of numerous global and regional players.

Key Takeaways

The Global Semi-Trailer Market Size is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing demand from freight transport industry. North America dominates the global semi-trailer market and is expected to maintain its position throughout the forecast period owing to rising freight transportation volumes in the region. Europe holds a significant share in the global semi-trailer market and is expected to grow at a steady pace during 2023-2030.

Regional analysis

North America accounts for the largest share in the global semi-trailer market led by developed transport infrastructure, flourishing freight transportation industry and high adoption of advanced technologies. Europe holds second largest share due to presence of major trailer manufacturers such as Schmitz Cargobull and Krone along with growing demand from freight industry.Asia Pacific exhibits fastest growth in semi-trailer market led by China, India and ASEAN countries due to ongoing infrastructure development projects and rising freight requirements.

Key players

Key players operating in the semi-trailer market are Schmitz Cargobull, China International Marine Containers (Group) Ltd., Polar Tank Trailer, Llc (Entrans International, Llc Company), Fontaine Commercial Trailer, Inc., Lamberet Sas (Xinfei France Sa), Great Dane, Krone Commercial Vehicle Group (Bernard Krone Holding), and Kogel Trailer Gmbh & Co.Kg.

*Note:

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