The global Semi-Trailer Market size is anticipated to reach USD 29.36 billion by 2028, expanding at a CAGR of 5.8%, according to a new report by Grand View Research, Inc. Increasing demand across the construction, defense, automotive, and energy sectors is anticipated to be a key factor driving market growth. In addition, increasing dependence of e-commerce companies on third-party logistics (3PL) providers to ensure transportation of goods through hub and spoke distribution model is also expected to augment market growth in the coming years.
Furthermore, expanding cold chain and logistics
industry is contributing significantly to the market growth. Less than
truckload (LTL) and full truckload (FTL) freight shipping companies worldwide
are increasingly adopting semi-trailers due to the versatility being offered in
terms of load-carrying capacity. As compared to rigid trucks, semi-trailers
offer the lowest cost of transportation per ton per km, which is further
enhancing its adoption.
Over the last few years, the product demand has
witnessed strong growth on account of positive growth observed in the oil &
gas industry. In the coming years, the market is poised to register steady
growth due to relaxation of regulations with respect to length and
load-carrying capacity of semi-trailers. Government regulations supporting the
introduction of lightweight and eco-friendly transport vehicles are expected to
shape the future market demand. However, lack of proper infrastructure required
for transportation, especially in emerging economies is hampering the
semi-trailer market growth.
Manufacturers are increasingly incorporating advanced
technologies such as driver assistance systems (DAS) and other connectivity
solutions into their products to help their consumers (fleet
operators/logistics service providers) enhance operational efficiency.
Furthermore, growing preference for platooning and introduction of electric
semi-trailer trucks are expected to create huge opportunities for the
manufacturers in the coming years. Manufacturers are increasingly focusing on
introducing lightweight transport vehicles through improved designs and lighter
components to ensure greater productivity and payload.
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Semi-trailer Market Report
Highlights
- The dry vans segment is expected to witness a revenue-based CAGR of
more than 4.0% due to growth in the retail and fast-moving consumable
goods (FMCG) industry, especially in the developing economies
- The Asia Pacific market is expected to witness substantial growth
owing to improving road infrastructure and anticipated growth in the
automobile industry. Automotive companies are manufacturing many cars and
two-wheelers which are being transported through semi-trailers to
end-consumers
- The market is highly consolidated with the presence of established
players such as Wabash National Corporation, Schmitz Cargobull, Great
Dane, and Kogel Trailer GmbH
- Players are focusing on R&D investments, acquisitions and
mergers, and product innovation in order to strengthen their market
presence. For instance, in 2017 Wabash National Corporation entered
into a definitive agreement to acquire Supreme Industries, Inc. to enhance
its market presence in dry vans.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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