GVR Report cover Semi-trailer Market Size, Share & Trends Report

Semi-trailer Market Size, Share & Trends Analysis Report By Type (Flat Bed Trailer, Dry Vans, Refrigerated Trailers, Lowboy Trailers, Tankers), By Region (North America, Europe, APAC, LATAM, MEA), And Segment Forecasts, 2021 - 2028

  • Published Date: Jul, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-3-68038-900-5
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 76

Report Overview

The global semi-trailer market size was valued at USD 19.73 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2021 to 2028. Rising urbanization, increasing manufacturing activities, and the need for effective transportation are anticipated to be the major factors driving the demand for semi-trailers. Moreover, the growth of the end-use industries, along with the expanding cold chain industry, is likely to surge the demand for semi-trailers in the coming years. Besides, the offering of custom-built semi-trailers by the manufacturers to meet consumer demand is anticipated to create significant growth opportunities in the coming years.

U.S. semi-trailer market size, 2018 - 2028 (USD Billion)

Logistics is one of the key end-use industries for semi-trailers. The use of trailers and trucks for the transportation of goods is increasing rapidly. With the changing lifestyles and urbanization, people are more inclined towards getting the goods and products delivered to them. Fast Moving Consumer Goods (FMCG), e-commerce retailers, physical retailers, and suppliers are all involved in providing delivery to the customers. Road transportation is the most utilized mode of transportation in the logistics sector as it offers better cost advantages over other modes. Thus, with the improved road infrastructure, the demand for road transport has arisen, subsequently benefiting the semi-trailer industry.

Besides, the economic strengthening of the middle-class has surged the demand for several cold chain goods, such as pharmaceutical products, poultry, fresh flowers, fish, dairy products, and fruits and vegetables. Moreover, increasing disposable income in developing countries has allowed people to spend more on fresh, organic, and prime quality products. Thus, the increasing number of QSR, the general push for healthier, fresh products, and higher disposable income are positively impacting every aspect of the cold chain industry. Hence, the expanding cold chain industry across the developed and emerging economies is expected to surge the demand for refrigerated trailers.

Moreover, manufacturers are investing significant amounts in enhancing semi-trailer designs in order to meet the growing demand for fuel-efficient vehicles. In addition, increasing preference for packaged food is contributing to market growth. Furthermore, increasing awareness among fleet operators regarding benefits offered by semi-trailers with respect to efficiency and productivity has led to the greater adoption of such vehicles.

The COVID-19 pandemic has affected the demand for semi-trailers in 2020. The implementation of lockdown and social distancing regulations across the globe has, subsequently, led to losses for industries, such as manufacturing, logistics, automobile, entertainment, restaurant, and hospitality. Additionally, the pandemic has negatively impacted the production and sales of semi-trailers across the globe. Similar to players operating across different industry verticals, semi-trailer manufacturers have also suffered from losses due to the pandemic. However, some companies have also reported an increase in the unit sales of semi-trailers in 2020 as compared to 2019. For instance, China International Marine Containers (Group) Ltd., a China-based manufacturer of semi-trailers, witnessed an increase in the unit sales of semi-trailers by over 11% in 2020.

Type Insights

The dry vans segment accounted for the largest volume share of over 35.0% in 2020 and is anticipated to maintain its lead over the forecast period, with wide applications across multiple industries. Dry vans are generally used to transport freight that requires nominal protection against road and climate conditions. These trailers are used by the full truckload (FTL) and less-than-truckload (LTL) fleet operators for their operations owing to their cost-efficiency and versatility.

Global semi-trailer market share, by type, 2020 (%)

The flat bed trailer segment captured a sizeable volume share in 2020 and is estimated to expand at the second-highest CAGR of 6.4% in terms of revenue from 2021 to 2028. The growth in the construction industry across developed and emerging economies is anticipated to fuel the segment growth. Flat bed trailers are generally used to transport heavy cargo, such as heavy machinery and construction materials and equipment. Besides, the adoption of refrigerated trailers is expected to increase significantly due to the expanding cold chain industry. The increasing number of QSR, the general push for healthier, fresh products, and higher disposable income are positively impacting every aspect of the cold chain industry.

Regional Insights

Asia Pacific held the largest revenue share of over 35.0% in 2020 and is expected to witness the fastest growth during the forecast period. The regional market is mainly driven by emerging economies such as India and China, which comprise large supply chains and logistics networks and are among the fastest-growing economies globally. Moreover, the growing e-commerce industry in the region is anticipated to surge the demand for dry vans trailers in the coming years.

North America accounted for the second-largest revenue share in 2020. The North American market is currently in the replacement phase with an aging fleet that needs to be replaced with technologically advanced semi-trailers. Moreover, the busy road infrastructure network and the growing transportation and logistics industry in the U.S. and Canada are expected to boost the regional market growth. Furthermore, relaxation in government regulations regarding weight carrying capacity and dimensions of the semi-trailer is likely to lead to the increased demand for lightweight transport vehicles, thereby driving the market demand. In addition, the California Air Resources Board (CARB) mandated the installation of “SmartWay”, a verified aerodynamic technology, to improve fuel efficiency in tractors and semi-trailers.

Key Companies & Market Share Insights

The market for semi-trailers is highly fragmented due to the presence of several global and regional players. Organic growth remains the key strategy among the industry participants with a major focus on product launches and expansions to expand their presence across the untapped market and meet consumer needs. For example, in June 2021, Schmitz Cargobull, a European manufacturer of semi-trailers, announced the opening of its new factory in Manchester. Through this expansion, the company aims to build customized vehicles for the U.K. and Irish operators.

Furthermore, there is an increasing trend towards collaboration among component suppliers and OEMs. The OEMs are focusing on forming strategic partnerships with component suppliers in order to ensure a consistent supply of inventory. With the advent of autonomous trailers equipped with advanced telematics, demand for these variants is on the rise, and manufacturers are hence compelled to scale up their production volumes to meet the growing demand. Some prominent players in the global semi-trailer market include:

  • China International Marine Containers (Group) Ltd.

  • Fontaine Commercial Trailer, Inc.

  • Great Dane

  • Kogel Trailer GmbH & Co.KG

  • Krone Commercial Vehicle Group

  • Lamberet SAS

  • Polar Tank Trailer, LLC

  • Schmitz Cargobull

  • Utility Trailer Manufacturing Company

  • Wabash National Corporation

  • HYUNDAI TRANSLEAD

Semi-trailer Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 19.76 billion

Revenue forecast in 2028

USD 29.36 billion

Growth Rate

CAGR of 5.8% from 2021 to 2028(Revenue-based)

Market demand in 2021

1,125.2 ‘000 units

Volume forecast in 2028

1,855.3 ‘000 units

Growth Rate

CAGR of 7.4% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019                

Forecast period

2021 - 2028

Quantitative Units

Revenue in USD million/billion, volume in ‘000 units, CAGR from 2021 to 2028

Report coverage

Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Type, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; France; Rest of Europe; China; Japan; India; Rest of Asia Pacific; Brazil; Mexico; Rest of Latin America

Key Companies Profiled

China International Marine Containers (Group) Ltd.; Schmitz Cargobull; Wabash National Corporation; Great Dane; Kogel Trailer GmbH & Co.KG

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report

This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For this study, Grand View Research has segmented the global semi-trailer market report by type and region:

  • Type Outlook (Volume, ‘000 Units; Revenue, USD Million, 2016 - 2028)

    • Flat Bed Trailer

    • Dry Vans

    • Refrigerated Trailers

    • Lowboy Trailers

    • Tankers

    • Others

  • Regional Outlook (Volume, ‘000 Units; Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • France

      • Rest of Europe

    • Asia Pacific

      • China

      • India

      • Japan

      • Rest of Asia Pacific

    • Latin America

      • Brazil

      • Mexico

      • Rest of Latin America

    • Middle East & Africa (MEA)

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