by The global semi-trailer market consists of a wide range of trailers that are towed by heavy trucks or trucks. Semi-trailers help transport heavy or bulk cargoes and goods over long distances. Some of the commonly used semi-trailers include flatbed trailers, lowboy trailers, dry vans, refrigerated vans, tank trailers, and others. These trailers come equipped with braking systems, lights, and other safety features for safe transportation of goods on highways and roads. The growing logistics and transportation sector has augmented the demand for fleet vehicles including heavy trucks and trailers to facilitate seamless delivery of goods. As international and domestic trade activities continue to grow exponentially, the use of trailers in shipping lanes has increased manifold. The global semi-trailer market is estimated to be valued at US$ 32.3 Bn 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 key trends:
One of the key trends witnessed in the global semi-trailer market is the shift towards refrigerated trailers. With growth in food processing and perishable goods transportation industries, the demand for temperature-controlled semi-trailers has risen substantially. Manufacturers are focusing on developing energy-efficient and smart refrigeration systems for trailers. Also, implementation of stricter food safety regulations has compelled more companies to opt for refrigerated trailers. Another notable trend is the automation of trailers through advanced telematics solutions. Fleet operators are integrating features like GPS tracking, freight monitoring, fleet management, and driver safety systems to streamline operations. Furthermore, the emergence of electric trucks opens up opportunities for electric or hybrid semi-trailers in the coming years. OEMs are investing in R&D to develop prototypes of electric trailer models with larger drive ranges.
Porter’s Analysis
Threat of new entrants: Low barriers to entry in the semi-trailer industry poses some threat of new entrants. However, established players have strong brands and large fleet sizes.
Bargaining power of buyers: Large trailer fleets have stronger bargaining power over trailer OEMs to negotiate on pricing and specifications. Individual buyers have moderate bargaining power.
Bargaining power of suppliers: Key raw material suppliers like steel producers have some bargaining power over trailer OEMs. However, availability of substitute materials and parts limits their power.
Threat of new substitutes: Though intermodal transportation is a substitute, trailers remain indispensable for long-haul freight transportation. Electric trucks are a new potential threat.
Competitive rivalry: The global semi-trailer industry is moderately competitive with large global players and strong regional brands competing on pricing, features, and services.
Key Takeaways
The global Semi-Trailer Market Growth is expected to witness high growth over the forecast period of 2023 to 2030 supported by growth in freight transportation. North America currently dominates the market owing to large fleet sizes and freight volumes in the region. 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.
Regional analysis: Europe is the second largest regional market for semi-trailers supported by strong manufacturing industries. Asia Pacific is expected to be the fastest growing market led by China, India, and Southeast Asian countries on the back of rising industrial and logistics sectors.
Key players: Key players operating in the semi-trailer market are focusing on fleet management solutions, digitalization of services, and development of sustainable components like electric chassis to gain market share. Innovation and service expansion into developing regions will be crucial for growth.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
