20 Nov, 2019, 06:05 ET
SAN FRANCISCO, Nov. 20, 2019 /PRNewswire/ -- The global semi-trailer market size is anticipated to attain USD 24.8 billion by 2025, expanding at a CAGR of 3.1%, according to a study conducted 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.
Key suggestions from the report:
- 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.
Read 90 page research report with ToC on "Semi-trailer Market Size, Share & Trends Analysis Report By Type (Dry Vans, Refrigerated Trailers, Tanker), By Region (North America, Asia Pacific, Europe, Latin America, Middle East and Africa), And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/semi-trailer-market
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 light-weight transport vehicles through improved designs and lighter components to ensure greater productivity and payload.
Grand View Research has segmented the global semi-trailer market based on type and region:
- Semi-trailer Type Outlook (Volume, Units; Revenue, USD Million, 2015 - 2025)
- Flat Bed Trailer
- Dry Vans
- Refrigerated Trailers
- Lowboy Trailers
- Semi-trailer Regional Outlook (Volume, Units; Revenue, USD Million, 2015 - 2025)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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