The global semi-trailer industry market is expected to rise at a CAGR of 6.0 percent from USD 30.5 billion in 2020 to USD 54.5 billion in 2027. Because of the strong inland accessibility in many regions and the cost advantages, it provides over other modes of transportation, road transportation is a commonly used form of goods transportation. Growing manufacturing activities, urbanisation, the need for efficient transportation, and the expansion of rural area road networks are all driving the semi-trailer industry forward.
The global semi-trailer market is projected to be dominated by North America. This is due to factors such as improved road infrastructure, a growing supply chain industry, and government regulations governing semi-trailer weight carrying capacity and dimensions.
Construction, retail, automobile, and food & beverage industries are all increasing their demand for bulk material transportation, which is driving up demand for semi-trailers. Semi-trailer manufacturers are attempting to minimise weight in semi-trailers based on existing trends and expected future needs. Leading industry players may take advantage of this to maintain their dominance in the semi-trailer market.
Furthermore, the future growth of the semi-trailer industry is expected to be aided by expanding manufacturing activities in both developing and developed regions. The semi-trailer industry is expected to be restrained by pressure on manufacturers to sustain competitive pricing, as well as a lack of proper infrastructure in emerging regions.
Over the forecast period, the growing use of alternative fuels is expected to drive the road freight transportation market's growth prospects. Semi-trailer manufacturers are designing and implementing advanced technologies to improve vehicle performance. For example, Ekeri, a Finnish company, built a semi-trailer with a side opening design that is expected to save 30 minutes on each regular run. Similarly, Kässbohrer, a German company, recently introduced 18 new semi-trailer models across four product groups in response to evolving market trends and to meet the exact needs of customers.
Semi-trailers are being renovated and transformed by technologies such as telematics, electrification, digitalization, and autonomous driving. New opportunities, such as advanced trailer telematics and AI-based optimization, will emerge as emerging technologies advance, reducing congestion, usage, and costs. For example, in 2016, approximately 20% of semi-trailers in the United States were equipped with telematics, which allows for the collection of data on the temperature and fuel management of the semi-trailer.
The empty weight of a vehicle contributes significantly to fuel consumption and CO2 emissions in road haulage. Reduced weight, interchangeable bodies, and cost competitiveness are now the top consumer demands for modern urban articulated trailers. OEMs and fleet operators face a challenge in lowering the total weight of the trailer with strong materials in order to save money and reduce emissions.
COVID-19 Impact on the Semi-Trailer Market
COVID-19 has resulted in lockdowns, which has resulted in a reduction in industrial production. As a result, demand for semi-trailers has been poor. Semi-trailer production and sales also decreased as the global supply chain ecosystem was disrupted. For example, Schmitz, a well-known European semi-trailer manufacturer, saw 28 percent drop-in units produced in 2019-2020. The company's overall production rate was impacted by the reduced hours of production, resulting in losses in that quarter.
Some of the key players in the global semi-trailer market:
Global Semi-Trailer Market Coverage
Type Insight and Forecast 2015-2027
Number of Axles Insight and Forecast 2015-2027
The Global Semi-Trailer Market by Region
Rest of the World (RoW)