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Semi-Trailer Market to Surge $41.2 billion by 2025

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Semi-Trailer Market to Surge $41.2 billion by 2025

June 22
21:16 2022

The global Semi-Trailer Market is projected to reach USD 41.2 billion by 2025, growing at a CAGR of 5.6%. 

North America is projected to be the largest semi-trailer market, in terms of value, during the forecast period. The presence of a large trucking industry and a consistently growing retail sector are projected to drive the market growth in this region. Asia Pacific is expected to grow at the fastest CAGR.  The growth of Asia Pacific is driven by China and India. The countries are among the fastest-growing economies in the world and comprise large logistics and supply chain networks.

The semi-trailer market is dominated by global players such as China International Marine Containers (China), Wabash National (US), Schmitz Cargobull AG (Germany), Utility Trailer Manufacturing Company (US), and Fahrzeugwerk Bernard Krone (Germany). 

In the semi-trailer market, four key trends are new logistics, electrification/alternative drives, autonomous trucks, and digitalization. Understanding the key trends in the market, various key players have started investing in the development of innovative technologies to be embedded in semi-trailers. For instance, in October 2019, Great Dane and Cortex entered a technological partnership surrounding the Fleet Pulse smart trailer solution. Together they aim to achieve solutions for refrigerated fleets as a seamless, single source of data from the combination of data from the combined trailer and reefer unit and eliminate the annoyance of multiple subscriptions. Similarly, in September 2020, Great Dane and Aurora Parts & Accessories, LLC entered a partnership to provide intelligent solutions to the goods mobility industry with Aurora’s aftermarket operational expertise, distribution services, and cutting-edge digital platforms. Further, companies are focusing on creating differentiating factors, price competitiveness, and technical capabilities. Currently, the largest share of value in a standard semi-trailer lies in chassis and structural elements; however, in coming years a clear shift toward connectivity systems is expected.

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Less than 3 axles segment is estimated to be the largest segment by number of axles from 2017 to 2025

 

The market size for semi-trailers with less than 3 axles is expected to be the largest as this type of trailer is preferred in North America and the Asia Pacific. The legally permissible load that can be transported on a semi-trailer depends on the number of axles. Weight limit and Gross Axle Weight Rating (GAWR) depend on state laws and are designed for the safety of the vehicle during operation. Government regulations on weight limits and the number of axles are driving the market for the less than 3 axles segment.

The dry van semi-trailers segment is expected to be the fastest-growing segment during the forecast period

By tonnage, the semi-trailer market is divided into four categories: below 25 T, 25-50 T, and 51-100 T, and above 100 t. The below 25 T segment dominates the market as most semi-trailers used for transportation such as dry vans, refrigerated semi-trailers, and tankers come under this category. Below 25 T semi-trailers are in high demand due to the lower cost of transportation than other categories along with a considerable amount of freight. In addition, the below 25 T category complies with legally permissible limits across most countries. Thus, the below 25 T segment is expected to continue dominating the semi-trailer market over the estimated period. The segment is followed by the 25-50 T segment, which are lowboy and flatbed semi-trailers.

Logistics is estimated to hold the largest market share during the forecast period

The logistics segment is projected to be the largest during the forecast years. Increasing demand for third-party logistics by small & medium players of various industries would continue to drive the demand for semi-trailers. Most companies rely on third-party logistics companies to decrease investments in fleet, reduced workforce, and availability of various types of containers, tanks, and flatbeds as per the requirement of companies.

The increasing dependence of e-commerce companies on third-party logistics (3PL) providers to ensure transportation of goods through warehouse and distribution hub and increasing partnerships between manufacturers and semi-trailer service providers is driving the logistics market for semi-trailers. North America is estimated to be the largest region for the logistics semi-trailer market. The region’s market is driven by the growing adoption of third-party semi-trailers service by key players in various industries, growing demand for reefers, and an increasing number of logistics service providers.

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Dry van semi-trailers segment is expected to be the fastest growing segment during the forecast periodBy tonnage, the semi-trailer market is divided into four categories: below 25 T, 25-50 T, and 51-100 T, and above 100 t. The below 25 T segment dominates the market as most semi-trailers used for transportation such as dry vans, refrigerated semi-trailers, and tankers come under this category. Below 25 T semi-trailers are in high demand due to the lower cost of transportation than other categories along with a considerable amount of freight. In addition, the below 25 T category complies with legally permissible limits across most countries. Thus, the below 25 T segment is expected to continue dominating the semi-trailer market over the estimated period. The segment is followed by the 25-50 T segment, which are lowboy and flatbed semi-trailers.

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