PUBLISHER: SkyQuest | PRODUCT CODE: 1478063
PUBLISHER: SkyQuest | PRODUCT CODE: 1478063
Global Semi-Trailer Market size was valued at USD 32.9 billion in 2022 and is poised to grow from USD 34.74 billion in 2023 to USD 53.72 billion by 2031, growing at a CAGR of 5.6% during the forecast period (2024-2031).
The market is expected to rise as a result of increased production, urbanization, and the demand for efficient transportation. Furthermore, the need for semi-trailers is rising as a result of the expansion of the cold sector and the rise of the end-use industries. To meet consumer demand, manufacturers provide custom-built semi-trailers, and in the upcoming years, this feature is expected to produce considerable potential prospects for the global semi-trailer market. The increase in demand for goods transportation from end-use sectors, such the logistics industry, is a major driver of this market's growth. The most popular form of transportation is the road because it is more affordable than other options.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Semi-Trailer Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the Market size includes the following details: The key players in the Market were identified through secondary research, and their Market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top Market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Semi-Trailer Market Segmental Analysis
The global semi-trailer market is segmented into semi-trailer type, tonnage, axle, length, end use industry. In terms of segmentation by semi-trailer type, the global market is segmented into refrigerated trailer, flatbed trailer, dump trailer, dry van, curtain trailer/stake trailers, tankers, and others. With respect to tonnage, the global market is segmented into, below 25 Tons, between 25-50 Tons, between 50-100 Tons, above 100 Tons. Based on classification by axle, the market is segmented into less than 3 axles, 3 to 4 axles, and more than 4 axles. The length segment is further sub-segmented into up to 45 feet and above 45 feet. Based on end use industry, the global market is segmented into heavy industry, construction, medical, food & beverages, oil & gas, textile industry, and others.
Drivers of the Global Semi-Trailer Market
When it comes to generating income, one of the biggest sectors worldwide is fast-moving consumer goods (FMCG). Products that have a limited shelf life, such meat, dairy, fruits, vegetables, and baked items, are in great demand by consumers. The food and beverage and personal care sectors make up the FMCG industry. The FMCG business has experienced growth due to factors such as rising incomes, population expansion, increased brand awareness, beneficial legislation, and the digitization of the purchasing process. The logistics of FMCG items have changed throughout the industry along with variations in customer demand. All of this encourages the FMCG industry's expansion of the highly developed semi-trailer.
Restraints in the Global Semi-Trailer Market
The market may face challenges during the projected period due to the increased alternatives for goods transportation brought about by the growth in the truck and automotive sectors. Furthermore, the market for semi-trailers is limited in terms of available truck models, and the government has enforced rules and regulations that could cause difficulties for the industry's growth in the upcoming years.
Market Trends of the Global Semi-Trailer Market
Technological advancements in the automobile business include the conversion of gas-powered vehicles to electricity ones. Original equipment manufacturers and semi-trailers will have an opportunity thanks to electric semi-trailers in the upcoming years. Electric semi-trailers are the product of creativity and perseverance.