Semi-trailer Market to Surpass US$ 24 Bn by 2026

Transparency Market Research has published a new report titled, “Semi-trailer Market (Semi-trailer Type, Tonnage, Axle, End-use Industry, and Region) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026”. According to the report, the global semi-trailer market is anticipated to surpass US$ 24 Bn by 2026, expanding at a CAGR of more than 3% during the forecast period.

The market for semi-trailers is anticipated to expand during the forecast period due to industrial expansion that leads to higher demand for semi-trailers in order to transport raw material and goods to end-users and suppliers. Amendment in trade policies fueled road transportation, which in turn is estimated to boost the semi-trailer market.

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Rising global population has significantly boosted the demand for consumer goods, thus significant expansion of agriculture and manufacturing industries fueled the demand for semi-trailers. Moreover, development of good road connectivity is propelling the market for semi-trailer. Cost-effectiveness of transportation by semi-trailers is a key factor driving the semi-trailer market owing to the high cargo-carrying capacity of the vehicle. Increased spending by governments in order to improve road connectivity is likely to drive the semi-trailer market during the forecast period. Such high investment for road connectivity development after the Second World War resulted in the development of significantly large road transportation and semi-trailer markets. Low speed of the semi-trailer and presence of smaller roads and sharp turns on roads are major factor restraining the semi-trailer market due to its large size and large turning radius. Massive backlog in proper maintenance of roads is also a major factor that is likely to hinder the demand for road freight transportation during the forecast period. Furthermore, toll roads or booths lead to considerable time loss, which results in slow transportation of freight. Poor road infrastructure coupled with a lack of intent to improve transport facilities is expected to restrain the demand for road freight transportation and consequently, hamper the semi-trailer market during the forecast period.