Impact of COVID-19 on Semi-trailer Market 2018 | Trends, Growth Demand, Opportunities & Forecast To 2026
The global semi-trailer market is expected to surpass US$ 24 Bn by 2026, expanding at a CAGR of more than 3% during the forecast period. The market for semi-trailer is anticipated to expand at a significant growth rate during the forecast period, owing to the expansion of industries and improving road infrastructure.
The semi-trailer market is primarily driven by rising global population, which in turn has considerably boosted the demand for consumer goods, thus significant expansion of agriculture and manufacturing industries fueled the demand for semi-trailers. Moreover, improvement in 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. Emphasis by governments to improve road connectivity is likely to drive the semi-trailer market during the forecast period. High investment for developing road connectivity in the U.S. after the Second World War led to the development of a significantly large road transportation and semi-trailer market.
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Low speed of the semi-trailer and presence of smaller roads and sharp turns on roads are major factors restraining the semi-trailer market, due to the large size and large turning radius of a semi-trailer, while trucks with integrated trailers possess better handling. 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.
The global semi-trailer market has been segmented based on semi-trailer type, tonnage, axle, end-use industry, and region. In terms of the semi-trailer type, the dry van segment dominated the global semi-trailer market owing to its extensive utilization in countries that witness significant demand for semi-trailers, such as the U.S., Mexico, and Canada. Numerous advantages of dry vans over the other trailer type segments made them a highly popular segment as it is one of the best semi-trailers to protect the product from bad weather and theft. Curtain trailers and stake trailers are the other highly attractive semi-trailer types owing to their cost-effectiveness and the high efficiency of loading and unloading of cargo in curtain semi-trailers due to access through side walls for loading and unloading.
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In terms of tonnage, 25 to 50 ton is a highly attractive segment owing to the adequate capacity of these trailers to carry freight or cargo. Moreover, semi-trailer of this category have 3 or 4 axles, which in turn make 3 to 4 axles a highly attractive segment, in terms of axle, of the global semi-trailer market. Furthermore, the market for semi-trailers with more than 4 axles is likely to increase gradually during the forecast period due to their higher efficiency and strength as compared to semi-trailers with 1 or 2 axles.
In terms of end-use industry, the heavy industry segment is expected to lead the global market during the forecast period, as this segment includes mining, steel, chemical, and manufacturing industries, which require a considerable number of semi-trailers. Construction and food & beverage the other two leading segments owing to the utilization of a large number of semi-trailers for the transport of construction materials and equipment. The food & beverage industry has been expanding notably due to the rising demand for packaged food across the globe. For instance, the U.K. is a leading consumer of packaged food, as it consumes almost four times more packaged food as compared to fresh produced food. Across the globe, the U.S., Germany, the U.K., and China are major exporters of food products and contributed significantly to the food & beverage industry segment of the semi-trailer market in the respective countries.
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In terms of region, North America held a prominent share of the global market, followed by Asia Pacific, in 2017. The U.S. has a prominent trucking industry coupled with good road infrastructure and connectivity among all states, which led North America to hold a major share of the global semi-trailer market. China accounts for a major share of the market in Asia Pacific due to large production of industries, and the country requires a large trucking industry for the transportation of the cargo, as it is a notable exporter globally. The semi-trailer market is expected to expand at higher pace during the forecast period in countries with better road connectivity and business opportunities.
Major players operating in the global semi-trailer market are China International Marine Containers (Group) Ltd., FAHRZEUGWERK BERNARD KRONE GMBH & CO. KG, Great Dane, HYUNDAI Translead, Kögel Trailer GmbH, Chassis King, Inc., LAMBERET SAS, Schmitz Cargobull, Schwarzmüller Group, Shandong Arima group, Shandong Liang Shan Huayu Group, Wabash National Corporation., Utility Trailer Manufacturing Company, Dorsey Trailer, MANAC INC., Polar Tank, and Fontaine Commercial Trailer, Inc. China International Marine Containers (Group) Ltd and Schmitz Cargobull are major manufacturers of semi-trailers, which contributed to the prominent share held by these companies in the global semi-trailer market.
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