Semi-trailer Market Size, Share & Trends Analysis Report By Type (Flat Bed Trailer, Dry Vans, Refrigerated Trailers, Lowboy Trailers, Tankers), By Region (North America, Europe, APAC, LATAM, MEA), And Segment Forecasts, 2023 - 2030

Semi-trailer Market Size & Trends

The global semi-trailer market size was valued at USD 20.51 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.6% from 2023 to 2030. Rising urbanization, increasing manufacturing activities, and the need for effective transportation are anticipated to be the major factors driving the demand for semi-trailers. Moreover, the growth of the end-use industries and the expanding cold chain industry is likely to surge the demand for semi-trailers in the coming years. Besides, the increasing sale of custom-built semi-trailers by manufacturers to meet consumer demand is anticipated to create significant growth opportunities in the coming years.

Logistics is one of the key end-use industries for semi-trailers. The use of trailers and trucks for the transportation of goods is increasing rapidly. With the changing lifestyles and urbanization, people are more inclined towards getting the goods and products delivered to them. Fast Moving Consumer Goods (FMCG), e-commerce retailers, physical retailers, and suppliers are all involved in providing delivery to the customers. Road transportation is the most utilized mode of transportation in the logistics sector as it offers better cost advantages over other modes. Thus, with the improved road infrastructure, the demand for road transport has risen, subsequently benefiting the semi-trailer industry.

Besides, the economic strengthening of the middle class has surged the demand for several cold chain goods, such as pharmaceutical products, poultry, fresh flowers, fish, dairy products, and fruits and vegetables. Moreover, increasing disposable income in developing countries has allowed people to spend more on fresh, organic, and prime-quality products. Thus, the increasing number of QSRs, the general push for healthier, fresh products, and higher disposable income positively impact every aspect of the cold chain industry. Hence, the expanding cold chain industry across developed and emerging economies is expected to surge the demand for refrigerated trailers.

Moreover, manufacturers are investing significant amounts in enhancing semi-trailer designs to meet the growing demand for fuel-efficient vehicles. In addition, increasing preference for packaged food is contributing to market growth. Furthermore, increasing awareness among fleet operators regarding benefits offered by semi-trailers with respect to efficiency and productivity has led to the greater adoption of such vehicles.

The COVID-19 pandemic affected the demand for semi-trailers in 2020. Implementing lockdown and social distancing regulations across the globe subsequently led to losses for industries such as manufacturing, logistics, automobile, entertainment, restaurant, and hospitality. Additionally, the pandemic negatively impacted the production and sales of semi-trailers globally. Similar to players operating across different industry verticals, semi-trailer manufacturers also suffered losses due to the pandemic. However, some companies also reported an increase in the unit sales of semi-trailers in 2020 compared to 2019. For instance, China International Marine Containers (Group) Ltd., a China-based manufacturer of semi-trailers, witnessed an increase in the unit sales of semi-trailers by over 11% in 2020.

FMCG is one of the most profitable industries in the world. The products have a limited shelf life, as they comprise perishable items, including meat, fruits, vegetables, dairy products, and baked goods, all of which are in great demand. The items regularly purchased are typically inexpensive and marketed in huge quantities. Rising income, population growth, brand awareness, favorable legislation, and digitization of the purchase process are all key drivers for the growth of the FMCG business.

Certain constraints in the semi-trailer market are anticipated to obstruct the industry's potential growth, such as the number of local players in the unorganized sector and the challenges with the light weight of semi-trailers. At the same time, low Total Cost of Ownership (TCO) and maintenance costs challenge the market's growth in the forecast period. In addition, the local players encourage the production of economical semi-trailer vehicle alternatives.

The automobile industry underwent technological advances, such as converting from a gas engine to an electrical one. In the coming years, electric semi-trailers present an opportunity for the original equipment manufacturers and semi-trailers. Perseverance and innovation have resulted in the development of electric semi-trailers.

Regional Insights

Asia Pacific held the largest revenue share of 39.1% in 2022 and is expected to expand at the fastest CAGR during the forecast period. The regional market is mainly driven by emerging economies such as India and China, which comprise large supply chains and logistics networks and are among the fastest-growing economies globally. Moreover, the growing e-commerce industry in the region is anticipated to surge the demand for dry vans and trailers in the coming years.

North America is expected to witness significant growth with a CAGR of 6.8% over the forecast period. The North American market is currently in the replacement phase with an aging fleet that needs to be replaced with technologically advanced semi-trailers. Moreover, the busy road infrastructure network and the growing transportation and logistics industry in the U.S. and Canada are expected to boost the regional market growth. Furthermore, relaxation in government regulations regarding weight carrying capacity and dimensions of the semi-trailer is anticipated to fuel the demand for lightweight transport vehicles, thereby driving the market demand. In addition, the California Air Resources Board (CARB) mandated the installation of “SmartWay,” a verified aerodynamic technology, to improve fuel efficiency in tractors and semi-trailers.

Type Insights

The lowboy trailers segment accounted for the largest share of 26.0% in 2022. The demand for heavy equipment transportation, infrastructure development, and e-commerce drive the need for lowboy trailers. Additionally, new technologies are making lowboy trailers more efficient and cost-effective.

The dry vans segment is expected to expand at the fastest growth rate with a CAGR of 8.0% over the forecast period. Dry vans generally transport freight that requires nominal protection against road and climate conditions. These trailers are used by the full truckload (FTL) and less-than-truckload (LTL) fleet operators for their operations owing to their cost-efficiency and versatility.

The flatbed trailer held a significant market share in 2022. The growth in the construction industry across developed and emerging economies is anticipated to fuel the segment growth. Flatbed trailers are generally used to transport heavy cargo, such as machinery, construction materials, and equipment. Besides, the adoption of refrigerated trailers is expected to increase significantly due to the flourishing cold chain industry. The increasing number of QSRs, the general push for healthier, fresh products, and higher disposable income positively impact every aspect of the cold chain industry.

Key Companies & Market Share Insights

Market players are focusing on inorganic growth strategies, such as acquisitions & mergers, and collaborations to augment their market share. For instance, in June 2021, Schmitz Cargobull, a European manufacturer of semi-trailers, announced the opening of its new factory in Manchester. The company aimed to develop customized vehicles for the U.K. and Irish operators through this expansion.

Recent Developments

• In April 2023, MaxiTRANS, Australia's heavy-duty, locally manufactured semi-trailer solutions supplier partnered with Schmitz Cargobull, the International OEM and European trailer market player. Schmitz Cargobull is now a stakeholder in MaxiTRANS, and the two firms collaborated to expand their presence in the Australian trailer industry.

• In April 2023, Schmitz Cargobull and Trimble partnered to boost data-driven freight forwarding. Trailer manufacturer Schmitz Cargobull partnered with technology company Trimble to enable freight forwarders to use real-time data more effectively.

• In February 2023, The Great Dane, a Division of Great Dane LLC., a trailer manufacturer, announced upgrades to its FleetPulse smart trailer system and an electrification option from SAF-Holland for its trailers. ABS fault code notifications and hub rotation miles added to the FleetPulse system, which assists fleets in enhancing safety and efficiency.

• In February 2023, Kögel opened a workshop at its headquarters in Burtenbach, Germany. The workshop offers a wide range of services for semitrailers and trailers of all brands. With this workshop, customers gained access to repairs, maintenance, upgrades, and customizations.

• In January 2023, a container logistics company, KBC expanded its fleet of Krone trailers with 51 new Box Liner FS10 skeletal trailers. The new trailers help KBC to support its rapid growth in the container logistics market.

• In January 2023, J.B. Hunt and Wabash National Corporation signed a multi-year trailer supply agreement. The agreement between Wabash Trailers and J.B. Hunt included a supply of over 15,000 trailers.

Semi-trailer Market Report Scope

Global Semi-trailer Market Report Segmentation

This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global semi-trailer market report based on type and region:

• Type Outlook (Volume in Thousand Units; Revenue in USD Million, 2018 - 2030)

  • Flat Bed Trailer

  • Dry Vans

  • Refrigerated Trailers

  • Lowboy Trailers

  • Tankers

  • Others

• Regional Outlook (Volume in Thousand Units; Revenue in USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

  • Middle East and Africa

    • Saudi Arabia

    • South Africa

    • UAE