Semi-Trailer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Semi-trailer Market is Segmented by Vehicle Type (Lowboy, Flatbed, Refrigerated, Dry Van, and Other Vehicle Types), Tonnage (Below 25T, 25T-50T, 51T-100T, and Above 100T), Foot Length (28-45ft and Greater than 45 Foot), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). Additionally, the report offers the market size and forecast for the semi-trailer market in value (USD billion) for all the segments mentioned above.

Market Snapshot

Semi-trailer Market Overview
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >5.3 %

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Market Overview

The semi-trailer market studied was valued at over USD 28 million in 2020, and it is expected to reach a value of USD 41 million by 2026, registering a CAGR of over 5.3% during the forecast period.

Recent COVID-19 has resulted in lockdowns, which intern has resulted in reduced industrial production. This has caused low demand for semi-trailers. Both production and sales of the semi-trailers reduced as the global supply chain eco-system got disrupted. For instance, Schmitz's well-known manufacturer of semi-trailers in Europe witnessed a decrease of 28% for units produced in 2019-2020. The reduced hours of production have affected the overall production rate of the company, resulting in losses in that quarter.

The majority of the transportation in the energy, construction, automotive, and manufacturing sectors happens through road and trailers, due to their flexibility and versatility. Semi-trailers are more popular than full-trailers.

The increasing use of alternative fuels is expected to drive the growth prospects for the road freight transportation market over the forecast period. Semi-trailer manufacturers are developing and adopting advanced technologies to enhance the efficiency of vehicles. For instance, Ekeri, a Finland-based company, developed a side opening design for a semi-trailer, which is likely to save 30 minutes on each daily run. Similarly, Kässbohrer, a Germany-based company, recently launched 18 new models of semi-trailers across four product groups, in response to the changing trends in the industry, to cater to the exact requirements of the customers.

Asia-Pacific is the largest market for semi-trailers, and it is expected to grow at the fastest pace beyond 2020.

Many heavy commercial vehicles in India are outdated and need replacement. Strict emission norms are likely to result in an increase in the demand for replacements, thereby, driving the growth in the Indian semi-trailer market.

Scope of the Report

The semi-trailer market has been segmented by vehicle type (lowboy, flatbed, refrigerated, dry van, and other vehicle types), tonnage (below 25T, 25T-50T, 51T-100T, and above 100T), foot length (28-45ft and greater than 45 Foot), and geography (North America, Europe, Asia-Pacific, and Rest of the World). The report covers the market size of semi-trailer in 17 major regions. For each segment, the market has been done based on USD billion.

By Vehicle Type
Lowboy
Flatbed
Refrigerated
Dry Van
Other Vehicle Types
By Tonnage
Below 25T
25T-50T
51T-100T
Above 100T
By Foot Length
28-45 Foot
Greater than 45 Foot
By Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Rest of Asia Pacific
Rest of the World
South America
Middle-East and Africa

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Key Market Trends

Increasing Demand from the European Logistics Sector

Freight was transported across around 1,870 billion kilometers of European roads. In the European Union, approximately 79% of all inland freight was moved via roads in 2019. In recent years, the share of road freight increased incrementally, while rail transportation declined.

Road transportation accounts for most of the freight transport in Europe. According to Eurostat, over 75% of inland cargo transports within the European Union, i.e., about 1,750 billion metric ton-kilometer (tkm), travel by road. In some European countries, this percentage is as high as 90%, or even more.

The primary factor driving the growth of the market studied is the increased preference for semi-trailers for logistics.

Additionally, the rapidly growing e-commerce in Europe represents a central pillar for the single digital market and reflects the advancements in the e-tailing sector, which is witnessing the expansion of well-organized retail spaces.

As the e-commerce industry grows across Europe, the demand for a more advanced distribution network increases. As the market continues to expand, the demand for semi-trailers of all types is also likely to increase, as freight transportation in Europe (between 50 km and 1,999 km) accounted for 89.1% of the global freight transportation industry in 2018. The majority of the vehicles are used by commercial fleet operators, including e-commerce delivery services, postal services, and courier services.

Furthermore, owing to environmental concerns, a trend toward the electrification of the commercial fleet was observed in the European Union, with some companies, such as FedEx, DHL, Harrods, and Hermes, switching to electric light commercial vehicles. Mercedes is planning to enter the electric van market by introducing electric vans for the German logistics firm, Hermes. In one such move, the German postal service, DHL, fabricated its electric vehicle for e-commerce operations in the country.

Semi-trailer Market Revenue Share

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Asia-Pacific is Anticipated to be Largest Market During the Forecast Period

Asia-Pacific is the largest market for semi-trailers and is expected to grow at the fastest pace during the forecast period, followed by North America. The growth is primarily contributed by the increase in inland transportation, rising investments in infrastructure and construction activities, and continually increasing demand from the logistics sector.

Most of the heavy commercial vehicles in India are outdated and are due for replacement. Therefore, stringent emission norms are expected to result in high replacement demand, driving the growth in the semi-trailer market.

China is the world’s largest producer of minerals, such as coal, gold, and rare earth minerals, and it is one of the largest consumers of coal, with a consumption of 81.67 exajoules in 2019.

Currently, with a total coal mining capacity of over 3.53 billion tons per year, the country is helping and supporting the demand across several locations of the world.

In June 2020, the National Energy Administration (NEA) approved two new coal mine projects, with a total investment of USD 566 million in the northwestern regions of Xinjiang and Gansu, with a combined annual capacity of 3.6 million ton.

As China is building new thermal power plant projects, the demand for coal mining in the country has increased drastically. However, as many small players operate in China, the inability of these players to purchase new equipment forces them to rent equipment for various projects and return it to the suppliers due to the lack of required capital.

Therefore, the factors mentioned above, combining with increasing commercial activities in India and other Asia-Pacific countries, are expected to drive the market growth during the forecast period.

Semi-trailer Market Growth Rate By Region

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Competitive Landscape

Great Dane LLC, Wabash National Corporation, KRONE GMBH & CO. KG, Utility Trailer Manufacturing Company, China International Marine Containers (Group) Ltd, and Schmitz Cargobull AG are the major players operating in the semi-trailer market.

The manufacturers of semi-trailers are developing and adopting advanced technologies to enhance the efficiency of the vehicle. For instance, Ekeri, a Finland-based company, has developed a side opening design for a semi-trailer, which is likely to save 30 minutes on each daily run. Similarly, Kässbohrer, a German-based company, recently launched 18 new models of semi-trailers across four product groups in response to the changing trends in the industry and to cater to the exact requirements of its customers.

Utility Trailer Manufacturing Company is the oldest, privately owned, family-operated trailer manufacturer and the largest producer of refrigerated vans in the United States. During 2018, the company built around 47,000 trailers.

Recent Developments

  • In October 2020, Sandia National Laboratories revealed this month that it strapped rockets to a semi-truck and slammed it into the lab's new nuclear weapons transporter. The experiment was conducted this summer and was designed to test the reliability of the new Mobile Guardian Transporter, a third-generation truck built to safely move nuclear weapons and materials.
  • In April 2020, Tesla announced it is expected to release semi-trailers to the public by 2021. Companies, including Pepsi Co. and Walmart, among others, have already placed orders for electrified semi.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Buyers/Consumers

      2. 4.3.2 Bargaining Power of Suppliers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Vehicle Type

      1. 5.1.1 Lowboy

      2. 5.1.2 Flatbed

      3. 5.1.3 Refrigerated

      4. 5.1.4 Dry Van

      5. 5.1.5 Other Vehicle Types

    2. 5.2 By Tonnage

      1. 5.2.1 Below 25T

      2. 5.2.2 25T-50T

      3. 5.2.3 51T-100T

      4. 5.2.4 Above 100T

    3. 5.3 By Foot Length

      1. 5.3.1 28-45 Foot

      2. 5.3.2 Greater than 45 Foot

    4. 5.4 By Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Rest of North America

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 South Korea

        5. 5.4.3.5 Rest of Asia Pacific

      4. 5.4.4 Rest of the World

        1. 5.4.4.1 South America

        2. 5.4.4.2 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 East Manufacturing Corporation

      2. 6.2.2 Hyundai Translead

      3. 6.2.3 Kentucky Trailer

      4. 6.2.4 Mac Trailer Manufacturing Inc.

      5. 6.2.5 Manac Inc.

      6. 6.2.6 Wabash National Corporation

      7. 6.2.7 Great Dane LLC

      8. 6.2.8 Pitts Trailers

      9. 6.2.9 Premier Trailer Mfg Inc.

      10. 6.2.10 China International Marine Containers (Group) Ltd

      11. 6.2.11 Schmitz Cargobull AG

      12. 6.2.12 KRONE GMBH & CO. KG

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Semi Trailer Market market is studied from 2018 - 2026.

The Semi Trailer Market is growing at a CAGR of >5.3% over the next 5 years.

The Semi Trailer Market is valued at 28 Billion USD in 2018.

The Semi Trailer Market is valued at 41 Billion USD in 2026.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Schmitz Cargobull AG, Utility Trailer Manufacturing Company, Great Dane LLC, China International Marine Containers (Group) Ltd, Wabash National Corporation are the major companies operating in Semi Trailer Market.

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