Market Size of Semi-trailer Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.30 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Semi-Trailer Market Analysis
The semi-trailer market was valued at over USD 29.8 million in 2021, and it is expected to reach a value of USD 42.8 million by 2027, registering a CAGR of over 5.3% during the forecast period.
The market was negatively impacted by COVID-19 in 2021. This resulted in reduced industrial production. Subsequently, this instigated low demand for semi-trailers. Equally, sales and production of the semi-trailers lowered as the global supply chain of the market got disrupted. For instance, a well-known manufacturer of semi-trailers in Europe, Schmitz's, saw a decline of 28% for units manufactured in 2019-2020. The lesser hours of production have impacted the overall production rate of the company, ensuing in losses in that quarter.
Over the medium term, the growing usage of alternative fuels is likely to propel the growth prospects for the semi-trailer market over the forecast period. Semi-trailer manufacturers are adopting and developing cutting-edge technologies to augment the efficiency of vehicles. For instance, Ekeri, a Finland-based company, developed a side opening design for a semi-trailer, which is expected to save 30 minutes on each daily run. Likewise, Kässbohrer, a Germany-based company, lately launched 18 latest models of semi-trailers across four product groups in retort to the changing trends in the industry to accommodate the exact requirements of the consumers.
Most of the transportation in the manufacturing, automotive, construction, and energy sectors happens through roads and trailers, owing to their versatility and flexibility. Semi-trailers are more popular than full trailers.
