The global semi-trailer market is estimated to be USD 29.5 billion in 2020 and is projected to grow to USD 41.2 billion by 2025, at a CAGR of 5.6% during the forecast period. Increasing manufacturing activities, urbanization, need for effective transportation, and widening of the rural area road networks are major factors fueling the growth of the semi-trailer market.
Implementation of advanced technologies in the logistics industry such as RFIDs, fleet management systems, and delivery process automation has improved the overall efficiency of the sector. One of the growing market trends is the use of advanced technologies such as telematics and stability control. Fluctuating fuel costs and increased regulatory requirements for lower fuel consumption and emissions have driven the R&D in this market. Manufacturers are investing in development of supporting technologies to improve the aerodynamics of vehicles for fuel savings. Fleet operators are utilizing telematics services to optimize the use of assets and reduce the overall downtime of semi-trailers.
The above 45 feet segment covers the majority share in the market as most of the dry van, flatbed and refrigerated semi-trailers come under this category. Due to high usage of these trailers, the segment forms the major share of the semi-trailer market and would continue leading the market during the forecast period. The segment growth is mainly supported by logistics, FMCG, and automotive sectors with large consumption of these trailers.
Request Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=136867745
Below 25 T semi-trailers are in high demand due to the lower cost of transportation than other categories along with a considerable amount of freight. In addition, the below 25 T category complies with legally permissible limits across most countries. Thus, the below 25 T segment is expected to continue dominating the semi-trailer market over the estimated period.
Healthcare industry is estimated to show highest CAGR growth over the estimated period. An increased need for efficiency, differentiated routes to market, access to new geographies, and acceptance of digital supply chain solutions are transforming the healthcare supply chain. With transformations in the supply chain, the demand for specialized and customized semi-trailers in the healthcare industry is growing. Pharmaceutical and healthcare are also one of the industries that have been feeling the effects of COVID-19. With increase in the doubling rate of infections in most countries, healthcare organizations are struggling to provide the right treatment and assistance to all the patients. Furthermore, some positive signs have also been seen in the global logistics and supply chain industry as major developing economies are trying to help developed and some of the minor developing economies. For example, in 2020, the Indian government is exporting the anti-malaria drug hydroxychloroquine (HCQ) to 55 countries. Initially, India had banned its export but granted it later in view of the humanitarian aspects of COVID-19. The vaccine for COVID-19 has been developed and approved across various countries for distribution. The distribution of the vaccine across the world will provide short time opportunities for the growth of the semi-trailer market for the healthcare industry
North America is projected to be the largest semi-trailer market, in terms of value, during the forecast period. Presence of large trucking industry and a consistently growing retail sector are projected to drive the market growth in this region. Asia Pacific is expected to grow at the fastest CAGR in the semi-trailer market. Growth of Asia Pacific is driven by China, Japan, South Korea, and India. India and China are among the fastest growing economies of the world and comprise large logistics and supply chain networks.
Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=136867745
Europe presents a prominent growth opportunity for the semi-trailer market as it is expected to be the third largest market. The presence of renowned OEMs who are dominating the global semi-trailer market, such as Schmitz Cargobull AG, Fahrzeugwerk Bernard KRONE GmbH, and Kögel Trailer GmbH & Co. KG, is one of the key growth factors for the European semi-trailer market.
Related Reports:
Modular Trailer Market – Global Forecast to 2027
Semi-Trailer Market – Global Forecast to 2025
Air Suspension Market – Global Forecast to 2027
