Market Research Report
Semi-Trailer Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||356569|
|Published||Content info||60 Pages
Delivery time: 2-3 business days
|Semi-Trailer Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: May 1, 2019||Content info: 60 Pages||
The semi-trailer market is expected to register a CAGR of 5.32%, during the forecast period, 2019 - 2024.
The semi-trailer market has been segmented by vehicle type and foot length.
Rising Demand for Refrigerated-type Trailer
A refrigerated semi-trailer is designed to carry goods at a specific temperature. These vehicles are equipped with any mechanical refrigeration systems, powered by small displacement diesel engines, and utilize carbon dioxide as a cooling agent. The demand for frozen food products across the country has been increasing over the past five years. This spike has laid roots for the demand for refrigerated semi-trailers.
Great Dane Trailers, Wabash National, Schmitz Cargobull, Utility Trailer Manufacturing, Kogel Trailer GmbH, and Krone GmbH are the major players that dominated the refrigerated trailer market during 2018. The key focus of these companies is to design and develop refrigerated trailers with advanced technology and improved operational efficiency. In addition to this, third-party logistics service providers are increasing their trailer feet, due to the increasing demand for refrigerated trailers.
The companies are collaborating and developing technologically advanced products. For instance;
Asia Pacific and North America - Largest Markets
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Most of the heavy commercial vehicles in India are outdated and are due for replacement. Stringent emission norms will result in high replacement demand, driving the growth in the semi-trailer market.
Furthermore, the United States has witnessed positive growth in the commercial vehicle sales during 2015-2018, majorly owing to their growing operations in the e-commerce and logistics sectors.
Mexico, on account of increased exports and expanded domestic market, witnessed the fastest growth rate. The majority of the transportation in the energy, construction, automotive, and manufacturing sector happens through the road; semi-trailers, and due to their flexibility and versatility, they are more popular than full trailers, and are considered as the viable option.
Great Dane, Wabash National, Krone, Utility Trailers, China International Marine Containers, and Schmitz Cargobull are the major players operating in the semi-trailer market.
The manufacturers of semi-trailers are developing and adopting advanced technologies, in order 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, Kassbohrer, 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.