Semi-Tractor Trailer Market Forecast and CAGR
According to the latest research by Fact. MR., the semi-tractor trailer has huge potential in terms of demand and set to witness substantial growth over the forecast period of 2021-2031. Road transportation is the most preferred mode of transportation of goods due to wide inland connectivity throughout the regions and at the same time, it is the most convenient and cost-effective way of transportation.
Additionally, the increase in urbanization, manufacturing activity, effective transportation needs and widespread rural area road network are the factors driving the growth of the semi-tractor trailer. Flourishing growth in industrial, energy and retail sector and hike in industrial outcome is also expected to improve the growth during the forecast spell.
What is Driving Demand for Semi-Tractor Trailer?
The semi-trailer flocking will transform the transportation industry in the coming years. Semi-tractor trailer platoons connect two or more semi-trailers in a convoy that uses communication technology and a propulsion support system to create better support system between trailers.
The demand for semi-tractor trailer is increasing from industries such as retail, automotive, construction and food & beverage to transport bulk materials; which in turn demand snowballing. By looking into the current trends and expectations of future needs, the manufacturer are working to reduce weight of such trailers.
Leading manufacturers can use this as an opportunity to maintain their position in the trailer market. In addition, the growth in manufacturing activity in developed regions is expected to boost the requirement of semi-trailer near future. However, pressure on producers to maintain competitive prices, lack of adequate infrastructure in developing regions are expected to hold back the demand.
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FMCG Industry Drives the Market Demand for Semi-Tractor Trailer
Semi-tractor trailers are among the most chosen option for FMCG (Fast Moving Consumer Goods) companies. The companies are witnessing the fleet as the key mode of road transport. Many large companies have their own mode of transportation to ship and deliver their products. For instance, FMCG leaders such as PepsiCo, Coca-Cola, Nestle and Walmart have their own fleet, including those of semi-tractor trailer.
Transportation in the FMCG area must comply with certain rules and regulations outlined. Because product characteristics can be affected during packaging and travel. The demand for specialized trailers such as frozen tractor trailers is growing at FMCG.
United Nation claimed Food and Agriculture Organization (FAO), about 40% of food produced in developing countries is wasted before it reaches to the end-user due to lack of controlled transportation. Companies across the globe are currently focusing on the expansion of existing manufacturing facility, investments in automation of supply chains and warehouse hubs development.
Such, distribution centre locations play a vital role in FMCG logistics. Therefore, growing transportation of goods from manufacturing facility to warehouses and from there to a distributor and lastly retail stores drives the demand for semi-tractor trailer. Growing E-commerce acceptance among the FMCG industry provides more opportunity for tractor trailer.
Asia Pacific Semi-Tractor Trailer Market Outlook
In the past couple of years, the demand for tractor trailer in Asia Pacific has witnessed significant growth. Some of the fast-growing economies including China, India and South Korea drives the demand in this region. The region is witnessing fast pace development, owing to the high population volume the development in the transportation & logistics sector is booming in the region. Rapid growth in industrial production led to increasing freight transportation driving the requirement for semi-tractor trailer.
Asia Pacific has a high volume of domestic labour working at low wages and offer low raw material cost compared to developed economies globally. Moreover, the flexible government policies in China and India encourage tractor trailer manufacturers for a high volume of production and sale into the local markets to meet the domestic demand.
Additionally, The FMCG sector in the region shows tremendous growth from the past half decades. Consumer spending on household goods will rise at a rate of 8.5% every year, the region accounts for approx. 59% of global consumer expenditure which is values at US$ 6.0 trillion.
The food, beverage and tobacco sector has witnessed high demand volume since the past half decades and the logistics associated with this sector also widen its presence to meet the customer demand for door to door service. Owing to the growing FMCG sectors and government support towards business expansion the Asia Pacific is best suited region for tractor trailer sales.
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Europe Demand Outlook for Semi-Tractor Trailer
COVID-19 has caused economic disruption that has resulted in reduced industrial production. Resulting in demand diminution for semi-tractor trailer. Both trailer production and sales have been declined due to disruption in global supply chain. For example, Europe’s well-known trailer manufacturer Schmitz saw a 25% decline for units produced in 2019-2020. Decreased production hours have affected the company’s overall production rate, resulting in losses during the quarter.
The European semi-trailer demand is estimated to show steady growth, with Germany and the UK being major performers. Most of the major economies in Europe are expected to have higher business investments in the coming years. This would positively impact the semi-trailer manufacturing and production.
There are many industries in Europe, such as electronics, chemicals, automotive industry, biotechnology and the food & beverages industry are witnessing the region’s GDP growth. The uninterrupted growth in these sectors would create ample opportunity for the trailer manufacturers in the region.
Germany among all the countries residing in Europe expected to hold maximum demand globally. Three German giants named Kogel Trailer GmbH & Co. KG, Schmitz Cargobull AG, Fahrzeugwerk Bernard KRONE GmbH have dominated the domestic as well as other developing economies in Europe. Additionally, Germany along with other developing economies is expected to see growth in the form of exports and increased production level in the coming years.
Who are the Key Manufacturers and Suppliers of Semi-Tractor Trailer?
Some of the leading manufacturers and suppliers of semi-tractor trailer include Schmitz Cargobull, Kogel Trailer GmbH, HYUNDAI Translead, Great Dane, MANAC INC, CIMC, Utility Trailer, Lamberet SAS, Sinotruk and other prominent players.
Alternative fuel uses, to increase the growth prospect for the road freight transportation market over the forecast period. Semi-tractor trailer manufacturers adopting advanced technology in order to upgrade the efficiency of the vehicles.
For instance, a Finland based company named Ekeri developed a side opening design for a semi-tractor trailer which saves approx.35 minutes of daily run. Key manufacturers acknowledge the shift in demand for refrigerated trailer, investing in new product development and looking for collaboration with local players.
An Adaptive Approach to Modern-day Research Needs
Semi-tractor trailer Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
By Product Type
- Dump Trailer
- Dry Van
- Refrigerated Trailer
- Flatbed Trailer
- Stake Trailer
By Axle Type
- Less than 3 Axles
- 3 to 4 Axles
- More than 4 Axles
- Below 25 Tons
- Between 25-50 Tons
- Between 51-100 Tons
- Above 100 Tons
By End-use Industry
- Heavy Industry
- Food & Beverages
- Oil & Gas
- Textile Industry
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- South Africa
- Other Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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