According to the new market research report “Semi-Trailer Market by Type (Flatbed, Lowboy, Dry Van, Refrigerated, Tankers and Others), Number of Axles (4 Axles), Tonnage (Below 25T, 25T-50T, 51T-100T, and Above 100T), Length, End-Use and Region”, Published by MarketsandMarkets™, 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.

The Semi-Trailer Market is primarily driven by the ever-growing need for improved transportation operations across various essential as well as non-essential sectors. OEMs are integrating fuel-efficient designs in their new models to reduce air resistance and offer cost savings for fleet operators. The rising importance of fuel conservation and emission control has resulted in government authorities mandating technologies and emphasizing improved designs. OEMs are therefore focusing on increasing usage of lightweight materials to reduce weight and help fleet operators reduce carbon footprint and increase cost savings. These cost savings may result from reduced fuel consumption or extra-legally permissible load carrying capacity for semi-trailers. On a global level, the demand for semi-trailers is expected to grow significantly due to the positive economic outlook and expanding supply chain infrastructure. Due to the ongoing COVID-19 pandemic, an effective transportation chain has gained immense importance worldwide.

Expanding the cold chain and logistics industry and increasing the use of advanced technologies are the key drivers for the Semi-Trailer Market. Increasing disposable income of consumers and the general push to fresh, healthier products, and an increasing number of quick-service restaurants (QSRs) are impacting the cold chain industry. A key driver for the growth of the cold chain industry in recent years has been the growth in large-format supermarket retailing. The installation of technically advanced devices such as temperature recorders with built-in GSM modem and remote temperature monitoring in the refrigerated trailers is benefiting trailer owners and managers in the real-time monitoring of the trailer.

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Logistics is estimated to hold the largest market share during the forecast period

The logistics segment is projected to be the largest during the forecast years. Increasing demand for third-party logistics by small & medium players of various industries would continue to drive the demand for semi-trailers. Most companies rely on third-party logistics companies to decrease investments in fleet, reduce workforce, and availability of various types of containers, tanks, and flatbeds as per the requirement of companies.

The increasing dependence of eCommerce companies on third-party logistics (3PL) providers to ensure transportation of goods through warehouse and distribution hubs and increasing partnerships between manufacturers and semi-trailer service providers is driving the logistics market for semi-trailers. North America is estimated to be the largest region for the logistics Semi-Trailer Market. The region’s market is driven by the growing adoption of third-party semi-trailers service by key players of various industries, growing demand for reefers, and an increasing number of logistics service providers.

Less than 3 axles segment is estimated to be the largest segment by number of axles from 2017 to 2025

The market size for semi-trailers with less than 3 axles is expected to be the largest as this type of trailer is preferred in North America and the Asia Pacific. The legally permissible load that can be transported on a semi-trailer depends on the number of axles. Weight limit and Gross Axle Weight Rating (GAWR) depends on state laws and are designed for the safety of the vehicle during operation. Government regulations on weight limits and the number of axles are driving the market for less than 3 axles segment.

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Asia Pacific is estimated to highest CAGR growth in semi-trailer

This Semi-Trailer Market in the Asia Pacific has experienced high growth in the past few years. The region comprises some of the fastest-growing economies, including India, China, and South Korea. With developments taking place at a fast pace, the logistics sector in this region is growing. The high growth of industrialization in these countries offers new opportunities in the Semi-Trailer Market. The increase in the overall industrial production has led to increased freight transportation, fueling the demand for semi-trailers in this region. The region offers better cost advantages related to labor and materials than developed regions. Moreover, government policies in India and China encourage the production of semi-trailers in local markets to satisfy domestic demands. For instance, in 2015, China has started “Made in China 2025”, which is backing the companies in this region to compete with global players. All these factors have led to increased production volumes over the years, where OEMs not only satisfy domestic demands but also serve developed markets and remain globally competitive.

Opportunity: Semi-trailer platooning

Semi-trailer platooning would transform the transportation industry significantly in the coming years. Semi-trailer platooning is connecting of two or more semi-trailers in a convoy using connectivity technologies and driving support systems to establish a platoon of semi-trailers. The semi-trailer in the front acts as a leader and the other semi-trailers react and adapt to the changes by the leader semi-trailer. With the help of platooning, semi-trailers are driven closer together at a constant speed, which helps reduce fuel consumption and CO2 emissions. If the leader semi-trailer’s collision avoidance system activates its brakes, the following semi-trailers will do the same. Recognizing the benefits, the vehicle industry and startups have been active in platooning to date, with the likes of Daimler, Volvo, MAN, and Scania deploying on-road prototypes. Right up until 2019, the appetite for platooning seemed strong following successful real-world trials with MAN in partnership with DB Schenker and Fresenius University of Applied Sciences in Germany. This trial concluded that platooning is not only possible but safe and technically and easily applicable in the routine of a logistics company. Successful commercialization of truck platooning will also open the door for the development of semi-trailer platooning technologies. Semi-trailers are clunky monsters that have the worst wind resistance among the vehicle family. Innovations have resulted in a reduction of aerodynamics impact by adding various fuel-saving devices such as front faring, side skirting, and gap filling. This has helped cut down the aerodynamic drag up to around 26%. With semi-trailer platooning, the improvement of aerodynamics can go even further—a semi-trailer truck that follows the lead vehicle at the desired distance can consume up to 15% less fuel. With the development of autonomous vehicle technologies, semi-trailer trucks can be self-driven, which can create a fantastic opportunity for semi-trailer platooning in the future.

The report analyzes all major players in the Semi-Trailer Market including China International Marine Containers (China), Wabash National (US), Schmitz Cargobull AG (Germany), Utility Trailer Manufacturing Company (US), and Fahrzeugwerk Bernard Krone (Germany).