Semi-trailer Market Size - By Product (Flatbed, Dry Vans, Refrigerated, Lowboy, Tankers), Length (Up To 40 Feet, above 40 Feet), Tonnage (Up To 50 Tons, 51-100 Tons, above 100 Tons), Number of Axles, End User & Global Forecast, 2024 – 2032

Semi-trailer Market Size

Semi-trailer Market size was valued at USD 24 billion in 2023 and is estimated to register a CAGR of over 6% between 2024 and 2032. The expansion of e-commerce and logistics networks is a key factor fueling the market growth. Increased e-commerce demands efficient transportation solutions, propelling the need for semi-trailers to facilitate the movement of goods over long distances.
 

According to the International Trade Administration, global B2C e-commerce revenue is projected to reach USD 5.5 trillion by 2027, showcasing a steady 14.4% compound annual growth rate. Dominant segments include consumer electronics, fashion, furniture, toys/hobbies, bio-health pharmaceuticals, media & entertainment, beverages, and food, reflecting diverse consumer preferences and robust growth across various industries in the e-commerce sector.
 

Increased investments in roads, highways, and transportation networks worldwide enhance the efficiency of freight movement, boosting the demand for semi-trailers as essential components of an optimized and growing logistics infrastructure. According to the India Brand Equity Foundation, in Budget 2023-24, India plans to increase the capital investment outlay for infrastructure by 33% to USD 122 billion, representing 3.3% of the GDP. In June 2022, the Minister of Road Transport and Highways inaugurated 15 national highway projects valued at USD 1.7 billion in Patna and Hajipur, Bihar.
 

Additionally, the semi-trailer market is witnessing substantial growth, propelled by the dynamic driver of freight trucking. As the demand for efficient and reliable transportation of goods continues to rise, the significance of semi-trailers in the freight trucking industry becomes increasingly evident.
 

Local players in the unorganized sector impede the semi-trailer industry growth due to fragmented operations, varying quality standards, and limited regulatory compliance. These players may offer lower-cost alternatives, impacting the market share and pricing dynamics. Ensuring consistency, safety, and adherence to industry standards becomes crucial for established manufacturers to compete effectively and maintain customer trust in the diverse landscape presented by local & unorganized players in the market.
 

Semi-trailer Market Trends

The semi-trailer industry is experiencing a surge in the adoption of advanced algorithms and predictive analytics. This trend involves leveraging sophisticated data analysis tools to enhance operational efficiency, optimize route planning, and predict maintenance needs. By integrating these technologies, fleet operators can make informed decisions, reduce downtime, and improve the overall logistics management.
 

For instance, in October 2023, Thermo King launched TracKing Pro telematics, offering integrated advanced algorithms and predictive analytics, and allowing preemptive identification of potential failures. This proactive capability enables timely alerts, enhancing fleet management by anticipating issues and optimizing maintenance processes for increased operational efficiency and reduced downtime.
 

The rising demand for refrigerated trailers is an emerging trend in semi-trailer market. This trend is attributed to the imperative for efficient transportation of perishable goods, necessitating precise temperature control during transit. As the food and pharmaceutical industries grow globally, the reliance on refrigerated trailers increases to ensure the integrity of sensitive products. These trailers are critical in maintaining product quality and regulatory compliance and meeting the increasing requirements for temperature-sensitive logistics in the supply chain.
 

Semi-trailer Market Analysis

Based on the product, the dry vans segment dominated around USD 7 billion revenue in 2923, due to the versatility and wide applicability of these vehicles. As e-commerce expands and global trade increases, the demand for dry vans for general cargo transport rises. These trailers are suitable for transporting a wide range of goods, from consumer products to industrial materials. Their enclosed design provides protection against the elements, making dry vans a preferred choice for various industries and contributing to segment growth.
 

Based on the number of axles, the 3 axles segment accounted for 40.4% of the semi-trailer market share in 2023. This configuration offers versatility for both regional and long-haul transport, catering to diverse industry needs. With a focus on fuel efficiency and regulatory compliance, the 3 axles segment is becoming increasingly attractive. Its maneuverability, coupled with cost-effectiveness, positions it as a preferred choice for various applications, contributing to the expected expansion of this segment in the dynamic market.
 

Asia Pacific semi-trailer market held a share of around 40% in 2023, owing to rapid industrialization, urbanization, and expanding logistics networks. The increasing demand for transportation services, driven by robust economic activities, fuels the need for versatile and efficient semi-trailers. Government initiatives, infrastructural developments, and a flourishing e-commerce sector further contribute to segment growth in the Asia Pacific region, boosting the overall market expansion.
 

Semi-trailer Market Share

CIMC (China International Marine Containers) and Schmitz Cargobull AG are the prominent players, holding over 12% of revenue share in the global market. The key players are dominating the market through strategic initiatives, technological innovations, and global expansions. Leading companies are leveraging extensive product portfolios, focusing on lightweight materials, and incorporating advanced technologies.
 

These players also prioritize sustainability, safety features, and customization to meet diverse market demands. Their established global presence, robust supply chains, and continuous R&D efforts solidify their leading positions, shaping the competitive landscape and steering the trajectory of the market amid evolving industry trends and customer preferences.
 

Semi-trailer Market Companies

Major companies operating in the semi-trailer industry are:

• CIMC (China International Marine Containers)
• East Manufacturing Corporation
• Fontaine Trailer Company
• Great Dane Trailers
• Hyundai Translead
• Schmitz Cargobull AG
• Stoughton Trailers, LLC
• Strick Trailers, LLC
• Utility Trailer Manufacturing Company (UTM) 
• Wabash National Corporation (WNC)
   

Semi-trailer Industry News

• In September 2023, Carrier Transicold launched a Vector 8400R refrigeration unit designed for efficient cooling and freezing. Its space-saving and thin-profile design enhances versatility, providing effective temperature control for the transport of perishable goods in various applications.
   
• In March 2023, Eurocold, an Australian refrigerated truck assembler, introduced Revora, a spinoff focused on developing and manufacturing all-electric refrigerated trucks. The company, based in Brisbane, aims to contribute to sustainable transportation solutions by specializing in electric refrigeration technology for commercial vehicles in the Australian market.
   

The semi-trailer market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD billion) and shipment (units) from 2018 to 2032 for the following segments:

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Market, By Product

• Flatbed trailer
• Dry vans
• Refrigerated trailers
• Lowboy trailers
• Tankers
• Others

Market, By Length

• Up to 40 feet
• Above 40 feet

Market, By Tonnage

• Up to 50 tons
• 51-100 tons
• Above 100 tons

Market, By Number of Axles

• 3 axles
• 3-4 axles
• 4 axles

Market, By End User

• Freight & logistics
• Construction & heavy equipment
• Food & beverage
• Chemical
• Energy
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Southeast Asia 
• Latin America
  • Brazil
  • Mexico
  • Argentina 
• MEA
  • UAE
  • Saudi Arabia
  • South Africa