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Semi-trailer Market Size

Report ID: GMI7919
Published Date: Jan 2024
Report Format: PDF

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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.

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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.

Semi-trailer Market Report Attributes
Report Attribute	Details
Base Year:	2023
Semi-trailer Market Size in 2023:	USD 24 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6%
2032 Value Projection:	USD 41.4 Billion
Historical Data for:	2018 - 2023
No. of Pages:	260
Tables, Charts & Figures:	399
Segments covered:	Product, Length, Tonnage, Number of Axles, End User
Growth Drivers:	Economic growth and trade expansion Growth of e-commerce Integration of advanced technologies, such as telematics and IoT Rising investments in transportation infrastructure
Pitfalls & Challenges:	Fluctuations in fuel prices

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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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of semi-trailer reached USD 24 billion in 2023 and is set to expand at 6% CAGR from 2024 to 2032, favored by the expansion of e-commerce and logistics networks.

The <3 axles segment accounted for a market share of 40.4% in 2023, as this configuration offers versatility for both regional and long-haul transport, catering to diverse industry needs.

Asia Pacific market held a revenue share of around 40% in 2023, attributed to rapid industrialization, urbanization, and expanding logistics networks.

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), and Wabash National Corporation (WNC).