Jun 23, 2020 (Global QYResearch via COMTEX) -- The global Semi-Trailer Market size is expected to reach USD 24.7 billion by 2027, at a significant growth rate of 3.4% during the forecasted period 2020 to 2027. The market report provides an analysis of the global Semi-Trailer Market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year. The semi-trailer market is driven by emergence of fuel efficient semi-trailers that helps in reducing carbon footprint.
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Heavy Industries sector are utilizing semi-trailers on large scale. The heavy industries include chemical, steel, manufacturing and mining that utilize semi-trailers for goods transportation on a large scale. Moreover, cost-effectiveness of transportation by semi-trailers is one of the major factors propelling the growth of semi-trailer market, owing to the vehicle that has high cargo-carrying capacity. Regulations and policies by governments to improve road connectivity and infrastructure is expected to drive the semi-trailer market during the forecast period. Huge investment for road connectivity in the U.S. results in development of a large road transportation and semi-trailer market. Owing to which the demand for semi-trailer market is projected to grow in the upcoming years.
Increasing global population has considerably boosted the demand for consumer goods, hence the major expansion of agriculture and manufacturing sectors fuelled the demand for semi-trailers across the globe. Furthermore, the development of better road connectivity is driving the market for semi-trailer. Also, the cost-effectiveness of freight transportation by semi-trailers is an important factor driving the semi-trailer market.
Rise in industrial expansion in developing countries such as China and India would surge the demand for fuel efficient solutions, which in turn is anticipated to provide substantial growth opportunity for the global semi-trailer market during the forecast period. Furthermore, augmented consumer awareness regarding the benefits associated with telematics has urged the users of semi-trailer especially in the developed and developing countries to incorporate telematics in semi-trailer in order to gather additional information such as fuel management, temperature etc. This is further boosting the growth of global semi-trailer market.
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The global semi-trailer market is segmented into type, tonnage, axle, end-use industry and region. On the basis of type, the global semi-trailer market is segmented into dry van, refrigerated trailer, flatbed trailer, dump trailer, curtain trailer, and others. On the basis of tonnage, the global semi-trailer market is segmented into below 25 tons, between 25-50 tons, between 50-100 tons, and above 100 tons. On the basis of axle, the global semi-trailer market is segmented into less than 3 axles, 3 to 4 axles, and more than 4 axles. On the basis of the end-use industry, the global semi-trailer market is segmented into food & beverages, construction, healthcare, heavy industry, textile, oil & gas, and others. On the basis of region the global semi-trailer market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Asia Pacific is anticipated to grow at a decent CAGR of over the forecast period. Rapid digitalization and increase in government regulations may be attributed to high growth in the region. Favourable government norms in terms of integration of advanced technologies in semi-trailer which is coupled with aerodynamics, particularly in India and China is anticipated to drive growth in the regional market over the coming years.
North America is expected to dominate the global market and accounted for around 30% of the total revenue in 2017. The regional market is anticipated to lose share to high growth economies of Asia Pacific. Extensive adoption of semi-trailers in various verticals including food & beverages, heavy industries, and construction may be attributed to high penetration in the region. The food & beverage industry has been expanding remarkably due to the increasing demand for packaged foods across the globe whichis expected to drive the market growth in this region over next few years.
The key players catering to the global semi-trailer market are Schmitz Cargobull, China International Marine Containers (Group) Ltd, Utility Trailer Manufacturing Company, Kogel Trailer GmbH, Wabash National, Lamberet SAS, Shandong Arima group, Fontaine Commercial Trailer, Inc., Fahrzeugwerk Bernard Krone, Polar Tank, and Great Dane. Important strategic initiatives undertaken by global companies include partnerships, new product launch, acquisitions, and mergers. The R&D investments coupled with advanced technologies to offer highly efficient products are anticipated to offer lucrative opportunities for industry participants.
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