Semi-Trailer Market Report (2024-2030) - Size and Share Analysis, Industry Trends, and Growth Forecasts

Semi-Trailer Market Size and Share Analysis

The semi-trailer market generated revenue of USD 22.4 billion in 2023, which is expected to witness a CAGR of 8.0% during 2024–2030, to reach USD 38.2 billion by 2030. Across the globe, the demand for these trucks is driven by the growth of numerous sectors, such as logistics, construction, retail, automotive, and food and beverages, and the increasing manufacturing activities, urbanization, and widening of rural roads. 

In addition, the surging international trade and investment in transportation drive the market. The rise in e-commerce activities creates the requirement for improved transportation strategies, which increases the need for semi-trailers to allow for the shipment of materials and goods over vast distances.

Further, it is expected that in the upcoming years, there will be major growth potential due to the growing sales of specially designed semi-trailers. Moreover, refrigerated semi-trailers are gaining popularity due to the need for efficiently transporting perishable goods, such as food products, pharmaceuticals, and certain temperature-sensitive chemicals.

With the boom of the global food and pharmaceutical industries, the demand for reefer trucks will rise to preserve the quality of such products along the supply chain. Due to their temperature-controlled nature, they also help in regulatory compliance, which is especially vital for food & beverage and pharmaceutical companies.

Semi Trailer Market Trends & Drivers

Technological Advancement Is a Key Trend

• Over the past few years, the transportation industry has witnessed a switch from fossil-fuel-powered vehicles to electric and hybrid ones. Due to the ongoing de-carbonization efforts and research in the automotive sector, the development of electric semi-trailers is gaining headway.
• The increasing demand for advanced trailer technologies among fleet owners is due to rising fuel prices and strict environmental regulations. New-generation class is reducing operating costs, enhancing fleet safety, and expanding asset connectivity and mobile resource productivity.
• The growing trend of refrigerated trailers is shaping the market. The global growth in the food & beverage industry has increased the need for these vehicles to preserve the integrity of sensitive goods.

Increasing Demand for Fast-Moving Consumer Goods (FMCG) Drives the Market

• As a result of the changing lifestyles and urbanization, people are more likely to demand the delivery of goods and products, rather than go to the store to pick them up.
• Fast-moving consumer goods (FMCG) companies need to deliver a large volume of goods every day, which is why they are adding semi-trailers to their fleets.
• Perishable products, such as meat, dairy products, fruits &vegetables, and baked goods, have a short shelf life and witness a high consumer demand.
• Due to the growth in the degree of industrialization and urbanization in developing countries, sectors including e-commerce, trade, and heavy industries are experiencing high-paced growth.
• Predictive analytics and sophisticated algorithms are becoming increasingly popular in the semi-trailer sector. This trend involves using advanced data to forecast maintenance analytics requirements, improve route planning, and increase operational efficiency.
• Fleet managers may make informed decisions, cut downtime, and enhance overall logistics management by integrating these technologies.

Local Players and Unorganized Sector Pose Challenges for Market Growth

• Since the local dealers are well-established in their respective regions, the unorganized sector's growth threatens the established dealers' expansion in the potential market.
• Local players provide similar services to the organized sector and offer a semi-trailer at a reasonable price. The local market is growing due to the growing supply chain activities within cities and the personal use of trailers by individuals.
• Major dealers established globally face challenges from the unorganized nature of the market due to cost disparity. Furthermore, lower quality and cheaper products from the local market can lead to pricing pressure and low profitability.
• The unorganized sector comprises regional firms, resulting in the fragmentation of the worldwide semi-trailer industry. This, in turn, affects well-established firms on a worldwide scale by lessening the fervor of cost-sensitive markets.

In-Depth Segmentation Analysis

Flatbed is the Fastest Growing Category

• The worldwide semi-trailer industry encompasses a wide range of vehicle kinds, each meeting specific needs related to supply chains. For example, the demand for flatbed trailers is growing at the highest rate because they can carry a wide range of loads, from heavy equipment to building supplies.
• Refrigerator trailers make up a sizable share of the industry, particularly in the food and pharmaceutical sectors where temperature control is essential.
• Whereas, dry van trailers are still widely employed in several industries, such as manufacturing and retail, mostly for the transportation of dry goods. The continued expansion of the worldwide semi-trailer market is supported by the growing significance of effective logistics and transportation.

During the study, we have analyzed the types of semi-trailers for the report:

• Dry Vans (Largest Category)
• Flatbed (Fastest-Growing Category)
• Lowboy
• Refrigerated
• Tankers
• Others

25-50 Ton Category Dominates the Market

• The 25–50 tons category dominated the market in 2023, and it is expected to grow at the highest rate between 2024 and 2030. The rising trade operations worldwide support the excellent performance of the global market in this category.
• Even though their tonnage is not as great, refrigerated trailers are essential in the temperature-sensitive food and pharmaceutical industries, where weight-to-volume ratios are critical. Dry vans trailers, which move a broad range of goods in the manufacturing and retail industries, make a substantial contribution to the mid-range tonnage market.
• Large equipment and heavy construction materials may be transported more easily with the help of flatbed trailers, which are the industry leader in the heavy tonnage category due to their great load-bearing capability.

Based on tonnage, the market has been divided into categories:

• <25 Tons
• 25–50 Tons (Fastest-Growing and Largest Category)
• 51–100 Tons
• >100 Tons

Above 40 Feet Length, Category will Grow at the Highest CAGR

The above 40 feet category was the market leader in 2023, and it is expected to grow at the highest rate, of 10%, between 2024 and 2030. The increase in the need for semi-trailers for retail transportation and the rise in the number of product launches are the key reasons for this. The increase in manufacturing output, the emergence of new startups in this field, and new government laws are favorably boosting the market in this category.

On the basis of length, semi-trailers are bifurcated into:

• Up to 40 Feet
• Above 40 Feet (Faster-Growing and Larger Category)

FMCG Industry is the Largest User of Semi-Trailers

The FMCG category dominates the market. This is mostly because of products' short shelf lives, such as dairy, fruits, and vegetables, which have strong demands from consumers. Additionally, the FMCG sector is benefiting from the usage of trailers due to rising disposable income, supportive policies, and increased brand awareness.

One of the main industries that use semi-trailers is the logistics. The utilization of these vehicles for cargo transportation is growing due to lifestyle shifts and the increasing rate of urbanization. Thus, consumers are more likely to prefer having goods delivered directly to them. The logistics industry uses these vehicles for long-distance national and international freight movements.

End users of semi-trailers are:

• Heavy Industries
• Fast-Moving Consumer Goods (FMCG) (Largest Category)
• Automotive
• Logistics (Fastest-Growing Category)
• Healthcare
• Chemical
• Oil and Gas
• Others

Asia-Pacific Leads the Global Market

• The largest market for semi-trailers is Asia-Pacific, which is also predicted to develop at the highest rate in the coming years. The rise in building activities, the increase in the spending on inland transportation and infrastructure, and the steady surge in the demand from the logistics industry are the key factors driving the regional market growth.
• In India, a large number of commercial trucks are outdated and require replacement. The tight pollution regulations are expected to drive the demand for replacements, which will support the Indian semi-trailer market's expansion.

Further, regions and countries analyzed for this report include:

• North America
  • U.S. (Larger and Faster-Growing Country Market)
  • Canada
• Europe
  • Germany (Largest Country Market)
  • U.K. (Fastest-Growing Country Market)
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific (APAC) (Largest and Fastest-Growing Regional Market)
  • China (Largest Country Market)
  • Japan
  • India (Fastest-Growing Country Market)
  • South Korea
  • Australia
  • Rest of APAC
• Latin America (LATAM)
  • Brazil (Largest and Fastest-Growing Country Market)
  • Mexico
  • Rest of LATAM
• Middle East and Africa (MEA)
  • Saudi Arabia (Largest Country Market)
  • South Africa
  • U.A.E. (Fastest-Growing Country Market)
  • Rest of MEA

Competition Analysis

The introduction of new products by key players in the industry has helped them to gain position. Additionally, mergers and acquisitions, contractual agreements, investments, and cooperation with other manufacturers drive the competition in the market.

A detailed review of data relevant to the semi-trailer manufacturing sector shows that several major players have the ability to dominate the market by implementing the latest innovations and consistently adjusting their business practices to increase their revenue share.

Semi-Trailers Manufacturing Companies News

• Thermo King introduced Pro Telematics in the month of October 2023, which allows for the early identification of possible faults through the integration of complicated algorithms and predictive analytics. This feature sends notifications on time, which improves fleet management by helping predict problems and streamline maintenance procedures, to increase productivity and decrease downtime.
• In August 2023, for an undisclosed amount, East Manufacturing Corp. was purchased by Fultra, a U.S.-based provider of solutions for the North American commercial vehicle sector. The purpose of this calculated action is to increase Fultra’s market share in North America and broaden its selection of specialized aluminum trailer products.