The Semi-Trailer Market Is Estimated To Witness High Growth Owing To Rising Freight Transportation Activities
The Semi-Trailer Market is estimated to be valued at Us$ 32.3 Bn in 2023 and is expected to exhibit a CAGR Of 3.7% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The semi-trailer market comprises a wide range of cargo trailers that are pulled by trucks for transportation purposes. These trailers are used to transport freight over long distances efficiently. Common types of semi-trailers include dry vans, refrigerated trailers, flatbeds, dump trailers, and tankers. These trailers offer advantages such as high load carrying capacity and ease of freight handling. With the growing freight transportation industry, demand for efficient logistics has increased globally.
Market key trends:
One of the key trends driving growth in the semi-trailer market is rising freight transportation activities. There is a significant rise in domestic and international trade volumes, owing to expanding globalization. This has increased demand for efficient logistics and transportation of freight over long distances via roadways. Hence, manufacturers are focusing on developing advanced semi-trailers with improved features such as larger cargo space, robust build, enhanced fuel efficiency, and superior road handling to cater to rising freight transportation needs. Another trend gaining traction is the integration of advanced telematics solutions in semi-trailers. Telematics provide benefits such as real-time cargo monitoring, route optimization, safety & security, predictive maintenance, and fuel efficiency. This improves overall fleet management and logistics operations.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to the high capital requirement for manufacturing semi-trailers. Bargaining power of buyers: The bargaining power of buyers is moderate since there are several established players operating in the market. Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitute raw materials. Threat of new substitutes: The threat of new substitutes is low as semi-trailers have certain unique advantages over other transportation modes. Competitive rivalry: Intense competition exists among existing players.
SWOT Analysis
Strengths: Established distribution network and brand recognition. Varied product portfolio as per application requirements.
Weaknesses: High dependency on economic cycles expose to risks. Supply chain disruptions can impact operations.
Opportunities: Growth in road freight transport in developing regions. Increasing adoption of refrigerated trailers driven by cold chain market expansion.
Threats: Stricter emission norms requiring electrification of vehicles pose technical and cost challenges. Changing customer demand favors rental models over asset ownership.
Key Takeaways
The Global Semi-Trailer Market Size is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing road freight activities across industries. North America dominated the semi-trailer market in 2023 with over 30% revenue share owing to extensive road freight infrastructure and operations.
Regional analysis: Asia Pacific is anticipated to grow at the fastest pace during the forecast period driven by rapid industrialization, growth of logistics sector, and infrastructure development across China, India, and ASEAN countries.
Key players operating in the semi-trailer market are Schmitz Cargobull, China International Marine Containers (Group) Ltd., Polar Tank Trailer, Llc (Entrans International, Llc Company), Fontaine Commercial Trailer, Inc., Lamberet Sas (Xinfei France Sa), Great Dane, Krone Commercial Vehicle Group (Bernard Krone Holding), and Kogel Trailer Gmbh & Co.Kg.
Comments
Post a Comment