SEMI-TRAILER MARKET ANALYSIS

Semi-Trailer MarketSize and Trends

The global semi-trailer market size was valued at US$ 32.3 billion in 2023 and is anticipated to witness a compound annual growth rate (CAGR) of 3.7% from 2023 to 2030. The global Semi-Trailers market is expected to grow significantly in the next few years due to increasing construction activities worldwide.  The factors that are driving this growth are rising construction activities, bulging dependency on road transportation and demand from logistics sector.  Due to the increasing demand for cold chain products, such as frozen foods and pharmaceuticals, the market will witness increasing growth in the coming future.

Market Trends

Global Semi-Trailer Market Drivers:

Improving infrastructure of road and traffic to boost the market growth

Logistics industry is one of the major end user of semi-trailers. These trailers and trucks are increasingly being used to transport goods. With changes in lifestyle and growing urbanization, people are inclining towards getting delivery of products and goods directly to them. Semi-trailers are also utilized in transporting goods and machinery used in other sectors, such as infrastructure development. As a result, the investment in road infrastructure is rapidly increasing across emerging countries. This in turn is expected to drive growth of the global semi-trailer market over the forecast period.

Expansion of cold chain industry to propel the market growth

The cold chain goods such as poultry, pharmaceutical products, fish, fresh flowers, fruits and vegetables, and dairy products are increasing in demand as the purchasing power among the middle-class population. Furthermore, rising disposable income in emerging countries is allowing people to spend more on organic, fresh and prime quality products. As a result, the cold chain industry is expanding constantly, which in turn is expected to propel growth of the global semi-trailer market over the forecast period.

Global Semi-Trailer Market Trends:

Increasing growth of European logistics industry is a recent trend

Increasing growth of European logistics industry is trending in the global semi-trailer market over the forecast period. According to the Coherent Market Insights, in 2020, nearly 75% of all inland freight in the EU was moved through roads, and transportation of freight was carried out nearly 1.7 kilometers on roads in Europe. Moreover, the rail transport has reduced in recent years in this region. Thus, the growing expansion of logistics industry in this region is expected to boost growth of the global semi-trailer market over the forecast period.

Growing Fast Moving Consumer Goods (FMCG) industry is another trend in the market

Growing Fast Moving Consumer Goods (FMCG) industry is another trend in the global semi-trailer market over the forecast period. These products are of limited shelf life as they include perishable items fruits, meat, vegetables, baked goods, and dairy products. The items that are purchased regularly are mostly low cost and are marketed in large quantities. Increasing population, growth in income, favorable regulations and digitization are driving the growth of this industry. This in turn is expected to propel growth of the semi-trailer market over the forecast period.