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Semi-trailer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 90 Pages
  • June 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4515761
The semi-trailer market was valued at over USD 29.8 million in 2021, and it is expected to reach a value of USD 42.8 million by 2027, registering a CAGR of over 5.3% during the Forecasts period.

The market was negatively impacted by COVID-19 in 2021. This resulted in reduced industrial production. Subsequently, this instigated low demand for semi-trailers. Equally, sales and production of the semi-trailers lowered as the global supply chain of the market got disrupted. For instance, a well-known manufacturer of semi-trailers in Europe, Schmitz's, saw a decline of 28% for units manufactured in 2019-2020. The lesser hours of production have impacted the overall production rate of the company, ensuing in losses in that quarter.

Over the medium term, the growing usage of alternative fuels is likely to propel the growth prospects for the semi-trailer market over the Forecasts period. Semi-trailer manufacturers are adopting and developing cutting-edge technologies to augment the efficiency of vehicles. For instance, Ekeri, a Finland-based company, developed a side opening design for a semi-trailer, which is expected to save 30 minutes on each daily run. Likewise, Kässbohrer, a Germany-based company, lately launched 18 latest models of semi-trailers across four product groups in retort to the changing trends in the industry to accommodate the exact requirements of the consumers.

Most of the transportation in the manufacturing, automotive, construction, and energy sectors happens through roads and trailers, owing to their versatility and flexibility. Semi-trailers are more popular than full trailers.

Key Market Trends

The Augmenting European Logistics Sector

In the European Union, approximately 75% of all inland freight was moved via roads in 2020. In 2019, freight was transported across around 1.7 trillion kilometers across European roads. In recent years, the share of road freight increased incrementally while rail transportation declined.

Most of the freight transport in Europe is done by road transportation. According to Eurostat, over 75% of inland cargo transports within the European Union, i.e., about 1,750 billion metric ton-kilometer (tkm), travel by road. In some European territories, this percentage is as high as 90%, or even more.

The crucial factor driving the growth of the market is the boosted inclination for semi-trailers for logistics. Furthermore, the promptly growing e-commerce in Europe signifies a central pillar for the single digital market and indicates the developments in the e-tailing sector, which is perceiving the expansion of well-organized retail spaces. As the e-commerce industry grows across Europe, the demand for a more developed distribution network is on the rise. As the market persists to increase, the demand for all types of semi-trailers is also expected to rise, as freight transportation in Europe (between 50 km and 1,999 km) accounted for 89.1% of the global freight transportation industry in 2018. The majority of the vehicles are utilized by commercial fleet operators, including courier services, postal services, and e-commerce delivery services.

Additionally, due to environmental concerns, a trend toward the electrification of the commercial fleet was witnessed in the European Union, with some companies, like Hermes, Harrods, FedEx, and DHL, converting to electric light commercial vehicles. Also, Mercedes is proposing to enter the electric van market by launching electric vans for the German logistics firm Hermes. In one such move, the German postal service, DHL, engineered its electric vehicle for e-commerce operations in the country.

Asia-Pacific is Expected to be Dominate the Market Over the Forecasts Period

Asia-Pacific is the largest market for semi-trailers, and it is expected to grow at the fastest pace beyond 2020, followed by North America. The growth is mainly influenced by the surge in construction activities, rising investments in infrastructure and inland transportation, and persistently growing demand from the logistics sector.

Several heavy commercial vehicles in India are outmoded and need replacement. Stringent emission norms are expected to result in a rise in the demand for replacements, thereby fuelling the growth in the Indian semi-trailer market.

China is the world’s leading producer of minerals, such as rare earth minerals, gold, and coal, and it is one of the biggest consumers of coal, with a consumption of 81.67 exajoules in 2019. China accounted for approximately 51.7% of the world’s coal consumption in 2019. Currently, with a total coal mining capacity was of 4.07 billion tons in 2021, the country is supporting and helping the demand throughout several locations of the world.

In June 2020, the National Energy Administration (NEA) approved two new coal mine projects, with a total investment of USD 566 million in the north-western regions of Xinjiang and Gansu and a combined annual capacity of 3.6 million tons. In 2019, China was the world’s top importer of refined and crude oil, with a total of USD 226 billion (13.5%) of the world’s imports.

Additionally, the demand for coal mining in China has increased drastically owing to the country's building new thermal power plant projects. Although several small players operate in China, the incompetence of these players to buy new equipment drives them to rent equipment for numerous projects and return it to the suppliers owing to the shortage of required capital.

Competitive Landscape

Great Dane LLC, Wabash National Corporation, Krone GmbH & Co. KG, Utility Trailer Manufacturing Company, China International Marine Containers (Group) Ltd, and Schmitz Cargobull AG are the major players operating in the semi-trailer market. The manufacturers of semi-trailers are expanding and producing more trailers owing to increasing demand. For instance,

In November 2021, Great Dane LLC planned to expand with an investment of USD 50 million in Vigo County, United States. This expansion will be of investment in new equipment in addition to developing its manufacturing facility.

Utility Trailer Manufacturing Company is the family-operated, privately owned, oldest trailer manufacturer and the largest manufacturer of refrigerated vans in the United States. In 2019, the company built around 52,000 trailers.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.

Table of Contents

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Buyers/Consumers
4.3.2 Bargaining Power of Suppliers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5.1 By Vehicle Type
5.1.1 Lowboy
5.1.2 Flatbed
5.1.3 Refrigerated
5.1.4 Dry Van
5.1.5 Other Vehicle Types
5.2 By Tonnage
5.2.1 Below 25 T
5.2.2 25 T-50 T
5.2.3 51 T-100 T
5.2.4 Above 100 T
5.3 By Foot Length
5.3.1 28-45 Foot
5.3.2 Greater than 45 Foot
5.4 By Geography
5.4.1 North America United States Canada Rest of North America
5.4.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.4.3 Asia-Pacific China Japan India South Korea Rest of Asia-Pacific
5.4.4 Rest of the World South America Middle-East and Africa
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 East Manufacturing Corporation
6.2.2 Hyundai Translead
6.2.3 Kentucky Trailer
6.2.4 Mac Trailer Manufacturing Inc.
6.2.5 Manac Inc.
6.2.6 Wabash National Corporation
6.2.7 Great Dane LLC
6.2.8 Pitts Trailers
6.2.9 Premier Trailer Mfg. Inc.
6.2.10 China International Marine Containers (Group) Ltd
6.2.11 Schmitz Cargobull AG
6.2.12 Krone GmbH & Co. KG

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • East Manufacturing Corporation
  • Hyundai Translead
  • Kentucky Trailer
  • Mac Trailer Manufacturing Inc.
  • Manac Inc.
  • Wabash National Corporation
  • Great Dane LLC
  • Pitts Trailers
  • Premier Trailer Mfg. Inc.
  • China International Marine Containers (Group) Ltd
  • Schmitz Cargobull AG
  • Krone GmbH & Co. KG