On a global level, the demand for semi-trailers is expected to grow significantly due to positive economic outlook and expanding supply chain infrastructure. The global semi-trailer market is projected to reach USD 37.34 billion by 2025, growing at a CAGR of 4.98% from 2017 to 2025. The road transportation industry is one of the key contributors to the overall GDP of the world and is growing significantly over the years. Road transport carries almost 80% of inland freight volume. Road transportation accounts for 6,000 billion ton-kilometers of goods per year in Europe, US, Commonwealth Independent States (CIS), China, and Japan. Semi-trailers play a major part in road freight transport. All the major industries such as automotive, energy, manufacturing, defense, and construction depend on semi-trailers for their supply chain operations. Growing industrial, mining, and construction activities in emerging regions are expected to drive the demand for semi-trailers.
OEMs are integrating fuel-efficient design in their new models to reduce air resistance and offer cost savings for fleet operators. Increasing awareness of fuel conservation and emission control has resulted in government authorities mandating technologies and emphasizing on improved designs that will help in fuel efficiency. OEMs are therefore focusing on increasing the usage of lightweight materials to reduce vehicle weight and help fleet operators reduce carbon footprint and increase cost savings. These cost savings may result from reduced fuel consumption or extra legally permissible load carrying capacity for semi-trailers.
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One of the growing market trends is the use of advanced technologies such as telematics and stability control. Thus, vast opportunities exist for telematics vendors to provide solutions and services with end-to-end asset visibility. As of 2016, only 20% of the total semi-trailers in the US are equipped with semi-trailer telematics technology. However, this number is expected to grow more than three-fold by the year 2025. Semi-trailers in the US are equipped with telematics systems supplied by telematics manufacturers such as SkyBitz, Qualcomm, and PAR LMS. Semi-trailer telematics is useful for business intelligence as these vehicles use cargo sensor, door sensors, and reefer monitoring. Reefer monitoring, for instance, would help the driver and fleet manager to determine the temperature and fuel level of the reefer unit.
In terms of growth, the dry van segment for semi-trailer market by type is expected to grow at the highest CAGR, followed by refrigerated, flatbed, and low boy segments. The dry van semi-trailer market is estimated to hold the highest share in the semi-trailer market because of its wide applications in multiple industries. These trailers are used by LTL and FTL fleet operators for their operations, due to their versatility and cost efficiency.
The below 25t segment is estimated to be the fastest growing market for semi-trailers, by tonnage type, followed by 51–100t, 25–50t, and above 100t. This segment is estimated to experience a stable growth due to government regulations regarding weight carrying capacity for road safety. Asia Pacific region is estimated to be the largest market for below 25t segment because of the increased use of below 25 tons transportation.
The less than 3 axles segment is estimated to be the fastest growing market for semi-trailers, followed by 3–4 axles and more than 4 axles segments. Asia Pacific is estimated to be the largest market for the less than 3 axles segment, followed by North America.
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