Semi-trailers are transportation vehicles that lack an engine or drivetrain and are towed behind tractor units or trucks. They are used for freight transportation and provide advantages like greater load carrying capacity and improved fuel efficiency. With growing transportation and logistics industry worldwide, demand for freight transportation through roads has increased significantly. This has propelled the need for efficient freight vehicles like semi-trailers catering to diverse transportation requirements.
The global Semi-Trailer Market is estimated to be valued at US$ 37.21 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of road freight transportation has been a major demand driver for the semi-trailer market over the years. According to the World Bank, nearly 60% of the global freight transport activity is through roads. Continuous growth in international and domestic trade volumes post pandemic is generating high demand for road freight resulting in increased trailer fleet. Manufacturers are developing advanced trailers with advanced technologies like telematics, automatic tire inflation systems and fuel efficient designs to meet the evolving performance requirements. Such innovations are helping providers improve operational efficiency and cater to the growing need for sustainable freight transportation worldwide.
Segment Analysis
In the semi-trailer market, flatbed trailers dominate the segment holding around 30% market share. Flatbed trailers are majorly used for transportation of heavy machinery, equipment, building materials and other bulky items which require an open platform for loading and unloading. Their benefits over other segments include multi commodity transportation, ease of loading and unloading, protection from weather and cost effectiveness.
Key Takeaways
The Global Semi-Trailer Market Demand is expected to witness high growth.
Regional analysis: North America is currently the largest market for semi-trailers due to strong transportation infrastructure and rapid growth of e-commerce industry. However, Asia Pacific region is poised to become the fastest growing market during the forecast period. Countries like China and India are witnessing heavy investments in road construction which is positively impacting the semi-trailer transportation. Additionally, rapid industrialization and growth in construction activities are supplementing the regional market growth.
Key players operating in the semi-trailer market are ESI Group, COMSOL, Numeca International, Ansys, EXA Corp., and Aspen Tech. ESI Group and Ansys dominate the simulation software segment owing to their diverse product portfolio and strong geographical presence. COMSOL and Numeca International are other major players focusing on developing industry-specific simulation solutions.
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