LONDON, Oct. 20, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the semi-trailer market, the increased demand for trailer technology advancement is gaining popularity among the semi-trailer market trends. Major companies operating in the semi-trailer market are coming up with new technologies for trailers to sustain their position in the market. For instance, in April 2020, WABCO, a US-based vehicle control systems provider for semi-trailers, and related heavy vehicles, and Sioen Industries, a Belgium-based company manufacturing chemicals and processing technical textiles launched an innovative and connected technology to prevent theft in trailer cargo named the Detector Solution. Sioen has upgraded its dynatex protector technology powered by WABCO’s advanced fleet management solutions for triggering the alarm for the tarpaulin and for enabling live monitoring and management of trailer access. This combination of technologies controls trailer breaches in real-time.
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The global semi-trailer market size is expected to grow from $25.74 billion in 2021 to $26.94 billion in 2022 at a compound annual growth rate (CAGR) of 4.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The semi-trailer market share is expected to grow to $36.45 billion in 2026 at a compound annual growth rate (CAGR) of 7.9%.
The rising urbanization is expected to propel the growth of the semi-trailer market going forward. Urbanization is the process by which cities develop and a rising proportion of the population moves there to live. Semi-trailers help in the transportation of goods and for carrying a large proportion of cargo, raw materials, and finished products, as a result, rising urbanization increases the demand for the semi-trailer market. For instance, according to The United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, the percentage of people living in cities rose to 56.2% by 2020. It is higher in wealthy countries are 51.6% than in developing ones which is 79.2% in 2020. Therefore, rising urbanization is driving the semi-trailers market.
Major players in the semi-trailer market are Wabash National Corporation, Schmitz Cargobull AG, Great Dane LLC, Krone GmbH & Co. KG, Kögel Trailer GmbH & Co.KG, Pitts Trailers, Utility Trailer Manufacturing Company, Hyundai Translead Inc., Premier Trailer Manufacturing Inc, Mac Trailer Manufacturing, RAC-Germany, SDC Trailers Ltd, Dennison Trailers, Karl Kässbohrer Fahrzeugwerke GmbH and Van Hool NV.
The global semi-trailer market is segmented by type into flatbed, lowboy, dry van, refrigerated, tankers, other types; by length into up to 45 feet, above 45 feet; by end-use into heavy industry, FMCG, chemical, automotive, oil and gas, healthcare, logistics, other end-users.
North America was the largest region in the semi-trailer market in 2021. Asia-Pacific is expected to be the fastest-growing region in the semi-trailer market during the forecast period. The regions covered in the semi-trailer industry report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Semi-Trailer Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide semi-trailer market forecast size and growth, semi-trailer market segments and geographies, semi-trailer market trends, drivers and restraints, semi-trailer market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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