CHICAGO, March 2, 2020 /PRNewswire/ -- According to the new market research report "Semi-Trailer Market by Type (Flatbed, Lowboy, Dry Van, Refrigerated, Tankers), Tonnage (Below 25T, 25T–50T, 51T–100T, Above 100T), Number of Axles (<3 Axles, 3-4 Axles & >4 Axles), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Semi-Trailer Market is projected to grow at a CAGR of 4.98% during the forecast period, to reach USD 37.34 Billion by 2025 from an estimated USD 25.32 Billion in 2017.
Expanding cold chain and logistics industry and increasing use of advanced technologies are the key drivers for the Semi-Trailer Market. Increasing disposable income of consumers and the general push to fresh, healthier products, and increasing number of quick service restaurants (QSRs) are impacting the cold chain industry. A key driver for the growth of the cold chain industry in recent years has been the growth in large-format supermarket retailing. The installation of technically advanced devices such as temperature recorder with built-in GSM modem and remote temperature monitoring in the refrigerated trailers is benefiting trailer owners and managers in the real-time monitoring of the trailer.
Dry van is estimated to hold the largest market share during the forecast period
The market size for dry van semi-trailers is estimated to be the highest in 2017 and is projected to remain predominant during the forecast period. The production of dry van semi-trailers is estimated to be the highest, followed by flatbed, refrigerated, low boy, others, and tankers. Developing countries such as China and India have witnessed significant infrastructural and economic growth, which has increased the demand for dry van semi-trailers. The growth in retail, fast moving consumable goods (FMCG), fast moving consumable durable (FMCD) industries is driving the market for dry van, particularly in Asia Pacific.
Less than 3 axles segment is estimated to be the largest segment by number of axles from 2017 to 2025
The market size for semi-trailers with less than 3 axles is expected to be the largest as this type of trailers are preferred in Europe and Asia Pacific. The legally permissible load that can be transported on a semi-trailer depends on the number of axles. Weight limit and Gross Axle Weight Rating (GAWR) depend on state laws and are designed for the safety of the vehicle during operation. Government regulations on weight limits and number of axles are driving the market for less than 3 axles segment.
North America is projected to be the largest market for semi-trailer in 2017. The market growth in the region can be attributed to numerous factors such as improving road infrastructure, expanding supply chain industry, government regulations on weight carrying capacity and dimensions of semi-trailer, Californias Air Resources Board (CARB) mandates related to semi-trailer aerodynamics and the boom in natural gas industry.
The Semi-Trailer Market is dominated by a few globally established players such as Wabash (US), Schmitz Cargobull (Germany), Utility Trailer (US), Krone (Germany), Kögel (Germany), and CIMC (China).
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