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Semi-Trailer Market Overview 2024: Advancing Freight Transportation
Semi-Trailer Market Trends
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According to The Business Research Company's, The semi-trailer market size has grown strongly in recent years. It will grow from $29.4 billion in 2023 to $31.73 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to freight transportation demand, infrastructure development, economic growth, e-commerce boom, global trade expansion.
The semi-trailer market size is expected to see strong growth in the next few years. It will grow to $42.29 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to sustainable transportation, digitalization in logistics, last-mile delivery solutions, infrastructure investments, autonomous freight transportation. Major trends in the forecast period include advanced technologies, electric and hybrid semi-trailers, connectivity and iot integration, automation and autonomous features, advanced safety features.
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Market Drivers and Trends:
The rise in 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 World Bank, globally, over 50% of the population lives in urban areas today. By 2045, the world's urban population will increase by 1.5 times to 6 billion . Therefore, rising urbanization is driving the semi-trailers market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Wabash National Corporation, Schmitz Cargobull AG, Great Dane LLC, Krone GmbH & Co KG, Kogel Trailer GmbH & Co. KG, Utility Trailer Manufacturing Company, Hyundai Motor Company, Stoughton Trailers LLC, Vanguard National Trailer Corporation, MAC Trailer Manufacturing, Manac Inc., East Manufacturing Corporation, Fontaine Trailer Company, Wilson Trailer Company, Doonan Specialized Trailer LLC, Pitts Enterprises Inc., Strick Trailers LLC, Reitnouer Inc., Heil Trailer International LLC, Transcraft Corporation, Trail King Industries Inc., Travis Body & Trailer Inc., Talbert Manufacturing Inc., Timpte Inc., XL Specialized Trailers LLC, Dorsey Trailer LLC, Witzco Challenger Trailers Inc., Lode King Industries Ltd., Muv-All Trailer Company, Trail-Eze Inc.
Semi-Trailer Market 2024 Key Insights:
• The semi-trailer market size is expected to see strong growth in the next few years. It will grow to $42.29 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• The Impact Of Urbanization On The Semi-Trailer Market
• Advancements In Trailer Technology Drive Growth In The Semi-Trailer Market
• North America was the largest region in the semi-trailer market in 2023
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