LONDON, Oct. 20, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the semi-trailer market, increased demand for advancement in semi-trailer technology is gaining popularity among trends of the semi-trailer market. Major companies operating in the semi-trailer market are coming up with new technologies for trailers to maintain their position in the market. For example, in April 2020, WABCO, an American supplier of vehicle control systems for semi-trailers and associated heavy vehicles, and Sioen Industries, a Belgian company manufacturing chemicals and processing technical textiles, launched a technology innovative and connected to prevent theft in trailer cargo named the detection solution. Sioen has upgraded its dynatex protection technology powered by WABCO’s advanced fleet management solutions to trigger the alarm for the tarp and to enable live monitoring and trailer access management. This combination of technologies monitors trailer violations in real time.
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The size of the global semi-trailer market 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 Russian-Ukrainian war has 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 against several countries, a spike in commodity prices and supply chain disruptions, affecting many markets around the world. Semi-trailer market share is expected to reach $36.45 billion in 2026 at a compound annual growth rate (CAGR) of 7.9%.
The increasing urbanization is expected to propel the growth of the semi-trailer market in the future. Urbanization is the process by which cities grow and an increasing proportion of the population moves there to live. Semi-trailers help in the transportation of goods and the transport of a large part of the freight, raw materials and finished products. Hence, increasing urbanization is increasing the demand for the semi-trailer market. For example, according to the United Nations Conference on Trade and Development, an intergovernmental organization based in Switzerland, the percentage of people living in cities increased to 56.2% in 2020. It is higher in rich countries with 51.6% than in developing countries, which is 79.2% in 2020. Hence, increasing urbanization is driving the semi-trailer market.
The 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 flatbeds, low-loaders, dry vans, refrigerated, tank trucks, other types; by length up to 45 feet, above 45 feet; by end use in heavy industry, consumer goods, chemical, automotive, oil and gas, healthcare, logistics and other end users.
North America was the greater region in the semi-trailer market in 2021. Asia Pacific should be the fastest growing region in the semi-trailer market over the forecast period. Regions covered in the Semi-Trailer Trucks industry report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Global Semi-Trailer Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports by The Business Research Company that provide semi-trailer market size and growth forecasts. Semi-Trailers, Semi-Trailers Market Segments and Geographies, Semi-Trailers Market Trends, Drivers and Restraints, Revenues, Profiles and Market Shares of Semi-Trailers Market Top Competitors in 1000+ Reports industry, covering more than 2,500 market segments and 60 geographies. The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders.
A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.
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