The global market size, in terms of value, is projected to reach USD 34.3 Billion by 2020 at a CAGR of 7.12% between 2015 and 2020. The largest semi-trailer producing region, Asia-Oceania is anticipated to grow at a CAGR of 8.09% during the study period.
Pune, India -- (SBWIRE) -- 12/03/2015 -- The report "Semi-Trailer Market - Global Forecast & Analysis to 2020", classifies and defines the semi-trailer market in terms of value and volume. The report highlights potential growth opportunities in the coming years as well as reviews the drivers, restraints, growth indicators, challenges, market dynamics, competitive landscape, and other key aspects with respect to the semi-trailer market. It also focuses on key market players and their strategies along with recent developments.
Browse 70 market data Tables and 58 Figures spread through 141 Pages and in-depth TOC on "Semi-Trailer Market - Global Forecast & Analysis to 2020"
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Semi-Trailer Market: The market size, in terms of value, is projected to grow at a CAGR of 7.12% to reach USD 34.3 Billion by 2020.
Growth in Freight Transportation
The global economic recovery has driven growth of industries such as retail, construction, automotive, and food & beverages. It is crucial that the necessary raw materials reach production facilities and finished goods reach end-markets, cost effectively and efficiently to ensure smooth manufacturing operations. This directly impacts the logistics industry, with fleet owners investing in new equipment to serve growing demand. Road transportation is one of the most preferred modes of transportation for inland logistics. Rising demand for freight transportation, given the rise in manufacturing activity and global economic recovery, coupled with new structures of supply chain, has resulted in freight operators investing in expansion of their existing fleet.
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Cyclical Demand Pattern & Rising Demand for Fuel Efficiency
Fuel costs account for approximately 30% of the operating costs for fleet operators. OEMs are focusing on adopting new technologies, improving design, and using drag reduction components in new models. OEMs have developed components such as side skirts and drag reduction systems to reduce air resistance, improving fuel efficiency by up to 5%. For refrigerated semi-trailers, OEMs have increased thermal insulation efficiency to reduce energy usage. These advancements enable fleet operators to optimize operating costs and reduce harmful emissions from fuel consumption.
Given the lack of orders and a drop in the production activity during the economic recession, many fleet operators have started replacing older semi-trailers. The cyclical nature of the industry is currently at a stage of high-growth, as these vehicles are either being replaced or added for fleet expansion. Fleet operators prolonged purchase of new trailers during the economic recession and current market trends have resulted in investments in the expansion as well as replacement of fleet.
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