Global Semi-Trailer Market - Growth, Trends, and Forecast (2018 - 2023)
Mexico may be the largest growing semi-trailer market, followed by US and Canada.
The North American semi-trailer market, the 2nd largest in the world, was badly affected by the global economic crisis. The fall in the manufacturing sector particularly affected the semi-trailer market of Detroit. The market in US has picked up considerably well. Mexico, on account of increased exports and expanded domestic market, has seen the fastest rate of growth. The majority of the transportation in the energy, construction, automotive, and manufacturing sector happens through road and semi-trailers, due to their flexibility and versatility. Semi-trailers are more popular than full trailers.
On account of increase in manufacturing activity and a rise in demand for products from US, Mexico will register strong growth. Asia-Pacific is the largest market for semi-trailers and is expected to grow at the fastest pace going into 2023. Many of the heavy commercial vehicles in India are outdated and due for replacement. Strict emission norms will result in replacement demand, driving the growth in the semi-trailer market. Slow manufacturing growth in India will be a big restraint as it is the largest, single market for semi-trailers outside US. Iran is forecasted to be one of the most promising markets for semi-trailers, as the lifting of sanctions allows international players to enter the market that has been starved of quality products.
February 2018: Telsa's Semi-Trailer may have better features than previously expected
Major Players: DAIMLER AG, HYUNDAI TRANSLEAD, PACCAR, VOLVO, amongst other
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