Report : North America Semi-Trailer Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type (Flatbed, Lowboy, Dry Van, Refrigerated, Tankers, and Other Types), Number of Axles (Less Than 3 Axles, 3 to 4 Axles, and More Than 4 Axles), and Tonnage (Below 25 Tons, 25 Tons and 50 Tons, 51 Tons and 100 Tons, and Above 100 Tons)
Dry Van Segment to Dominate North America Semi-Trailer Market During 2020–2027
According to The Insight Partners market research study on “North America Semi-Trailer Market Forecast to 2027 – COVID-19 Impact and Analysis,” the market is expected to reach US$ 13,638.4 million by 2027 from US$ 10,637.1 million in 2019. The market is estimated to grow at a CAGR of 4.2% from 2020 to 2027. The report provides trends prevailing in the North America semi-trailer market along with the drivers and restraints pertaining to the market growth. The semi-trailer market in North America is flourishing with the rise in inland transportation, increase in investments in construction activities and infrastructure development, and constantly mounting demand from the transportation and logistics sector for these trailers, especially for the dry van trailers. Stringent government regulations compel manufacturers to follow these regulations, which is further boosting the investment for obtaining safety certifications of goods.
The North American market is sub segmented into the US, Canada, and Mexico. In 2019, the US held the largest share of the regional market, followed by Canada. The market in this country is also projected to grow at the fastest CAGR of 4.1% from 2020 to 2027. Despite having positive growth outlook, the ongoing COVID-19 outbreak is limiting the business activities and revenues of the semi-trailer market players in North America, mainly due owing to factory lockdowns, travel bans, and supply chain disruptions.
Also, the presence of major semi-trailer manufacturers in the North America region with a wide product portfolio to cater evolving demands of diverse end-user industries is driving the semi-trailer market in the region. Wabash National Corporation; Great Dane LLC; Utility Trailer Manufacturing Company; Hyundai Translead; Manac Inc.; Vanguard National Trailer Corp.; East Manufacturing Corporation; Fontaine Trailer; HEIL TRAILER INTERNATIONAL; Kentucky Trailer; STI HOLDINGS, INC (Stoughton Trailers); Trail King Industries; MAC Trailer Enterprises Inc.; and Strick Trailers are among the prominent players operating in the North America semi-trailer market. The ongoing COVID-19 outbreak negatively impacted the overall growth of North America semi-trailer market in 2020; however, ongoing restructuring efforts taken by semi-trailer manufacturers to tackle the supply chain issues and to increase coordination with sales and distribution partners may help in reducing the negative impact in the coming quarters. The overall growth of North America semi-trailer market is anticipated to be positive over the forecast period owing to positive demand from retail and healthcare end-user industries.
Hyundai Translead; Manac Inc.; East Manufacturing Corporation; Fontaine Trailer; Great Dane LLC; HEIL TRAILER INTERNATIONAL; Kentucky Trailer; STI HOLDINGS, INC (Stoughton Trailers); Trail King Industries; Utility Trailer Manufacturing Company; Vanguard National Trailer Corp.; and Wabash National Corporation are among the key players profiled during this market study. In addition, several other important market players were studied and analyzed to get a holistic view of the North America semi-trailer market and its ecosystem. The companies are focused on adopting organic growth strategies, such as product launches and expansions, to sustain their position in the dynamic market.
The report segments the North America semi-trailer market as follows:
North America Semi-Trailer Market – by Type
North America Semi-Trailer Market – by Number of Axles
North America Semi-Trailer Market – by Tonnage
North America Semi-Trailer Market – by Country