Trailer and Semi-Trailer Market

The article provides an in-depth analysis of the global market for cargo trailers and semi-trailers, forecasting a continued upward trend in consumption and value through 2030. It includes detailed data on market performance, consumption patterns, production trends, import and export statistics, and country-specific market insights. Key points include China as the largest consumer and producer, the United States as the top importer, and Germany's rapid growth in market size. Overall, the article offers a comprehensive overview of the industry's evolution over the past decade and future projections.

Market Forecast

Driven by increasing demand for cargo trailers and semi-trailers worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.7% for the period from 2022 to 2030, which is projected to bring the market volume to 12M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market value to $136B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Cargo Trailers and Semi-Trailers

After seven years of growth, consumption of cargo trailers and semi-trailers decreased by -3.7% to 10M units in 2022. In general, the total consumption indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +51.1% against 2014 indices. Global consumption peaked at 10M units in 2021, and then contracted in the following year.

The global trailer and semi-trailer market value declined slightly to $102.6B in 2022, falling by -2.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market hit record highs at $105.5B in 2021, and then fell slightly in the following year.

Consumption By Country

The country with the largest volume of trailer and semi-trailer consumption was China (2.4M units), accounting for 24% of total volume. Moreover, trailer and semi-trailer consumption in China exceeded the figures recorded by the second-largest consumer, India (945K units), threefold. The third position in this ranking was held by the United States (823K units), with an 8.1% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at +5.1%. In the other countries, the average annual rates were as follows: India (+3.9% per year) and the United States (-1.3% per year).

In value terms, China ($9.5B), Pakistan ($7.2B) and Brazil ($6.9B) constituted the countries with the highest levels of market value in 2022, with a combined 23% share of the global market. Japan, Germany, the United States, Iran, India, Mexico, Thailand, Russia, France and the UK lagged somewhat behind, together comprising a further 35%.

Germany, with a CAGR of +15.8%, saw the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of trailer and semi-trailer per capita consumption in 2022 were the UK (4.5 units per 1000 persons), France (3.8 units per 1000 persons) and Germany (3 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Germany (with a CAGR of +13.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Cargo Trailers and Semi-Trailers

In 2022, production of cargo trailers and semi-trailers decreased by -3.3% to 10M units for the first time since 2015, thus ending a six-year rising trend. Over the period under review, the total production indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +49.0% against 2015 indices. The growth pace was the most rapid in 2021 when the production volume increased by 11%. As a result, production reached the peak volume of 11M units, and then dropped modestly in the following year.

In value terms, trailer and semi-trailer production contracted slightly to $112.4B in 2022 estimated in export price. In general, the total production indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +9.1% against 2020 indices. The growth pace was the most rapid in 2021 when the production volume increased by 13% against the previous year. As a result, production attained the peak level of $116.9B, and then declined slightly in the following year.

Production By Country

The country with the largest volume of trailer and semi-trailer production was China (3.2M units), accounting for 31% of total volume. Moreover, trailer and semi-trailer production in China exceeded the figures recorded by the second-largest producer, India (948K units), threefold. Pakistan (550K units) ranked third in terms of total production with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +5.5%. In the other countries, the average annual rates were as follows: India (+3.9% per year) and Pakistan (+6.1% per year).

Imports

World Imports of Cargo Trailers and Semi-Trailers

After seven years of growth, purchases abroad of cargo trailers and semi-trailers decreased by -8.9% to 2M units in 2022. In general, total imports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 when imports increased by 28%. Over the period under review, global imports hit record highs at 2.2M units in 2021, and then dropped in the following year.

In value terms, trailer and semi-trailer imports skyrocketed to $16.2B in 2022. Overall, total imports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +59.3% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 34%. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports By Country

In 2022, the United States (501K units), distantly followed by the UK (256K units), Canada (139K units), Germany (132K units), France (113K units) and the Czech Republic (103K units) were the key importers of cargo trailers and semi-trailers, together achieving 62% of total imports. The following importers - Australia (66K units), Poland (37K units), the Netherlands (36K units), Sweden (35K units), Mexico (34K units), Greece (32K units) and Denmark (32K units) - together made up 14% of total imports.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +20.0%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($4B) constitutes the largest market for imported cargo trailers and semi-trailers worldwide, comprising 25% of global imports. The second position in the ranking was held by Canada ($1.5B), with a 9.2% share of global imports. It was followed by Germany, with a 5.7% share.

In the United States, trailer and semi-trailer imports expanded at an average annual rate of +14.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Canada (+1.1% per year) and Germany (+8.9% per year).

Imports By Type

Non-tanker trailers and semi-trailers represented the key imported product with an import of about 1.5M units, which amounted to 75% of total imports. It was distantly followed by trade, exhibition, library, personnel and other specialized trailers and semi-trailers (471K units), mixing up a 23% share of total imports. Tanker trailers and semi-trailers (32K units) followed a long way behind the leaders.

Non-tanker trailers and semi-trailers was also the fastest-growing in terms of imports, with a CAGR of +4.1% from 2012 to 2022. At the same time, trade, exhibition, library, personnel and other specialized trailers and semi-trailers (+3.9%) displayed positive paces of growth. Tanker trailers and semi-trailers experienced a relatively flat trend pattern. The shares of the largest types remained relatively stable throughout the analyzed period.

In value terms, non-tanker trailers and semi-trailers ($13B) constitutes the largest type of cargo trailers and semi-trailers imported worldwide, comprising 80% of global imports. The second position in the ranking was taken by trade, exhibition, library, personnel and other specialized trailers and semi-trailers ($1.8B), with an 11% share of global imports.

From 2012 to 2022, the average annual rate of growth in terms of the value of non-tanker trailers and semi-trailers imports amounted to +5.4%. For the other products, the average annual rates were as follows: trade, exhibition, library, personnel and other specialized trailers and semi-trailers (+4.3% per year) and tanker trailers and semi-trailers (+1.6% per year).

Import Prices By Type

The average trailer and semi-trailer import price stood at $8,012 per unit in 2022, growing by 31% against the previous year. In general, the import price showed a relatively flat trend pattern. Global import price peaked at $9,714 per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by the product type; the product with the highest price was tanker trailers and semi-trailers ($41,568 per unit), while the price for trade, exhibition, library, personnel and other specialized trailers and semi-trailers ($3,875 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by tanker trailer and semi-trailers (+1.3%), while the other products experienced more modest paces of growth.

Import Prices By Country

In 2022, the average trailer and semi-trailer import price amounted to $8,012 per unit, with an increase of 31% against the previous year. In general, the import price showed a relatively flat trend pattern. Global import price peaked at $9,714 per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($20,910 per unit), while Greece ($536 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Greece (+12.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Cargo Trailers and Semi-Trailers

After two years of growth, shipments abroad of cargo trailers and semi-trailers decreased by -6.7% to 2.1M units in 2022. Over the period under review, exports, however, recorded a temperate increase. The most prominent rate of growth was recorded in 2018 with an increase of 55%. Over the period under review, the global exports reached the peak figure at 2.3M units in 2021, and then declined in the following year.

In value terms, trailer and semi-trailer exports skyrocketed to $17.6B in 2022. Overall, total exports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +65.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 37%. The global exports peaked in 2022 and are likely to continue growth in the near future.

Exports By Country

China represented the largest exporter of cargo trailers and semi-trailers in the world, with the volume of exports amounting to 757K units, which was approx. 36% of total exports in 2022. South Africa (275K units) took a 13% share (based on physical terms) of total exports, which put it in second place, followed by Mexico (9%), Germany (7.4%), Poland (6.2%) and the United States (5.5%). The Netherlands (86K units), Russia (44K units) and the UK (44K units) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +6.9% from 2012 to 2022. At the same time, South Africa (+52.5%), Russia (+26.4%), Mexico (+12.7%) and Poland (+5.3%) displayed positive paces of growth. Moreover, South Africa emerged as the fastest-growing exporter exported in the world, with a CAGR of +52.5% from 2012-2022. By contrast, the Netherlands (-1.4%), Germany (-1.4%), the United States (-2.7%) and the UK (-2.9%) illustrated a downward trend over the same period. South Africa (+13 p.p.), China (+6.6 p.p.), Mexico (+4.7 p.p.) and Russia (+1.8 p.p.) significantly strengthened its position in terms of the global exports, while the UK, the Netherlands, the United States and Germany saw its share reduced by -2.3%, -3.3%, -5.8% and -6.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest trailer and semi-trailer supplying countries worldwide were Germany ($3.9B), Mexico ($3.4B) and the United States ($1.9B), with a combined 52% share of global exports.

Mexico, with a CAGR of +16.2%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Non-tanker trailers and semi-trailers represented the major exported product with an export of around 1.3M units, which reached 61% of total exports. It was distantly followed by trade, exhibition, library, personnel and other specialized trailers and semi-trailers (767K units), comprising a 36% share of total exports. Tanker trailers and semi-trailers (50K units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for trade, exhibition, library, personnel and other specialized trailers and semi-trailers (with a CAGR of +6.5%), while shipments for the other products experienced more modest paces of growth.

In value terms, non-tanker trailers and semi-trailers ($14.3B) remains the largest type of cargo trailers and semi-trailers supplied worldwide, comprising 82% of global exports. The second position in the ranking was held by trade, exhibition, library, personnel and other specialized trailers and semi-trailers ($2B), with an 11% share of global exports.

From 2012 to 2022, the average annual growth rate of the value of non-tanker trailers and semi-trailers exports amounted to +5.4%. For the other products, the average annual rates were as follows: trade, exhibition, library, personnel and other specialized trailers and semi-trailers (+5.3% per year) and tanker trailers and semi-trailers (+1.1% per year).

Export Prices By Type

In 2022, the average trailer and semi-trailer export price amounted to $8,279 per unit, surging by 29% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average export price increased by 60%. As a result, the export price reached the peak level of $13,421 per unit. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by the product type; the product with the highest price was tanker trailers and semi-trailers ($24,671 per unit), while the average price for exports of trade, exhibition, library, personnel and other specialized trailers and semi-trailers ($2,583 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by non-tanker trailer and semi-trailers (+1.5%), while the other products experienced a decline in the export price figures.

Export Prices By Country

The average trailer and semi-trailer export price stood at $8,279 per unit in 2022, picking up by 29% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 60%. As a result, the export price reached the peak level of $13,421 per unit. From 2016 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($24,611 per unit), while Russia ($524 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+10.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform