Road Tractor For Semi-Trailer Market

The article discusses the projected growth of the global market for road tractors for semi-trailers, with an expected CAGR of +3.7% in volume and +5.5% in value from 2022 to 2030. China emerges as the largest consumer, followed by Mexico and the United States. The market shows fluctuations in consumption, production, imports, and exports over the analyzed period. Belgium and South Africa have the highest growth rates in market size and production, respectively. The United States is the largest importer while Mexico, the Netherlands, and Germany lead in exports. Prices vary among importing and exporting countries, with Mexico holding the highest export price in 2022.

Market Forecast

Driven by increasing demand for road tractors for semi-trailers worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market volume to 2M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.5% for the period from 2022 to 2030, which is projected to bring the market value to $102.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Road Tractors For Semi-Trailers

In 2022, the amount of road tractors for semi-trailers consumed worldwide dropped to 1.5M units, which is down by -9% on 2021 figures. Overall, the total consumption indicated a noticeable expansion 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. Based on 2022 figures, consumption increased by +15.1% against 2020 indices. As a result, consumption attained the peak volume of 1.7M units, and then shrank in the following year.

The global road tractor for semi-trailer market revenue dropped to $66.6B in 2022, waning by -7% 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 +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $71.6B, and then reduced in the following year.

Consumption By Country

China (327K units) remains the largest road tractor for semi-trailer consuming country worldwide, accounting for 21% of total volume. Moreover, road tractor for semi-trailer consumption in China exceeded the figures recorded by the second-largest consumer, Mexico (142K units), twofold. The United States (138K units) ranked third in terms of total consumption with a 9.1% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at +7.5%. The remaining consuming countries recorded the following average annual rates of consumption growth: Mexico (+18.2% per year) and the United States (+0.6% per year).

In value terms, the United States ($12.5B), China ($11.4B) and Brazil ($8.7B) were the countries with the highest levels of market value in 2022, with a combined 49% share of the global market. Mexico, Belgium, France, Germany, Italy, Spain, Japan, Turkey and India lagged somewhat behind, together comprising a further 25%.

In terms of the main consuming countries, Belgium, with a CAGR of +25.6%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of road tractor for semi-trailer per capita consumption was registered in Belgium (5,840 units per million persons), followed by Mexico (1,077 units per million persons), Spain (686 units per million persons) and Brazil (541 units per million persons), while the world average per capita consumption of road tractor for semi-trailer was estimated at 193 units per million persons.

From 2012 to 2022, the average annual growth rate of the road tractor for semi-trailer per capita consumption in Belgium stood at +27.6%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Mexico (+17.2% per year) and Spain (+6.5% per year).

Production

World Production of Road Tractors For Semi-Trailers

In 2022, approx. 1.5M units of road tractors for semi-trailers were produced worldwide; declining by -4.8% against the previous year. The total output volume increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 with an increase of 21%. Global production peaked at 1.7M units in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

In value terms, road tractor for semi-trailer production reduced to $53.2B in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 25%. As a result, production attained the peak level of $67.6B. From 2019 to 2022, global production growth failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (358K units), Mexico (231K units) and India (132K units), together accounting for 49% of global production. Brazil, the United States, Germany, the Netherlands, the UK, Japan, South Africa, France, Turkey and Ethiopia lagged somewhat behind, together comprising a further 40%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by South Africa (with a CAGR of +16.5%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Road Tractors For Semi-Trailers

In 2022, the amount of road tractors for semi-trailers imported worldwide declined rapidly to 731K units, falling by -23.1% on 2021 figures. In general, total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +5.1% 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 +35.6% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 76% against the previous year. As a result, imports reached the peak of 952K units, and then declined notably in the following year.

In value terms, road tractor for semi-trailer imports dropped significantly to $28.3B in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 43%. As a result, imports reached the peak of $34.9B, and then shrank markedly in the following year.

Imports By Country

Belgium represented the main importer of road tractors for semi-trailers in the world, with the volume of imports reaching 184K units, which was approx. 25% of total imports in 2022. The United States (71K units) held a 9.8% share (based on physical terms) of total imports, which put it in second place, followed by Spain (6.5%) and Poland (4.6%). Italy (23K units), Ukraine (21K units), Germany (18K units), France (17K units), Canada (15K units), the Netherlands (15K units), Nepal (15K units), the Czech Republic (13K units) and Saudi Arabia (11K units) followed a long way behind the leaders.

Imports into Belgium increased at an average annual rate of +25.7% from 2012 to 2022. At the same time, Nepal (+78.5%), Spain (+20.9%), Italy (+12.4%), the Czech Republic (+10.0%), Ukraine (+9.0%), Poland (+6.7%), Saudi Arabia (+5.8%), France (+3.0%) and the United States (+2.3%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in the world, with a CAGR of +78.5% from 2012-2022. The Netherlands experienced a relatively flat trend pattern. By contrast, Germany (-3.9%) and Canada (-4.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Belgium, Spain, Nepal and Italy increased by +21, +4.9, +2 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($6.9B) constitutes the largest market for imported road tractors for semi-trailers worldwide, comprising 24% of global imports. The second position in the ranking was taken by Canada ($1.7B), with a 6% share of global imports. It was followed by Poland, with a 5.7% share.

From 2012 to 2022, the average annual growth rate of value in the United States totaled +4.2%. The remaining importing countries recorded the following average annual rates of imports growth: Canada (-3.7% per year) and Poland (+4.8% per year).

Import Prices By Country

The average road tractor for semi-trailer import price stood at $38,714 per unit in 2022, rising by 5.5% against the previous year. Over the period under review, the import price, however, showed a perceptible downturn. The pace of growth appeared the most rapid in 2016 an increase of 8.7%. Over the period under review, average import prices attained the maximum at $58,567 per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Canada ($110,822 per unit), while Belgium ($3,367 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+5.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Road Tractors For Semi-Trailers

In 2022, the amount of road tractors for semi-trailers exported worldwide dropped notably to 683K units, shrinking by -17.3% compared with 2021 figures. Overall, total exports indicated mild growth from 2012 to 2022: its volume increased at an average annual rate of +1.7% 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 +7.3% against 2020 indices. The pace of growth appeared the most rapid in 2015 with an increase of 40% against the previous year. Over the period under review, the global exports reached the maximum at 933K units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, road tractor for semi-trailer exports fell to $33.3B in 2022. Over the period under review, exports, however, continue to indicate modest growth. The pace of growth was the most pronounced in 2021 when exports increased by 39% against the previous year. The global exports peaked at $36.3B in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports By Country

The biggest shipments were from Belgium (124K units), Mexico (94K units), the Netherlands (73K units), Germany (57K units), the UK (51K units), China (36K units), France (33K units), South Africa (31K units), the United States (31K units), Poland (26K units) and Spain (25K units), together amounting to 85% of total export.

From 2012 to 2022, the biggest increases were recorded for South Africa (with a CAGR of +40.4%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Mexico ($9.8B), the Netherlands ($5.2B) and Germany ($3.3B) were the countries with the highest levels of exports in 2022, together accounting for 55% of global exports. Belgium, France, the United States, Spain, China, Poland, the UK and South Africa lagged somewhat behind, together comprising a further 31%.

South Africa, with a CAGR of +13.1%, saw the highest rates of growth with regard to 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.

Export Prices By Country

In 2022, the average road tractor for semi-trailer export price amounted to $48,765 per unit, with an increase of 12% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 18% against the previous year. Over the period under review, the average export prices reached the peak figure at $55,116 per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mexico ($104,437 per unit), while the UK ($3,991 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+5.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform