Global Tank Trailers Market Insights Forecasts to 2030
- The Tank Trailers Market Size was valued at USD xx.xx Billion in 2021.
- The market is growing at a CAGR of 5.01% from 2022 to 2030
- The Worldwide Tank Trailers Market is expected to reach USD xx.xx Billion by 2030
- North America is expected to grow the fastest during the forecast period
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The Global Tank Trailers Market Size is expected to reach USD xx.xx billion by 2030, at a CAGR of 5.01% during the forecast period 2022 to 2030. The key drivers of the tank trailers market are predicted to be exponentially developing urbanization, rising industrial activity, and the importance of efficient transportation.
Tank trailers serve as means to transport huge amounts of both liquids (such as oil, chemicals, and water) and gas (such as industrial gases, LNG, and compressed natural gas). Tank trailers are available in a variety of variants to accommodate a wide range of liquid freight. The design of the trailers also changes with respect to the kind of gas or liquid being transported. The freight type, container form, and dimensions are the distinguishing elements of tank trailers. Key features in such trailers incorporate pressurization capabilities, refrigeration adaptability, chemical resistance, and so on. Several tank trailer models are specifically intended to meet the limitations specified by the country's guidelines on the transporting of liquid load conditions.
Additionally, refined petroleum tank trailers represent one of the most frequent types of tank trailers on the market. These trailers transport liquid fuel, gasoline, benzene, and other chemicals. Moreover, large tank trailers are utilized to haul volatile and combustible liquids. Tank trailers are suited for transporting a specific type of load and have only one compartment, whereas trailers built to carry many types of goods have internal walls.
COVID-19 Impact Tank Trailers Market
The COVID-19 pandemic triggered a global interruption in the tank trailer market that had never occurred previously. This has rendered it challenging to estimate global vehicle market supply and demand. Because of government-ordered lockdowns, most tank trailer manufacturers had to face with major issues such as suspending all activities, experiencing decreased production output, and not having an adequate workforce. Nonetheless, following post-pandemic circumstances accelerated the world's FMCG and healthcare industry sectors, which directly benefited the tank trailer industry worldwide.
Key Market Drivers
Tank trailers are deployed generally on route options where rail or pipeline access is unavailable. The tank trailer market is predicted to develop due to the gradual recovery of the global construction industry and the expansion of healthcare infrastructure following the pandemic. Additionally, they are utilized to carry chemicals, especially hazardous compounds. Tank trailers are frequently used to transport risky materials, hence transporters must adhere to stricter laws and regulations.
This industry transports a diverse variety of specialty commodities such as heavy machinery, frozen food, vehicles, petroleum, gasoline, mineral ores, and toxic gases which are unable to transport by regular truck trailers. This industry is extremely vulnerable to changes in industrial output and consumer spending.
The tank trailer industry is developing as technology affects the design, weight, and composition of parts. Market players are striving to develop flexible components and parts that are robust and long-lasting, allowing vehicles to work efficiently.
In addition, due to the superior quality of tanker trailers, popularity, and customer loyalty, key companies in the industry have a dominant presence in the market. Furthermore, these firms are likely to see a significant rise in overall industry as a result of their growing market presence in developing economies and comprehensive product portfolios.
Global Tank Trailers Market Report Coverage
|Market Size in 2021:||xx.xx|
|Forecast Period:||2021 - 2030|
|Forecast Period 2021 - 2030 CAGR:||xx.xx%|
|2030 Value Projection:||xx.xx|
|Historical Data for:||2017 - 2020|
|No. of Pages:||220|
|Tables, Charts & Figures:||123|
|Segments covered:||By Type, By Industry, By Region|
|Companies Covered:||Kurt Willig GmbH & Co. KG, Kässbohrer Geländefahrzeug AG, Schmitz Cargobull, Stokota nv, Konzept- G GmbH, Feldbinder, Amthor International, Crosstand, NEXA Trailers, MAC Trailer Manufacturing, Tata Motors Limited, Polar Tank Trailer, LLC, Ford Motor Company, Volvo Group, Iveco, Mercedes, Hyundai Motor Company, MAN Truck & Bus AG, and Martin Transport Inc.|
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Key Market Challenges
In general, crude oil price increases significantly affect the tank trailer market through two basic factors. Firstly, the demand for crude oil transport services is directly impacted by the volatility in crude oil prices brought on by the world's supply of crude oil. The second factor is the transportation costs of shipping businesses. Crude oil price volatility due to non-supply variables has no direct effect on consumer demand for crude oil transport companies, yet it has a major effect on shipping businesses transportation costs. In the tank trailer market, transportation costs are classified as investment costs, operating costs, and freight costs. The cost of a voyage depends on the distance traveled and the route chosen. Fuel expenditures, tugging costs, and container terminal and canal costs are all included. As a result, crude oil supply spikes influence demand for crude oil transportation services. Thus, these variables represent significant challenges to the tank trailer market growth.
The light tank trailers segment accounted the largest market share over the forecast period.
On the basis of type, the global tank trailers market is segmented into light tank trailers, medium tank trailers, and heavy tank trailers. Among these, the light tank trailers segment is dominating the market and is going to continue its dominance over the forecast period. More oil and fuel can be carried by lighter trailers. It is possible to transport more tonnage using a lightweight tank trailer than an ordinary oil tanker can. Additionally, a light tank trailer enhances efficiency and lowers truck tractor fuel consumption. As a result, trailer tractor fuel is saved when contrasted to heavyweight tank trailer operating. Moreover, the cost of producing tank trailers was reduced. Lightweight tank trailers require less material in their construction.
Industry Type Insights
The refined fuel segment is dominating the market with the largest revenue share over the forecast period.
On the basis of industry type, the global tank trailers market is segmented into food & beverage, dairy, construction, chemical, refined fuel, agriculture, oil & gas, government applications, and others. Among these, the refined fuel segment is dominating the market with the largest revenue share of 57% over the forecast period. Tank trailers are frequently employed in the transportation of both refined fuels and, if necessary, crude oil, because it is more convenient and cost-effective than moving it across canals and rivers inside national borders. Fuel tank trailers transport hundreds of millions of gallons of vital but extremely combustible petroleum chemicals such as diesel, gasoline, benzene, compressed natural gas (CNG), aviation fuel, and others around the world. Due to the flammability of the products, transporting them can result in dangerous circumstances including during the process of loading and unloading at the location and while moving on the road.
Asia Pacific dominates the market with the largest market share over the forecast period.
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Asia Pacific is dominating the market with more than 56.8% market share over the forecast period. Rising demand from growing markets such as China, Japan, India, and South Korea is fueling the region's tank trailers market expansion. Furthermore, the Asia Pacific tanker trailer market is primarily impacted by the rising demand for petroleum products. Due to some of the undiscovered growing markets, Asia Pacific continues to be an important location for key businesses. As a result, growing expenditures made by enterprises in the region are expected to develop a global footprint and are likely to benefit the tank trailer market.
North America, on the other hand, is predicted to develop the fastest, and the United States is expected to have the highest tanker trailers market throughout the region. In North America, the refined petroleum market is the major end-use industry for tanker trailers and has driven tank trailer freights. With the rise of the petroleum, natural gas, and chemical industries, the trailer market is expected to increase significantly. Furthermore, strict restrictions and customs in the transportation and mobilization of hazardous chemicals and liquids are expected to boost demand for tanker trailers in the region.
Additionally, the Middle East and Africa, as well as Latin America, are expected to rise steadily. It is due to the persistent need for oil and gas in both regions. Furthermore, in recent years, both of these regions have made significant investments in energy infrastructure in order to stimulate the economy and thus increase their emphasis on mining operations.
List of Key Market Players
- Kurt Willig GmbH & Co. KG
- Kässbohrer Geländefahrzeug AG
- Schmitz Cargobull
- Stokota nv
- Konzept- G GmbH
- Amthor International
- NEXA Trailers
- MAC Trailer Manufacturing
- Tata Motors Limited
- Polar Tank Trailer, LLC
- Ford Motor Company
- Volvo Group
- Hyundai Motor Company
- MAN Truck & Bus AG
- Martin Transport Inc.
- Wabash National Corporation
- NAS Trailers
- LURA TRAILER
- EnTrans International
- Kenan Advantage Group
- Foodliner/Quest Liner Inc.
- Trimac Transportation Inc.
- Miller Transporters Inc.
- ALMAJDOUIE Steel Industries
Key Market Developments
- On September 2022, Engineered Transportation International (EnTrans) will exhibit a new 940 Two-Hopper dry bulk trailer at NTTC's Tank Truck Week in Houston. The 940 Two-Hopper trailer has a capacity of 940 cubic feet and is designed for small cube loads such as cement and sand. At 7,900 pounds, it saves 400 pounds over the similar Three-hopper, 1,040 cubic-foot trailer. The shell shape is based on EnTrans's tried-and-true jet-style barrel structural design.
- On August 2022, Trimac has announced a partnership with Innovative Fuel Systems Ltd., a Canadian cleantech business (IFS). This project, in collaboration with many other large trucking fleets, aims to further hydrogen fuel utilization in heavy-duty engines. IFS will try to employ a patent-pending retrofit dual-fuel technology known as the Multi-Fuel Technology Platform (MFTPTM) to deliver performance for heavy-duty fleets while lowering greenhouse gas (GHG) emissions.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the Global Tank Trailers Market based on the below-mentioned segments:
Tank Trailers Market, Type Analysis
- Light Tank Trailers
- Medium Tank Trailers
- Heavy Tank Trailers
Tank Trailers Market, Industry Type Analysis
- Food & Beverage
- Refined Fuel
- Oil & Gas
- Government Applications
Tank Trailers Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
Which region is dominating the tank trailers market?Asia Pacific is dominating the tank trailer market with more than 56.8% market share.
What is the forecast period of the tank trailers market?The forecast period of the tank trailer market is 2021-2030
Which segment holds the largest market share of the tank trailers market?The light tank trailer segment based on type holds the maximum market share of the tank trailers market.
Which are the key companies in the market?Kurt Willig GmbH & Co. KG, Kässbohrer Geländefahrzeug AG, Schmitz Cargobull, Stokota nv, Konzept- G GmbH, Feldbinder, Amthor International, Crosstand, NEXA Trailers, MAC Trailer Manufacturing, Tata Motors Limited, Polar Tank Trailer, LLC, Ford Motor Company, Volvo Group, Iveco, Mercedes, Hyundai Motor Company, MAN Truck & Bus AG, and Martin Transport Inc.
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