Sri Lanka: Trailer And Semi-Trailer Market 2024

Trailer And Semi-Trailer Market Size in Sri Lanka

The Sri Lankan trailer and semi-trailer market stood at $X in 2022, flattening at the previous year. The market value increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Trailer and semi-trailer consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Trailer And Semi-Trailer Production in Sri Lanka

In value terms, trailer and semi-trailer production stood at $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 17%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Trailer And Semi-Trailer Exports

Exports from Sri Lanka

In 2022, approx. X units of cargo trailers and semi-trailers were exported from Sri Lanka; falling by -3% compared with the previous year's figure. In general, exports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2021 with an increase of 128% against the previous year. As a result, the exports attained the peak of X units, and then declined modestly in the following year.

In value terms, trailer and semi-trailer exports soared to $X in 2022. Over the period under review, exports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2021 with an increase of 149%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

The United States (X units) was the main destination for trailer and semi-trailer exports from Sri Lanka, with a 42% share of total exports. Moreover, trailer and semi-trailer exports to the United States exceeded the volume sent to the second major destination, Papua New Guinea (X units), twofold. Saudi Arabia (X units) ranked third in terms of total exports with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +86.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Papua New Guinea (0.0% per year) and Saudi Arabia (+17.1% per year).

In value terms, Saudi Arabia ($X), Oman ($X) and the United States ($X) were the largest markets for trailer and semi-trailer exported from Sri Lanka worldwide, together accounting for 64% of total exports.

Among the main countries of destination, the United States, with a CAGR of +184.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average trailer and semi-trailer export price stood at $X per unit in 2022, with an increase of 41% against the previous year. Over the period under review, the export price, however, recorded a noticeable downturn. The most prominent rate of growth was recorded in 2016 an increase of 48%. Over the period under review, the average export prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per unit), while the average price for exports to Italy ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+52.6%), while the prices for the other major destinations experienced more modest paces of growth.

Trailer And Semi-Trailer Imports

Imports into Sri Lanka

In 2022, overseas purchases of cargo trailers and semi-trailers decreased by -70.4% to X units, falling for the third year in a row after two years of growth. Overall, imports continue to indicate a pronounced descent. The growth pace was the most rapid in 2019 when imports increased by 130% against the previous year. As a result, imports reached the peak of X units. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, trailer and semi-trailer imports declined dramatically to $X in 2022. Over the period under review, imports continue to indicate a abrupt decline. The growth pace was the most rapid in 2018 when imports increased by 50% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, India (X units) constituted the largest trailer and semi-trailer supplier to Sri Lanka, with a 57% share of total imports. Moreover, trailer and semi-trailer imports from India exceeded the figures recorded by the second-largest supplier, China (X units), twofold. Germany (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India totaled +26.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+9.3% per year) and Germany (+14.9% per year).

In value terms, Germany ($X) constituted the largest supplier of cargo trailers and semi-trailers to Sri Lanka, comprising 55% of total imports. The second position in the ranking was held by China ($X), with a 22% share of total imports. It was followed by India, with a 20% share.

From 2012 to 2022, the average annual growth rate of value from Germany totaled +37.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-0.2% per year) and India (+11.8% per year).

Import Prices by Country

In 2022, the average trailer and semi-trailer import price amounted to $X per unit, surging by 129% against the previous year. Overall, the import price, however, recorded a abrupt slump. Over the period under review, average import prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+19.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform