Oil prices rose on July 29 after Opec and non-OPEC producers were expected to leave their September supply quotas unchanged at their monthly meeting in early August.
Light crude for September delivery rose $2.20, or 2.28%, to settle at $98.62 a barrel on the New York Mercantile Exchange by the end of the day. London Brent crude futures for September delivery rose $2.87, or 2.68%, to settle at $110.01 a barrel.
The market began to focus on the direction of Opec + production policy at its monthly meeting in early August, amid reports that the group is unlikely to increase its crude supply quota in September.
Craig Erlam, senior market analyst at OANDA, an online currency trading platform, said oil prices rose on reports that Opec + would leave output targets unchanged at its monthly meeting next week. But there were also reports citing sources that a small increase in output quotas would be discussed at next week's monthly Opec + meeting, which appeared to be in line with the optimistic view of U.S. administration officials.
Lukman Otunuga, senior research analyst at FXTM, said ongoing concerns about slowing economic growth continued to fuel bearish sentiment, with oil prices generally lower in July. Otuluga said the coming week could be volatile for oil prices. Regardless of the outcome of the monthly Opec + meeting, which follows a visit to the Middle East by U.S. President Joe Biden, could have a strong impact on oil prices.
Stephen Innes, head of trading and market strategy at SPI Asset Management, said the market was back in tradeoff mode again, with sentiment swinging between the risk of a recession in the second half and the lack of supply in the market fundamentals.
Carsten Fritsch, commodities analyst at Commerzbank, notes that the tightness in the European oil market is more pronounced than in the US.
The number of active U.S. oil RIGS was 605, up six month-over-month and 220 year-over-year, according to data released by oilfield services company Baker Hughes on July 29. In the same period, the number of active oil RIGS in Canada was 137, an increase of 13 month-over-month and 124 year-over-year.
Market overview of the tractor-trailer truck
The semi-trailer market is valued at more than $29.8 million in 2021 and is projected to reach $42.8 million by 2027, with a cagR of more than 5.3% over the forecast period.
The market was negatively impacted by COVID-19 in 2021. This leads to a decrease in The industrial production of The tractor-trailer truck. Subsequently, this led to low demand for semitrailers. Similarly, sales and production of The tractor-trailer truck declined as supply chains in The global market were disrupted. For example, The number of units produced by Schmitz's, a well-known Semi-trailer manufacturer in Europe, declined by 28% in 2019-20. The reduced production time of The tractor-trailer truck affected The company's overall productivity, resulting in a loss in The quarter.
In the medium term, the growing use of alternative fuels is likely to drive the growth outlook for the semi-trailer market during the forecast period. Semi-trailer manufacturers are adopting and developing cutting-edge technologies to improve The efficiency of The vehicle The tractor-trailer truck. Similarly, German company Kassbohrer recently launched its latest semi-trailer, covering four product groups, in response to changing trends in the industry to meet the exact needs of consumers.
Due to the versatility and flexibility of roads and trailers, most transportation in the manufacturing, automotive, construction and energy sectors takes place on roads and trailers. Semi-trailers are more popular than full trailers.
The tractor-trailer truck Key market trends
In the European Union, about 75% of inland freight was transported by road in 2020. In 2019, European roads carried about 1.7 trillion kilometres of goods. In recent years, the share of road freight tractor-trailer truck has gradually increased, while the share of railway freight has declined.
The key factor driving the growth of the tractor-trailer truck market is the increased inclination toward logistics semi-trailers. In addition, the rapid growth of e-commerce in Europe marks the core pillar of the single digital market and indicates the development of the online retail industry, which is sensing the expansion of well-organized retail space. As the e-commerce tractor-trailer truck industry grows in Europe, demand for more developed tractor-trailer truck distribution networks is rising. As the market continues to grow, demand is also expected to rise for all types of semi-trailers, most of which are used by commercial fleet operators, including express services, postal services and e-commerce delivery services.
It is expected that by 2025, the North American market will occupy the largest market share of tractor-trailer truck
The North American Free Trade Agreement (NAFTA), which allows free trade between the US, Canada and Mexico, will lead to an increase in fleet operations in the region. This is expected to boost tractor-trailer truck shipping due to increased business activity and consumer spending. Wabash, Modern Translead, Great Dane, and Utility Trailer are the major players in the North American semi Trailer market. These participants are focusing on collaborating to launch technologically advanced semitrailers. The North American semi-trailer market is currently in a replacement cycle, with an ageing semi-trailer population that needs to be replaced with technologically advanced semi-trailers. As a result, the North American semi-trailer market is expected to dominate the market in terms of value during the forecast period.
The Asia-Pacific region is expected to be the most promising tractor-trailer truck market and is expected to continue this trend in the coming years. Increasing infrastructure activity and supporting investment from domestic and foreign investors are the factors leading to the growth of the Asia Pacific tractor-trailer truck market. Large projects led to increased demand for tractor-trailer trucks used to transport heavy machinery, driving the tractor-trailer truck market during the forecast period.
The tractor-trailer truck supplier manufacturer
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