The declining economy in Western Europe and the resulting reduction in consumption, as well as rapidly increasing competition in the Polish market and falling rates, have created a very complicated operating environment for transport companies in 2023. In addition, changes were made to the toll system in Germany last December, basing rates on the CO2 emissions of tractors. As a result, costs in the industry have skyrocketed and earnings have been squeezed. Under such unfavorable conditions closer to the end of 2023, the sales dynamics of new semi-trailers began to decline sharply. The problem mainly affected curtainsiders, which are the backbone of international transportation, whose market share and total sales fell below the 2022 results. Container chassises reacted similarly, indicating less freight exchange by sea, Interestingly, this effect was not observed in reefers, which significantly increased their market share of new semi-trailers, but interest in them at the beginning of this year is also lower. Instead, tippers, including construction versions, which have not been more popular for some time, sold well. It is likely that a cyclical replacement of fleets in the construction industry is just occurring.
Sales problems and increasing availability of new semi-trailers are creating price pressure. We can already see a very clear drop in the price of new curtainsiders, reaching 10-15% over the past four months. Other types of semi-trailers are still maintaining their current levels. Manufacturers are reducing production to minimize the effects of the market situation and not to build an excessive slope. Nevertheless, currently new semi-trailers are available practically off-the-shelf. Against the backdrop of tremendous price pressure, new regulations on mandatory standard equipment for semi-trailers come into force on July 1, 2024. A tire pressure monitoring system will become mandatory equipment, which is expected to increase prices slightly.
The decline in demand is, of course, putting pressure on used semi-trailer prices. Significant declines are already evident, although not as dramatic as for tractor units. Fleets are visibly reducing their fleets and making buyback offers, especially for curtainsider semi-trailers. This is typical in a situation of trouble in international transport, and could lead to a sharp rise in the slopes in the near term, which will translate into a larger drop in values. Used reefers are selling at a slower pace than last year. Curtainsaiders, container chassises and reefers are leading the decline in value and are currently worth about 15% less than last year at the same age. In contrast, box semi-trailers and especially tippers are holding their value much better.
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