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Eu foreign ministers meet in Brussels on May 16th. The meeting failed to agree on the sixth round of sanctions, including an oil embargo on Russia, because of objections from Hungary.
Eu Foreign Policy chief Andriy Borrell told a news conference after the meeting that there was no agreement on the final adoption of the sixth round of sanctions, and the permanent representatives of member states will continue to discuss the issue. The foreign ministers faced similar difficulties trying to reach an agreement on an oil ban. Mr Borrelli said Hungary's position was based on economic rather than political concerns.
The European Union's plan to impose an oil embargo on Russia was blocked by only one of the 27-member bloc, said Lithuanian Foreign Minister Landsberges, who attended the meeting.
The eu adopts the principle of unanimity on important matters such as foreign policy, and any member state has the right of veto.
Borrell also said the EU would provide an add itional 500 million euros to support Ukraine's arms purchases, bringing the cumulative amount of EU military assistance to Ukraine to 2 billion euros.
Hungary is highly dependent on Russia for energy, getting more than 60 percent of its oil and 85 percent of its natural gas from Russia. On May 4, the European Commission submitted a sixth round of proposed sanctions against Russia, including a total ban on Russian oil imports by the end of the year. Hungary immediately objected and said it wanted substantial compensation from the EU to offset its loss from giving up Russian oil.
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Market overview of t he truck&trailer
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 truck&trailer . Subsequently, this led to low demand for semitrailers. Similarly, sales and production of The truck&trailer 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 truck&trailer 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 truck&trailer . 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 truck&trailer 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 truck&trailer has gradually increased, while the share of railway freight has declined.
The key factor driving the growth of the truck&trailer 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 truck&trailer industry grows in Europe, demand for more developed truck&trailer 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 truck&trailer
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 truck&trailer 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 truck&trailer 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 truck&trailer market. Large projects led to increased demand for truck&trailer s used to transport heavy machinery, driving the truck&trailer market during the forecast period.
The truck&trailer supplier manufacturer
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