July 19, 2024
Refrigerated Trailer Market
Ict

Rising Adoption of Cold Chain Logistics is anticipated to open up the new avenue for Refrigerated Trailer Market

Refrigerated trailers, also known as reefer trailers, are temperature-controlled semi-trailers that are used for transportation of perishable commodities such as fruits, vegetables, dairy products, meat, fish and other seafood. Refrigerated trailers consist of durable construction, refrigeration unit, storage area and telemetry system for monitoring temperature and location of trailer. These trailers maintain optimal temperatures to preserve freshness and quality of products during transit.

The global Refrigerated Trailer Market is estimated to be valued at US$ 4.4 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing demand for perishable food items globally is a major factor driving growth of the refrigerated trailer market. Rising consumer health awareness has increased demand for fresh produce and proteins. Cold chain logistics help extend shelf-life of perishables by maintaining optimal temperatures. Furthermore, increasing transportation of temperature sensitive drugs and medical supplies worldwide fuels market growth. However, high maintenance and operational costs of refrigerated trailers hamper market expansion. Additionally, shortage of trained drivers and truck fleet operators to handle cold chain logistics pose challenges. Moreover, development of advanced refrigerated trailers with smart monitoring and real-time tracking capabilities provide lucrative opportunities for market players.

Segment Analysis

The refrigerated trailer market is dominated by the frozen food segment. The frozen food segment accounts for over 35% of the total refrigerated trailer market owing to the high demand for frozen meat, seafood, fruits and vegetables globally. There is a rising demand for frozen food products due to changing lifestyles and hectic schedules leaving little time for cooking. Refrigerated trailers help ensure the quality and freshness of frozen food is maintained during transportation.

PEST Analysis

Political: Regulations regarding food safety and quality are increasing globally which is boosting demand for refrigerated trailers that can safely transport temperature sensitive food products over long distances.
Economic: Growth in global trade of perishable food items is driving demand for specialized refrigerated vehicles for transport. Developing economies with rising incomes are seeing higher consumption of packaged and processed food.
Social: Changing consumer preferences towards packaged, processed and ready-to-eat food has increased tremendously. On-the-go consuming habits require organized cold chain logistics for distribution of chilled and frozen food items.
Technological: Advanced technologies for real-time monitoring of refrigeration units and use of clean fuel options in trailer engines are gaining traction. Telematics enable remote tracking of cargo conditions during transit.

Key Takeaways

The Global Refrigerated Trailer Market Size is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing global trade of perishable food items. North America dominates the refrigerated trailer market currently due to large frozen food industry and organized cold chain in the region. Asia Pacific is expected to be the fastest growing market for refrigerated trailers due to rising consumption of processed food in China and India. Key players operating in the refrigerated trailer market are Kogel Trailer GmbH & Co. KG, Wabash National Commercial Trailer Products, Randon Implementos, Great Dane Trailers, Inc., Gray & Adams Ltd., Utility Trailer Manufacturing Company, Hyundai Translead, Montracon Ltd., Schmitz Cargobull AG, Lamberet Refrigerated SAAS, and Fahrzeugwerk Bernard KRONE GmbH. The leading players are focusing on fleet modernization and offering advanced connectivity and sensor-based monitoring solutions.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it