The Global Refrigerated Trailer Market, By Product Type (Frozen and Chilled), End-use Industry (Diary, Fruit& Vegetables, Meat & Seafood and Others(Medicines, Bakery, etc.)), , and by Region (North America, Latin America, Europe, APAC and Middle East & Africa) - Global Forecast to 2027”, is expected to be valued at US$ 9,953.8 million by 2027, exhibiting a CAGR of 5.5 % during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
A refrigerated trailer is a type of truck or van designed to carry perishable products, typically food products, at a specific temperature. Refrigerated trailers can be ice-cooled or equipped with a variety of mechanical refrigeration systems powered by a small displacement diesel engine. Moreover, some refrigerated trailers utilize carbon dioxide, either in dry form or liquid, as a cooling agent. Refrigerated trailers in used transportation of perishable products such as fish, meat, vegetables, fruits, flowers, dairy products, and poultry products. Moreover, they are used to transport specialized medications that require specific temperature ranges. The most commonly used refrigerated trailers are 16 m (53’) long, with height of around 2.5 m for single deck and over 4 m for a double deck.
Role of Refrigerated Trailer in Cold Chain
The global refrigerated trailer market is estimated to account for US$ 6,481.3 Mn in 2019 is expected to exhibit a CAGR of 5.5 % during the forecast period.
Growing capital expenditure on third-party logistics business worldwide is expected to boost growth of the global refrigerated trailer market during the forecast period.
For third-party logistics businesses, truck trailers are major assets. These assets are constantly upgraded with the latest technologies, in order to fulfill consumer demands and enhance operational efficiency. Generally, a large fleet operates refrigerated trailers for an average period of 3-5 years, after which they tend to procure new trailers. Increasing demand for new refrigerated trailers and growing need to replace old trailers due to increasing truckloads are expected to boost the demand for refrigerated trailers. Thus, these factors are expected to propel the global refrigerated trailer market growth over the forecast period.
High demand for refrigerated trailer replacement can provide major growth opportunities in the near future
Average operational life cycle of a refrigerated trailer is around 8-9 years. According to Coherent Market Insights’ analysis, by the end of 2016, the global market is expected to enter into replacement cycle for refrigerated trailers thereby boosting the demand for the same. This demand is high in the U.S. market, which is the largest regional market in the global refrigerated trailer market. Hence, these factors are expected to present lucrative growth opportunities in the near future.
Unavailability of government legislation and infrastructure in emerging economies is expected to hinder the global refrigerated trailer market during the forecast period.
Unlike the Americas and Europe, there is a lack of government legislation and infrastructure for refrigerated transportation in emerging economies such as China and India. Moreover, a number of un-organized refrigerated trailer manufacturers is much higher in emerging economies, especially in India, which has led to an imbalance in concentration of market players in the region. This, in turn, is creating intense competition for manufacturers based in Europe and the Americas to expand their presence in Asia Pacific. Thus, these factors are expected to hamper the global refrigerated trailer market growth in the near future.
Major manufacturers are focused on reducing the weight of trailers by investing in research and development activities. Reducing the overall weight of the trailer, manufacturers can minimize carbon emission. Moreover, trailer manufacturers are adopting lightweight materials steel, aluminum and carbon fiber for manufacturing trailer bodies. They are also focused on improving the aerodynamic design of trailers to reduce drag and increase stability.
Key players in the global refrigerated trailer market are focused on investing in R&D activities in order to introduce innovative products and integrate advanced technologies to increase efficiency of refrigerated trailers. For instance, in June 2014, New York State Energy Research and Development Authority (NYSERDA) selected New West Technologies to design and develop advanced energy storage and power system for refrigerated truck trailers which can replace conventional diesel-powered systems.
Key players operating in the global refrigerated trailer market are Kögel 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.