July 16, 2024

Global Refrigerated Trailer Market Is Estimated To Witness High Growth Owing To the Growing Cold Logistics Industry and the Increasing Demand for Frozen Food Products

The global refrigerated trailer market is estimated to be valued at US$4,200 million in 2022 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.

A) Market Overview:
Refrigerated trailers play a crucial role in the transportation of perishable goods, such as fruits, vegetables, dairy products, and pharmaceuticals, among others. These trailers are equipped with integrated cooling systems that maintain the required temperature and ensure the freshness and quality of the transported goods. With the increasing demand for frozen food products and the growing cold logistics industry, the global refrigerated trailer market is witnessing significant growth. The use cases of refrigerated trailers extend to various industries, including food and beverages, pharmaceuticals, and chemicals.

B) Market Dynamics:
Two primary drivers are propelling the growth of the Refrigerated Trailer Market. Firstly, the increasing demand for frozen food products is driving the need for efficient and reliable transportation solutions to maintain the integrity of these perishable goods. For instance, according to the International Association of Refrigerated Warehouses (IARW), in 2020, the global cold storage capacity exceeded 616 million cubic meters, indicating the growing demand for cold storage and transportation facilities.

Secondly, the continuous advancements in refrigeration technologies and the introduction of innovative features in refrigerated trailers are enhancing their capabilities and fueling market growth. For example, the integration of telematics and digital connectivity solutions enables real-time monitoring, temperature control, and data analysis for optimal performance and safety.

C) Segment Analysis:
The refrigerated trailer market can be segmented based on type, application, and region. By type, the market can be further divided into single temperature trailers and multi-temperature trailers. The multi-temperature trailers segment is dominating the market due to their ability to transport different temperature-sensitive products simultaneously.

D) PEST Analysis:
– Political: Governments across the globe are implementing stringent regulations and standards regarding food safety and transportation. Compliance with these regulations is driving the demand for refrigerated trailers to ensure the efficient and safe transportation of perishable goods.
– Economic: The growing cold logistics industry and the increasing trade of temperature-sensitive products are contributing to the economic growth of the refrigerated trailer market.
– Social: The rising consumer preference for fresh and high-quality food products is driving the demand for refrigerated trailers to maintain the freshness and nutritional value of perishable goods.
– Technological: Continuous advancements in refrigeration technologies and the integration of digital solutions are revolutionizing the refrigerated trailer market, enhancing efficiency, and ensuring product integrity.

E) Key Takeaways:
– The global refrigerated trailer market is expected to witness high growth, exhibiting a CAGR of 5.5% over the forecast period, due to the increasing demand for frozen food products and the growing cold logistics industry.
– North America is the fastest-growing and dominating region in the refrigerated trailer market, driven by the significant presence of key players, technological advancements, and robust cold chain infrastructure.
– Key players operating in the global refrigerated trailer market include 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. These companies focus on innovations, strategic partnerships, and investments to strengthen their market presence and meet the evolving customer requirements.

In conclusion, the global refrigerated trailer market is experiencing significant growth due to the increasing demand for frozen food products and the rising need for efficient cold transportation solutions. The market is driven by technological advancements and the integration of digital solutions, enabling real-time monitoring and optimized performance. North America is emerging as the dominant region in the market, supported by a robust cold chain infrastructure. The key players in the market continue to invest in innovations and strategic collaborations to stay competitive and cater to the evolving customer demands.