Fast-paced lifestyles and rising demand for ready-to-eat and frozen food products propelled the refrigerated trailer market to a market value of US$ 5.97 billion in 2017, with a compound annual growth rate of 4.7% expected to reach US$ 8.99 billion by 2026. Aside from the aforementioned dynamics, the rising demand for refrigerated trailers was fueled by a variety of other factors. Stringent government regulatory guidelines for food safety and waste, as well as the use of refrigerated trailers in the medical and healthcare sectors, steered the market in the right direction. With few alternatives, many end-users must rely on refrigerated trailers to transport items that require refrigeration during transportation.No doubt; the market is expected to register a big number in terms of market value throughout the forecast period from 2018 to 2026.
Market Synopsis
Chiller Trailers Zooming Ahead of Sub-Zero Trailers
In 2017, chiller-refrigerated trailers stood supreme in terms of market value compared to sub-zero trailers. Rapidly changing lifestyles across the globe have stimulated the demand for ready-to-eat foodstuffs, beverages, and other cold edible products. This certainly helped chiller trailers to bud, as these are extensively used to transport foodstuffs requiring temperatures above 0 °C. Fruits, vegetables, dairy products, confectionaries, and pharmaceuticals rely on chiller trailers for transportation without compromising their quality for consumption. Sub-zero trailers are generally used to transport meat, fish, and frozen foodstuffs. Although the consumption rate of meat and fish is higher compared to individual end users, the combined demand from all end users helped chiller trailers hold a major share over sub-zero trailers in the overall refrigerated trailer market.
Meat and fish command an upper hand over greens and fruits to lead the market.
The astonishing demand and consumption of meat and fish testify to the dominance of the segment in the overall refrigerated trailer market in 2017. With countries such as the U.S., Kuwait, Australia, and New Zealand, among others, having specific meat consumption of over 100 kg per person per year, the need for transporting meat and fish has drastically encouraged the demand for refrigerated trailers. Along with consumption rate, local government regulation for food preservation, transportation, consumption quality, and wastage left cold chain participants no other alternative but to incorporate the most advanced and latest refrigerated trailers for transportation. Fruits, vegetables, and dairy products trail the meat and fish segment, but not by a great margin. Flourishing hospitality sectors stimulated demand for exotic fruits, vegetables, and dairy products. Both end-users constitute a major share individually in the overall market for refrigerated trailers. Aside from edibles, the medical and healthcare sectors are experimenting with the power of refrigerated trailers, making it one of the more profitable segments to watch in terms of market value and growth. The Others segment consists of flowers, baked goods and confectionaries, and beverages, among others, and is projected to show consistent growth throughout the forecast period from 2018 to 2026.
North America and Europe account for more than 50% of the total market for refrigerator trailers.
Heavy consumption of meat, fish, and dairy products coupled with rigorous food safety and waste guidelines guided Europe and North America to the top of the market podium. The combined market value of both regions constitutes more than 50% of the total market share. The dominance of Europe is projected to continue throughout the forecast period, with North America trailing closely. Climate conditions, low-yielding developed countries, and expanding tourism and hospitality sectors are just a few of the factors driving the market growth. Some of the world's fastest-growing economies, such as China and India, are found in the Asia Pacific. With economic development, demand for cold chain supply is also witnessing significant growth in these countries. As a result, the region is expected to grow faster than North America and Europe over the next few years.
Market Segmentation
Refrigerated trailer companies need to keep up with dynamic advancements to stay competitive.
Government regulations for food safety and wastage are more stringent than ever, and in order to survive the competition, refrigerated trailer manufacturers have to be on their toes in terms of product upgradation. Designing energy-efficient insulated cabins and making arrangements such as anti-microbial transportation systems are expected to help manufacturers to some extent. However, price wars with local manufacturers and a lack of brand awareness in developing nations are major hindrances for big manufacturers. Some of the most influential techniques and avenues are highlighted in this research study to help manufacturers maintain their position and growth in revenue. Some of the refrigerated trailer manufacturing giants profiled in this research study include Great Dane LLC, Fahrzeugwerk Bernard KRONE GmbH, Wabash National Commercial Trailer Product, Utility Trailer Manufacturing Company, Kogel Trailer GmbH & Co. KG, Schmitz Cargobull AG, Montracon Ltd., Lamberet Refrigerated SAS, Gray & Adams Ltd., and Randon Implementos, among others.
Key questions answered in this report
What are the latest trends in the refrigerated trailer market and potential opportunities for the players?
How will government regulation and strategies for food safety and wastage affect the global as well as a regional market for refrigerated trailers?
Which are the largest and fastest growing segments in terms of trailer type, number of axles, and end-user?
Which is the most attractive geographical region or country for the overall refrigerated trailer market?
How will evolving HVAC technology play a vital role in the overall refrigerated trailer market in the coming years?
What are the market size and trends in developing regions such as Asia Pacific, Middle East & Africa, and Latin America?
Frequently Asked Questions:
The market for Refrigerated Trailers Market is expected to reach US$ 8.99 Bn by 2026.
The Refrigerated Trailers Market is expected to see significant CAGR growth over the coming years, at 4.7%.
The report is forecasted from 2018-2026.
The base year of this report is 2017.
Fahrzeugwerk Bernard KRONE GmbH, Wabash National Commercial Trailer Product, Utility Trailer Manufacturing Company, Kogel Trailer GmbH & Co. KG, Schmitz Cargobull AG, Montracon Ltd., Lamberet Refrigerated SAS, Gray & Adams Ltd. are some of the major players in the global market.
