PUBLISHER: The Business Research Company | PRODUCT CODE: 1582578
PUBLISHER: The Business Research Company | PRODUCT CODE: 1582578
A refrigerated trailer is a truck trailer equipped with a refrigeration unit to transport perishable goods that require a temperature-controlled environment. These trailers are crucial for industries such as food and beverage, pharmaceuticals, and other sectors that handle temperature-sensitive products.
The main types of refrigerated trailers are light commercial vehicles (LCVs), medium commercial vehicles (MCVs), and heavy commercial vehicles (HCVs). Light commercial vehicles (LCVs) are small transport vehicles primarily designed for carrying goods. They come in various tonnage capacities, including less than 10 tons, 10 to 20 tons, and more than 20 tons. These trailers are used in a range of applications, including food and beverages, pharmaceuticals, chemicals, and other sectors.
The refrigerated trailer market research report is one of a series of new reports from The Business Research Company that provides refrigerated trailer market statistics, including refrigerated trailer industry global market size, regional shares, competitors with a refrigerated trailer market share, detailed refrigerated trailer market segments, market trends, and opportunities, and any further data you may need to thrive in the refrigerated trailer industry. This refrigerated trailer market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The refrigerated trailer market size has grown strongly in recent years. It will grow from $6.10 billion in 2023 to $6.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth during the historic period can be attributed to high demand for seafood, packaged and frozen meats, increased consumption of packaged foods, changes in lifestyle and eating patterns, the need for refrigerated trailers to transport medicines, and a rising demand for frozen seafood and meat.
The refrigerated trailer market size is expected to see strong growth in the next few years. It will grow to $8.60 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The anticipated growth in the forecast period can be attributed to rising tourism, the emergence of online grocery shopping apps, increased consumption of frozen foods, a growing demand for transporting perishable goods, the trend towards nuclear family setups and fresh cooking, and heightened awareness of food wastage. Major trends expected during this period include investments in cold chain technologies, technological advancements, advanced freezing technologies, innovations in fuel-efficient practices for industrial freezing systems, and the development of eco-friendly refrigeration systems.
The growing demand for seafood is anticipated to drive the expansion of the refrigerated trailer market in the future. Seafood encompasses a wide range of edible aquatic organisms, such as fish, shellfish, and other marine life, which are harvested from oceans, rivers, lakes, and other water bodies for human consumption. This rising demand is attributed to factors such as convenience, lifestyle changes, extended shelf life, and evolving consumer preferences. Refrigerated trailers play a crucial role in keeping seafood products fresh and safe from the point of harvest to their final destination, helping to extend their shelf life and minimize waste and spoilage. For instance, the State of World Fisheries and Aquaculture (SOFIA) report by The Food and Agriculture Organization (FAO) indicated in July 2024 that global fisheries and aquaculture production reached 223.2 million tonnes in 2022, marking a 4.4% increase from 2020. Furthermore, global aquatic animal production is projected to rise by 10% by 2032, reaching 205 million tonnes. Consequently, the high demand for seafood in packaged and frozen forms is boosting the growth of the refrigerated trailer market.
Key players in the refrigerated trailer market are concentrating on creating innovative products, such as electric refrigerated trailers, to enhance energy efficiency, lower carbon emissions, and offer sustainable solutions for transporting temperature-sensitive cargo. Electric refrigerated trailers, or e-refrigerated trailers, utilize electric power for their refrigeration units instead of traditional diesel engines. For example, in February 2023, TIP Group, a Netherlands-based provider of refrigerated trailers, introduced the E-reefer and AxlePower systems, which feature battery and solar-powered transport refrigeration. The E-reefer uses solar panels to generate electricity, powering the refrigeration units and significantly contributing to energy efficiency. The AxlePower system captures and converts energy lost during trailer operation into usable power for the refrigeration unit, further advancing TIP Group's sustainability objectives.
In March 2024, Valley Equipment Ltd., a Canada-based utility dealer, acquired Utility Trailers of New England, LLC from Utility Trailer Manufacturing Company, LLC for an undisclosed amount. This acquisition allowed Valley Equipment to broaden its portfolio by integrating Utility Trailer Manufacturing Company's expertise in refrigerated trailers. Utility Trailer Manufacturing Company LLC is a US-based manufacturer specializing in refrigerated trailers.
Major companies operating in the refrigerated trailer market are Mitsubishi Heavy Industries Thermal Systems Ltd., Daikin Industries Ltd., Carrier Transicold, Ingersoll Rand, Wabash National Corporation, Schmitz Cargobull AG, Great Dane LLC, Thermo King Corporation, Randon SA Implementos e Participacoes, Manac Inc., Hyundai Translead Inc., Lamberet Refrigerated SAS, Gray & Adams Holdings Ltd., Fontaine Trailer Company, Vanguard National Trailer Corporation, Montracon Ltd., Zanotti S.p.A., Utility Trailer Manufacturing Company, Klinge Corporation, Fahrzeugwerk Bernard KRONE GmbH, Kogel GmbH, Dorsey Intermodal
North America was the largest region in the refrigerated trailer market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the refrigerated trailer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the refrigerated trailer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The refrigerated trailer market consists of sales of chilled food trailers, frozen food trailers, specialized pharma trailers, and multi-temp trailers, single-temp trailers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Refrigerated Trailer Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on refrigerated trailer market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for refrigerated trailer ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The refrigerated trailer market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.