by The refrigerated trailer market consists of semi-trailers or truck trailers that are equipped with refrigeration systems for temperature-controlled transportation of goods. They are commonly used for transportation of chilled or frozen food products such as meat, fish, dairy products, fruits and vegetables across various distances. With increasing globalization of food supply chains, refrigerated trailers play a vital role in enabling transportation of perishable goods over long distances while maintaining the required temperatures. They allow packaged food manufacturers and distributors to effectively transport raw materials and finished goods globally.
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 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing international trade is expected to be a major driver for the refrigerated trailer market over the forecast period. With the liberalization of global trade policies and expansion of free trade agreements among various countries, international food trade has witnessed significant growth in recent years. This has increased the demand for refrigerated transportation of perishable goods across long distances and borders. Additionally, expanding cold chain infrastructure in emerging economies is also fueling the demand for refrigerated trailers. Presence of strict quality and safety standards for food transportation in developed markets further drives adoption of temperature-controlled trailers to prevent spoilage during transit. Growing multi-national food manufacturing and retail industry is also propelling the market as major companies increasingly source raw materials and ingredients globally.
Segment Analysis
The refrigerated trailer market is divided into semi-trailer and heavy-duty trailers. The semi-trailer segment dominates the market and accounted for over 60% of market share in 2023. This is because semi-trailers are preferred for long-distance transportation and can be pulled by trucks. They offer higher payload capacity as compared to heavy-duty trailers.
PEST Analysis
Political: Government support for cold chain infrastructure development across countries is driving the demand for refrigerated trailers.
Economic: Growth of processed and packaged food industry coupled with rising transportation of perishable products is fueling the refrigerated trailer market.
Social: Changing consumer lifestyle and preference for packaged, frozen food items is augmenting the need for refrigerated trailers.
Technological: Advancements in temperature and humidity control technologies along with adoption of telematics is helping improve efficiency of refrigerated trailers.
Key Takeaways
The Global Refrigerated Trailer Market Demand is expected to witness high growth. The North America region dominates the market and is expected to grow at a CAGR of over 8% during the forecast period. This is attributed to rising transportation of perishable commodities and growing cross-border trade activities in the region.
Key players operating in the refrigerated trailer market are Sanofi S.A, Pfizer, Inc., Merck & Co., Inc., and GlaxoSmithKline plc. Bharat Biotech, Serum institute of India Pvt. Ltd., Biological E. Limited, Bio-Med, Bavarian Nordic, CSL Limited, Novartis AG, Vaxcyte, GSBPL, Taj Pharmaceuticals Limited, and Bavarian Nordic.
In terms of refrigeration technology, single-temperature trailers accounted for over 60% share in 2023. This is because the segment caters to basic refrigeration needs of customers transporting commodities like vegetables, frozen foods that require single temperature setting.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
