The global refrigerated trailer market is estimated to be valued at US$ 8 Billion in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023-2031. Refrigerated trailers, also known as reefer trailers, are insulated transport vehicles used for shipping temperature-sensitive foods and other products such as beverages, pharmaceuticals, chemicals and more. They are equipped with temperature-controlled air circulation systems to maintain products at a fixed temperature during transit. Advances in technology have enabled digitization of refrigeration units, allowing remote temperature tracking and diagnostics.
The growth of online food delivery services has surged tremendously during the pandemic as more people opted for contactless deliveries. This has increased demand for cold chain logistics from restaurants, dark kitchens and food manufacturers to provide safe transport of fresh and frozen foods. Service providers require dependable refrigerated fleets to scale operations across cities while meeting strict temperature compliance norms. Rising consumption of packaged and processed foods also drives the need for temperature-controlled haulage. Rapid urbanization in developing regions further augments opportunities for cold chain transportation networks.
Market Dynamics:
The global refrigerated trailer market size is expected to be driven by the rapid growth of the food delivery services industry as highlighted earlier. Online food ordering platforms have proliferated over the last few years and achieved mass adoption during the pandemic. This has created huge demand for cold chain logistics players to support their last-mile delivery needs. Another major driver is the rising global population which is estimated to reach 8 billion by 2023. This is projected to increase worldwide food demand exponentially and bolster investments in efficient food transportation and storage infrastructure including refrigerated trailers.
Segment Analysis
The refrigerated trailer market is dominated by the chilled segment which accounts for over 60% share. Chilled refrigerated trailers are preferred for transportation of goods which require negative temperatures between 0°C to 10°C. Perishable goods like fruits, vegetables and dairy products are mostly transported through chilled trailers.
PEST Analysis
Political: Changes in transportation and environmental regulations impact the refrigerated trailer manufacturers. Economic: Trading of perishable products drives demand for refrigerated trailers. Social: Growing frozen and processed food industries lead to increased refrigerated transportation. Technological:developments in insulation materials and energy efficient refrigeration systems improve efficiency.
Key Takeaways
The global refrigerated trailer market is expected to witness high growth.
Regional analysis: North America holds the largest share in the refrigerated trailer market owing to robust infrastructure and organized retail sector. Europe follows North America due to large number of integrated cold chain facilities and presence of leading refrigerated trailer manufacturers.
Key players related content comprises Key players operating in the refrigerated trailer market are Wabash National Corporation, Great Dane, Utility Trailer Manufacturing Company, Schmitz Cargobull AG, Kögel Trailer GmbH & Co. KG, and Fahrzeugwerk Bernard KRONE GmbH.