Refrigerated trailers are specialty vehicles that are equipped with thermal insulation, temperature control, and sophisticated refrigeration units for transport of food items. These trailers are dragged by a traction unit and thus are suitable for both rail and road transportation.
Refrigerated trailers market are distinguished on the basis of certain parameters, which are - temperature range, length, capacity, and the number of decks in the trailer.
The global market for refrigerated trailers is expected to grow at a CAGR of 4.4% from 2015 to 2021.
Expanding capacity of cold food chains that need efficient refrigerated transportation and rising capital expenditure of third-party logistics companies are identified as the key factors driving the refrigerated trailer market.
However, increasing operational cost of these vehicles, close proximity of transportation destinations, and inadequate government compliance and infrastructure for these specialty vehicles in emerging economies hinders the refrigerated trailer market.
Chilled Products Segment Dominates Global Refrigerated Trailer Market
Product, end use, and geography are the criteria based on which the global refrigerated trailer market is analyzed.
By product type, the market is segmented into frozen and chilled. While refrigerated trailers with a negative (subzero) temperature range are suitable for transportation of frozen food products, vehicles with a positive temperature range are used for chilled products. In 2014, chilled refrigerated trailers were the largest product segment, accounting for a 61.3% share in the global market.
On the basis of end use, the global refrigerated trailer market is divided into dairy, meat and sea foods, fruits and vegetables, and others (bakery, confectionery, and medicinal products).
Worldwide, meat and seafood dominates the end-use segmentation, with the segment accounting for 32.6% of the overall market in 2014. With increasing demand for processed meat and seafood, the segment is expected to continue its dominance and hold a 31.7% share of the market by 2021.
Extensive Infrastructure Benefits North America Refrigerated Trailer Market
The global refrigerated trailer market is divided into five broad regions, namely North America, Europe, the Middle East and Africa, Latin America, and Asia Pacific.
In 2014, North America emerged as the largest market for refrigerated trailers with a share of over 30% in the global market. The burgeoning processed food industry, combined with high consumption of processed cold cuts and extensive infrastructure for heavy commercial vehicles, is the main reason responsible for North America being a leading regional market for refrigerated trailers.
With a market share of more than 27%, Western Europe stood as the second largest market for refrigerated trailers in 2014. Europe was followed by Asia Pacific in the global market for refrigerated trailers the same year. Economic development, urbanization, and adoption of western eating habits are cited as the main reasons responsible for Asia Pacific becoming the fastest growing market for refrigerated trailers in the next few years.
Some of the major companies operating in the global market for refrigerator trailer are Wabash National Commercial Trailer Products, Utility Trailer Manufacturing Company, Fahrzeugwerk Bernard KRONE GmbH, Lambert Refrigerated SAS, Gray & Adams Ltd., Great Dane Trailers, Inc., Schmitz Cargobull AG, Kogel Trailer GmbH & Co., Montracon Ltd., and Randon Implementos.
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