The global refrigerated trailer market features the dominance of a few large companies that hold majority market share. Manufacturing of new vehicles equipped with advanced technology is the key focus of large companies in order to steal a march over their competitors. Apart from this, strategic collaboration, acquisition, and geographical expansion are some other growth strategies that large players in the refrigerated trailer market have adopted to maintain their position in this competitive market.
Key names in the global refrigerated trailer market are Great Dane Trailers Inc., Wabash National Commercial Trailer Products, Schmitz Cargobull, Utility Trailer Manufacturing Company, Kögel Trailer GmbH & Co. KG, Fahrzeugwerk Bernard KRONE GmbH, Lamberet Refrigerated, Montracon Ltd., Gray & Adams Ltd., and Random Implementos. The global refrigerated trailer market was worth US$ 5,889.7 Mn in 2017. Expanding at a CAGR of 5.05%, the market is projected to be worth US$ 7,171.4 Mn by the end of 2021.
Frozen Refrigerated Trailers to Emerge Dominant in Terms of Growth Rate
The global refrigerated trailer market is segregated in terms of product type, end use, and geography. By product type, the refrigerated trailer market is classified into frozen and chilled refrigerated trailers. Of the two, chilled refrigerated trailers hold the leading market share due to high volume consumption of perishable foods. Chilled refrigerated trailers find application in the transportation of perishable foods such as fruits, vegetables, dairy products, and baked goods that require temperature between 0°C and above. On the other hand, frozen refrigerated trailers are refrigerated trailers that are equipped with a suitable air delivery system and refrigeration capacity to maintain subzero temperatures. These vehicles provide temperatures suitable for foods with low shelf life. In terms of growth rate, frozen refrigerated trailers are anticipated to lead in the upcoming years.
The end use segments into which the global refrigerated trailer market is divided are dairy, meat & seafood, fruits & vegetables, and others. Among them, meat & seafood is the leading end use segment and held 32.6% market share in 2014. Meat and seafood is anticipated to hold the leading market share through the forecast period mainly because of rising demand for packaged meat and seafood across the world. Fruits and vegetables stood as the second-leading segment followed by dairy in terms of market share in the overall market in 2014. Dairy products are anticipated to display increased market share due to stringent regulations that monitor the transportation of dairy products in a temperature controlled environment that maintains freshness and prevents spoilage.
The others segment that comprises medical, baked goods, and other temperature-sensitive products is gaining traction as transportation of these goods is monitored by food safety statutes especially in developed countries such as the U.S. and Europe.
Economic Development to make Asia Pacific an Attractive Regional Market
The key regions into which the global refrigerated trailer market is divided are North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these, North America is the leading regional market for refrigerated trailers due to high consumption of packaged food that needs to be transported in safe cold chains and stringent regulations that monitor safe transportation of food meant for human consumption. The Latin America refrigerated trailer market is anticipated to display significant growth between 2017 and 2021 due to increasing volume of transportation of perishable foods. However, powered by China, Asia Pacific is predicted to display the leading growth rate in the upcoming years.
In a nutshell, across the world, increasing consumption of packaged food that needs to be transported in a temperature controlled environment is fueling revenue growth of the refrigerated trailer market.
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