What Has Been the Growth of the Refrigerated Trailer Market So Far?
The refrigerated trailer market has seen considerable growth due to a variety of factors.
• The refrigerated trailer market has seen significant growth in recent years. It will grow from $6.52 billion in 2024 to $7 billion in 2025, at a compound annual growth rate (CAGR) of 7.5%.
This growth is attributed to the high demand for packaged and frozen seafood, meat, and other perishable foods, transformed eating habits, the need for refrigerated trailers for transporting medicines, and growing demand for frozen food products.
What Is the Forecasted Market Size and Growth Rate for The Refrigerated Trailer Market Size In The Coming Years?
The refrigerated trailer market is expected to maintain its strong growth trajectory in upcoming years.
• The refrigerated trailer market is expected to grow to $9.2 billion by 2029 at a CAGR of 7.1%.
The growth will be driven by increased tourism, the surge in online grocery shopping, and rising demand for transporting perishable goods. Trends include investments in cold chain technologies, advanced freezing systems, fuel-efficient industrial freezing practices, and the development of eco-friendly refrigeration systems.
What Factors Are Driving Growth In The Refrigerated Trailer Market?
The escalating need for seafood is anticipated to spur the expansion of the refrigerated trailer market in the future. Seafood, encompassing a variety of consumable water organisms like fish, shellfish, and other marine life harvested from different water bodies, is in growing demand. This rise can be linked to various factors such as lifestyle alterations, increased shelf life, and evolving consumer viewpoints. Refrigerated trailers play a vital role in maintaining the freshness and safety of seafood from the point of harvest to the final destination, thereby enhancing their shelf life and minimizing wastage or spoiling. For example, a report from the State of World Fisheries and Aquaculture (SOFIA) by The Food and Agriculture Organization (FAO), a US-based agency spearheading global attempts against hunger, stated that in July 2024, international fisheries and aquaculture production had touched 223.2 million tons in 2022, marking a rise of 4.4% from 2020. Additionally, the global aquatic animal yield is projected to grow by 10% by 2032, hitting 205 million tons. Hence, due to the high demand for seafood in packaged and frozen forms, the refrigerated trailer market has experienced significant growth.
What Are The Main Segments Of The Global Refrigerated Trailer Market?
The refrigerated trailer market covered in this report is segmented –
1) By Type: Light Commercial Vehicle (LCV), Medium Commercial Vehicle (MCV), Heavy Commercial Vehicle (HCV)
2) By Tonnage Capacity: Less Than 10 Tons, 10 To 20 Tons, More Than 20 Tons
3) By Application: Food And Beverages, Pharmaceuticals, Chemicals, Other Applications
Subsegments:
1) By Light Commercial Vehicle (LCV): Small Refrigerated Vans, Pickup-Based Refrigerated Units
2) By Medium Commercial Vehicle (MCV): Medium-Sized Refrigerated Trucks, Box Trucks with Refrigeration
3) By Heavy Commercial Vehicle (HCV): Semi-Trailer Refrigerated Units, Full-Sized Refrigerated Trucks, Multi-Temperature Zone Trailers
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What New Trends Are Influencing The Refrigerated Trailer Market?
Leading firms in the refrigerated trailer industry are concentrating their efforts on creating revolutionary products such as electric refrigerated trailers. These innovative developments are intended to heighten energy efficiency, lessen carbon discharges, and supply environmentally friendly solutions for carrying temperature-sensitive goods. Electric refrigerated trailers, also known as E-refrigerated trailers, employ electricity to operate the cooling unit instead of the conventional diesel engines. An example of this is TIP Group, a company based in the Netherlands offering refrigerated trailers, which in February 2023, unveiled the E-reefer and AxlePower that are fuelled by battery and solar-powered transport refrigeration. The E-reefer leverages solar power for its refrigeration systems. This trailblazing trailer harnesses solar panels to create power, offering a significant amount of energy needed for cooling. AxlePower, on the other hand, recoups energy otherwise lost during trailer operations and remolds it into usable energy for the cooling unit. This method of capturing and reusing wasted energy bolsters energy efficiency and helps achieve not only TIP Group's sustainability goals but also that of their clients.
Who Are the Key Players In The Refrigerated Trailer Market?
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
• Kögel GmbH
• Dorsey Intermodal
What Is The Most Dominant Region In The Refrigerated Trailer Market?
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.
