High Demand For Refrigerated Trailers In The Global Trailers Market
The demand for refrigerated trailers from pharmaceutical and food and beverage companies is increasing rapidly. Refrigerated trailers are enclosed trailers designed to transport perishable freight such as food and beverages and biologics (biologic drugs) at specific temperatures. Refrigerator trailers can be ice-cooled, equipped with mechanical refrigeration systems powered by small displacement diesel engines, or utilize carbon dioxide as dry ice or in liquid form as a cooling agent. Increasing production of pharmaceuticals such as biologics, and food and beverages such as frozen food increases the demand for refrigerated trailers to transport such perishable goods. The global biologics market was valued at $258.2 billion in 2018, and it is expected to grow at an annual growth rate of more than 13.5% until 2022. The global frozen food market was valued at $128.0 billion in 2018, and it is expected to grow at an annual growth rate of more than 7.5% until 2022.
A survey was conducted by the US-based transportation information provider, DAT Solutions, in January 2018, on increasing numbers of dry van, refrigerated, and flatbed trailers in the USA. According to the survey, the number of available trucks increased by 52% and spot rates for dry van, refrigerated, and flatbed capacity remained higher compared to 2017. In addition, load-to-truck ratios for refrigerated trailers decreased to 18.4 from 25.2, in 2018. The demand for refrigerated trailers remained strong with increase in load posts to 6%.
Trailers are the unpowered vehicles towed by powered vehicles that are used to transport goods. Trailers are towed by hitches, which are further trailed by trucks, cars, traction engines and others. The global trailers market was valued at $56.9 billion in 2018, and will grow to $86.6 billion in 2022 at an annual growth rate of around 11%. Driving the market is the growing e-commerce industry that uses trailers for the transportation of goods to customers, and growing global population.
Trailer manufacturers are increasingly producing light-weight trailers to comply with changing industry regulations. The shift towards lighter trailers can be attributed to increasing pressures on trucking companies owing to rising fuel prices and a stricter regulatory environment. Stringent greenhouse gas emission regulations are compelling the manufacturers to use a higher percentage of lightweight components in the assembly of trailers. Aluminum components, for instance, are being used to trim down the weight of trailers. The use of an aluminum air tank in a truck trailer instead of steel saves about 30 lbs. These lighter trailers allow trucking companies to reduce operating costs and trailer downtimes, and improve fleet efficiencies and safety.