Accelerated Growth Fueled by Rising Demand for Temperature Controlled Transport
The Refrigerated Trailer Market consists of semi-trailers equipped with temperature controlled facilities to transport perishable goods such as meat, fish, dairy products, fruits, vegetables and others over long distances. Refrigerated trailers allow safe transportation of temperature sensitive cargo through precise temperature and humidity control. With growing need to transport highly perishable items globally, the demand for refrigerated trailers is rising exponentially.
The global Refrigerated Trailer Market is estimated to be valued at US$ 4.4 Bn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
With increase in international trade of perishable foods, the demand for refrigerated trailers is growing rapidly across major economies. Growing overseas demand for perishables such as fruits, vegetables and dairy products is fueling the need for temperature controlled transportation. Rising consumption of frozen foods and vegetables is another key factor boosting refrigerated trailer usage. Manufacturers are focusing on developing innovative refrigeration units with better insulation, automatic controls and higher load capacities to improve efficiency and reduce operational costs. Integration of advanced technologies such as GPS tracking, thermo-king units and real-time monitoring is enhancing cargo safety andquality.
Segment Analysis
The global refrigerated trailer market is dominated by the dairy segment. Dairy refrigerated trailers accounted for over 35% of the market share in 2023, as dairy products such as milk, yogurt, cheese, butter, and cream have high demand worldwide and require temperature-controlled transportation. As the demand for fresh and frozen dairy products rises with increasing health consciousness, the demand for specialized refrigerated trailers for dairy transportation is also growing.
Key Takeaways
The Global Refrigerated Trailer Market Growth is expected to witness high driven by the expansion of the food and beverage industry. Rapid urbanization, rising incomes, and changing dietary patterns are fueling the demand for packaged, processed, and frozen food products worldwide, necessitating reliable refrigerated transportation.
Regional analysis
North America accounted for the largest share of over 30% of the global refrigerated trailer market in 2023 owing to stringent food safety regulations and established cold chain infrastructure in the region. However, the Asia Pacific market is expected to expand at the fastest pace during the forecast period due to growing food processing and pharmaceutical industries in countries such as India and China. The rising middle-class population and improving cold chain networks will drive market growth in the region.
Key players
Key players operating in the refrigerated trailer market are Sanofi S.A, Pfizer, Inc., Merck & Co., Inc., GlaxoSmithKline plc., Bharat Biotech, Serum institute of India Pvt. Ltd., Biological E. Limited, Bio-Med, Bavarian Nordic, CSL Limited, Novartis AG, Vaxcyte, GSBPL, Taj Pharmaceuticals Limited, and Bavarian Nordic. Sanofi S.A dominated the market with over 15% share in 2023 owing to its large product portfolio and global distribution network. Pfizer, Inc., and GlaxoSmithKline plc. also captured significant market shares.
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