The global refrigerated trailer market is projected to expand at a CAGR of 4.4% during the forecast period (2015–2021).The market is segmented on the basis of geographical region, product type and end use.
New York, NY -- (SBWIRE) -- 01/07/2016 -- Refrigerated trailers are add-on units equipped with thermal insulation and temperature control mechanisms for the purpose of transportation of food and pharmaceutical products, as well as horticulture produce to some extent. The rapid growth of the food and beverage industry has benefitted several associated business sectors, such as heavy machinery, fabrication and packaging, and transportation and logistics, to name a few. With novelty and innovation being the recipe for success in the food and beverage industry, the means needed for these products to reach the end user is vitally important. This is to preserve the quality and minimize spoilage of edible products, especially foods and beverages that need to be kept at low temperatures due to their perishability or due to their unique formulations.
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Refrigerated trailers suit this need, which has been the reason for the ever-increasing demand for these specialty transportation units. As such, the global refrigerated trailer market will rise at a CAGR of 4.40% in the 2015-2021 period.
These units are designed and manufactured in various sizes, shapes, configurations, and temperature ranges to suit various food transportation needs. Regarding the size and design of refrigerated trailers, length, pallet capacity, load capacity, number of decks, and temperature range are the key parameters that differentiate these units from each other. These trailers are designed to be pulled by a separate traction unit, which makes them suitable for both rail and road transportation.
High End Use Accounts for Large Market Share of Meat and Seafood Segment
Expansion of cold chains and increase in the capital expenditure of logistics companies are the major factors driving the refrigerated trailer market. However, the increasing operational cost of trucks, proximity to transportation destinations, and inadequate infrastructural and governmental prowess in emerging economies are some of the challenges that are slowing the growth of this market.
The global refrigerated trailer market is divided on the basis of product type, end use, and region. On the basis of end use, dairy, meat and seafood, fruits and vegetables, and others (confectionery, medicinal products, and bakery) are the segments of this market. Of these, it is the meat and seafood end-use segment that has dominated the market and accounted for 32.6% of the overall market in 2014. Even though this end-use segment will contribute significantly to the revenue in the coming years as well, the share of the segment in the overall market is expected to fall to 31.7% by 2021.
Region-wise, North America, Europe, the Middle East and Africa, Latin America, and Asia Pacific are the segments of the global refrigerated trailer market. In 2014, North America stood as the largest market for refrigerated trailers and held 30% of the overall market. Western Europe stood second with a share of more than 27% in the market, trailed by Asia Pacific. In the coming years, Asia Pacific will be the fastest growing regional segment of the market.
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Some of the major companies operating in the global refrigerated trailer market are Wabash National Commercial Trailer Products, Fahrzeugwerk Bernard KRONE GmbH, Utility Trailer Manufacturing Company Lamberet Refrigerated SAS, Great Dane Trailers Inc., Gray & Adams Ltd, Schmitz Cargobull AG, Kogel Trailer GmbH & Co., Montracon Ltd., and Randon Implementos.
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