Assessing the various factors driving market growth, the global refrigerated vehicle market is growing significantly at annual growth rate of 3%–5%.
New York, NY -- (SBWIRE) -- 10/05/2017 -- Persistence Market Research (PMR), delivers key insights on the refrigerated trailer market in its latest report titled, "Global Market Study on Refrigerated Trailer: Expansion of Cold Chain Capacities in Asia Pacific to Drive Demand through 2021". According to the report, Global refrigerated trailer market was valued at US$ 5434.9 Mn in 2014 and projected to expand at a CAGR of 4.4% during forecast period to account for US$ 7171.4 Mn by the end of 2021.
The refrigerated trailer is one of the prominent segments in this market, which is gaining traction due to the implementation of various advanced technologies and growing application across various industries worldwide". The China market is projected to exhibit the fastest growth over the forecast period due to the favorable economic environment, low cost of labor and operations and rapid technological advancements in the country.
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From a regional perspective, North America was the largest market for refrigerated trailers, accounting for approximately 38.5% market volume share in 2014. Western Europe is projected to contribute second largest volume share to the global refrigerated trailer market and is projected to expand at a CAGR of 4.8% over the forecast period due to various technological advancements and imposition of government regulation regarding safe refrigerated transportation of food.
By product type, Chilled was the largest segment for the refrigerated trailer, accounting for 61.3% market share in 2014. This product type continues to dominate the segment and the trend is expected to continue over the forecast period. Globally, meat & seafood is the predominant end use segment, accounting for 32.6% share in the global refrigerated trailer market in 2014 and is estimated to account for 31.7% by 2021 due to increasing demand for packaged meat and seafood across various geographies.
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Key driving factors identified in the global refrigerated trailer market include expansion of cold chain capacity to boost demand for efficient refrigerated transportation, increasing the capital expenditure of third-party logistics business across the globe. However, increasing trucking operational costs and close proximity of transportation destinations and lack of government legislation and infrastructure in emerging economies could pose some challenges. Some major trends identified in the refrigerated trailer market are rapid product innovation and technology integration to bolster sales and focus of Manufacturers on reducing emissions through weight reduction of trailers
The global refrigerated trailer market is segmented on the basis of regions, product type and end use. The product type is further sub-segmented to chilled type refrigerated trailers and frozen type refrigerated trailers. On the basis of end use, the market is further sub-segmented to dairy, fruits & vegetables, meat & sea food and others (confectionary, bakery and medicinal products). Key regions covered in this report include North America (U.S. and Canada), Latin America, Europe (Eastern and Western Europe), Asia-Pacific and the Middle East & Africa.
Key market participants covered in the report includeWabash National Commercial Trailer Products, Great Dane Trailers, Inc., Utility Trailer Manufacturing Company, Schmitz Cargobull AG, Fahrzeugwerk Bernard KRONE GmbH, Kögel Trailer GmbH & Co. KG, Lamberet Refrigerated SAS, Montracon Ltd., Gray & Adams Ltd. and Randon Implementos.
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