Portland, OR -- (SBWIRE) -- 07/06/2018 -- Refrigerated trailer market is expected to grow significantly in Asia-Pacific, owing to an increase in tourism, high food demand, increase in cold chain capacity business, and growth in frozen food sector in China and India. In addition, these countries occupied highest market share in the Asia-Pacific region, followed by Japan. Moreover, the demand for these trailers is anticipated to grow in countries, such as Australia, South Asia and Japan, which is anticipated to boost its adoption among different food end-use verticals.

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The global market for refrigerated trailer generated $5,588 million in 2015, and is estimated to grow at a CAGR of 4.8% to reach $7,658 million by 2022. The market is expected to register a twofold increase by 2022 in developing countries, owing to increase in demand for packaged food along with government initiatives to control food wastage, enhanced efficiency of refrigerated trailers, and higher reliability requirements of food consumers.

North America is expected to dominate the global refrigerated trailer market during the analysis period, owing to the increase in demand for packaged food products in the U.S. and Canada. Refrigerated trailers are extensively used in the food sector in North America and Europe. However, Asia-Pacific and LAMEA regions are expected to grow rapidly, owing to the increasing adoption of these trailers in frozen food, chilled food, and cold chain space.

According to Sheetanshu Upadhyay, Research Analyst, Automotive & Transportation Research at Allied Market Research, Refrigerated trailers are innovative and reliable containers that are expected to witness notable growth in the coming years. This is due to their competitive advantages such as ideal temperature and humidity level compared to other batteries. Increasing applications of refrigerated trailers in the frozen & chilled food industry (meat & seafood) is expected to boost in the future.

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The global refrigerated trailer market by end user is divided into dairy, fruits & vegetables, meat & seafood, and others (medical products, confectionary, and bakery). Currently, meat & seafood generated highest revenue for this market, owing to high adoption in cold chain space and frozen food products. However, fruits & vegetables is expected to be the most lucrative consumers, due to rise in demand for fresh frozen and chilled food in China, U.S., and India.