Pune India, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the refrigerated trailer market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the refrigerated trailer market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as product type, end-user, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global refrigerated trailer market are Halvor Lines Inc., STI HOLDINGS Inc., Humbaur GmbH, Stevens Transport, TW Transport, Montracon Ltd., Utility Trailer Manufacturing Co., Trane Technologies Plc, Bay and Bay Transportation, Manac Inc., LAMBERET SAS, Great Dane LLC, Schimtz Cargobull AG, Gray and Adams Ltd., KRONE GMBH and CO. KG, Random Implementos S.A., Premier Trailer Mfg. Inc. among others. To achieve a substantial market share in the worldwide refrigerated trailer market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Trucks designed to transport perishable goods at specific temperatures are called refrigerated trailers, or chiller lorries. Typically, these trailers transport food-grade goods. Refrigerated trailers come in two types, negative temperature ranges for frozen food products and positive temperature ranges for chilled food products. As a result of a growing demand for food, cold storage is growing in number. Companies are investing in reliable and efficient cold storage logistics to ensure seamless transportation, so an increase in cold storage warehouses is expected to increase demand for refrigerated trailers. As a result of their low manufacturing capacity, local companies don't transfer their products in bulk quantities in refrigerated trailers because of the higher cost of transporting them than they do in refrigerated vans and vehicles. Consequently, there is no significant demand for refrigerated trailers in the local regions, which is expected to hinder the market's growth. Another barrier to the refrigerated trailer market is the low cost of alternatives. One of the challenges facing the market is easy to access to replacements. Firms plan to overcome this obstacle, however, by leveraging cutting-edge technology and managing prices, which will boost demand for products. Several key factors contribute to the refrigerated trailer market's growth, including increasing consumer appeal, effective marketing tactics in opportunities, and significant investments in product development. As a result of the growing demand, industries are also trying to provide the market with the right number of products.
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Scope of Refrigerated Trailer Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Type, End-User, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Halvor Lines Inc., STI HOLDINGS Inc., Humbaur GmbH, Stevens Transport, TW Transport, Montracon Ltd., Utility Trailer Manufacturing Co., Trane Technologies Plc, Bay and Bay Transportation, Manac Inc., LAMBERET SAS, Great Dane LLC, Schimtz Cargobull AG, Gray and Adams Ltd., KRONE GMBH and CO. KG, Random Implementos S.A., Premier Trailer Mfg. Inc. among others |
Segmentation Analysis
Chilled food is expected to be the fastest-growing segment in 2022.
The type segment includes chilled food and frozen food. The chilled food segment is expected to witness the highest growth rate during the forecast period. To maintain the freshness of food products, most food products, such as fruits and vegetables, are kept at a temperature ranging between 0 and -5, which is the best temperature for storing chilled food. Further, chilled food is among the fastest-growing sectors in the food industry because restaurants and hotels are increasing the demand for ready-to-eat meals, and consumers are consuming chilled food because of its convenience.
Meat & seafood is expected to be the fastest-growing segment in 2022.
The end-user segment includes meat & seafood, dairy, fruits & vegetables and others. The meat & seafood segment is expected to witness the highest growth rate during the forecast period. A major market for refrigerated retailers for many years has been the meat and seafood sector, but demand for frozen seafood and meat has increased significantly in recent years. As a result, the refrigerated trailers market is expected to grow during the forecast period, as refrigerated trailers are becoming increasingly used in cold chain environments around the world.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the refrigerated trailer market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. Recently, Cold chain transportation has seen an increase in demand in North America as a result of increasing perishable goods movement due to the eCommerce boom, as well as an increase in production levels across the food processing industry, import of fresh food, an expansion of trade between countries, and a focus on cost-effective transportation.
Country Analysis
- Germany
Germany's refrigerated trailer market size was valued at USD 0.13 billion in 2022 and is expected to reach USD 0.19 billion by 2030, at a CAGR of 5.5% from 2023 to 2030.
Increasingly, consumers want nutritional alternatives in their everyday diets, which is contributing to the demand for sustainable and healthy food. These factors are responsible for propelling the country's cold chain logistics business, which is causing the market for refrigerated trailers to grow.
- China
China’s refrigerated trailer market size was valued at USD 0.14 billion in 2022 and is expected to reach USD 0.21 billion by 2030, at a CAGR of 5.7% from 2023 to 2030.
The market growth in the country has been driven by the increasing disposable income level of consumers, creating opportunities for leading players. As well, the growing use of cold chain transportation in key markets across the country has fueled the demand for refrigerated trailers.
- India
India's refrigerated trailer market size was valued at USD 0.10 billion in 2022 and is expected to reach USD 0.15 billion by 2030, at a CAGR of 5.6% from 2023 to 2030.
The dairy products market will grow over the forecast period as a result of its easy availability as well as an increase in disposable income. By slowing down the metabolic activity of bacteria during freezing, milk can be transported from one place to another via regular supply channels without any additional refrigeration equipment or preservatives in order to maintain quality, boosting the refrigerated trailer market growth.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising demand to extend the shelf-life of perishable food products.
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