July 16, 2024
Refrigerated Trailer Market
Ict

Refrigerated Trailer Market Is Driven By Rising Perishable Food Transportation Demand

Refrigerated trailers are temperature-controlled trailers used to transport perishable food products such as fruits, vegetables, dairy, meat, fish and other seafood over long distances. Refrigerated trailers are equipped with refrigeration units to maintain desired temperatures suitable for transport of perishables. Growth in global food trade and demand for fresh food products year-round has fueled the need for refrigerated transportation. The global food industry relies heavily on refrigerated trailers for seamless supply chain operations.

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:

One of the key trends in the refrigerated trailer market is the growing demand for customizable and large-capacity trailers. Manufacturers are offering built-to-order refrigerated trailers with customized features such as adjustable air vents, fan speeds, multiple compartments and temperature zones as per application requirements. for example, larger 53-feet trailers are being demanded for consolidated transportation of produce, poultry and other goods from farms to processing facilities or distribution centers. This reduces logistic costs for businesses. Additionally, advanced technologies such as telematics solutions for real-time cargo monitoring and fleet management are gaining popularity in the refrigerated trailer market.

Porter’s Analysis

Threat of new entrants: The Refrigerated Trailer market has moderate threat from new entrants due to high capital requirements and established brand value of existing players.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and differentiated products offered by vendors.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute components and differentiated demands from buyers.

Threat of new substitutes: Threat from substitutes is low as refrigerated trailers provide storage and haulage solution for temperature sensitive goods.

Competitive rivalry: The competition is high among the established players considering their innovation and quality.

Key Takeaways

The Global Refrigerated Trailer Market Size is expected to witness high growth. Regional analysis comprised Regional analysis: North America dominated the market, followed by Europe and Asia Pacific. High demand from food processing and transportation industry drives the North American refrigerated trailer market.

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. Leading players are focusing on new product launches and collaborations to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it