Rising Demand for Temperature Controlled Transportation of Refrigerated Trailer Market
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.
SWOT Analysis
Strength: The refrigerated trailer market offers numerous advantages to industries that require temperature-controlled logistics. Refrigerated trailers maintain consistent temperatures for perishable goods during transport, ensuring products remain fresh. They provide a cost-effective solution for shipping temperature-sensitive items over long distances. Additionally, advanced digital monitoring systems fitted on refrigerated trailers allow real-time tracking of cargo conditions.
Weakness: Refrigerated trailers have relatively high operational costs compared to conventional trailers. Fuel efficiency is lower due to additional weight from insulation and cooling units. Maintaining optimal temperatures inside trailers also consumes significant energy. Shortage of trained drivers further limits the capacity of refrigerated transportation.
Opportunity: Growing international trade in perishable foods offers lucrative opportunities to expand refrigerated trailer fleets. Developing countries experiencing rapid economic growth and dietary changes are emerging as major importers of refrigerated goods. Advancements in energy-efficient refrigeration and insulation technologies can help reduce operating costs. Integration of autonomous driving systems can address driver shortages in the future.
Threats: Rising fuel prices and transportation costs pose challenges. Stringent regulations regarding food safety and product quality compliance increase operational complexities. Environmental policies promoting low-carbon logistics also impact refrigerated fleets. Logistical disruptions from natural calamities or geopolitical issues can damage perishable cargo.
Key Takeaways
The Global Refrigerated Trailer Market Size is expected to witness high growth over the forecast period of 2023 to 2030, driven by expanding long-haul transportation of perishable foods. North America currently dominates with the largest fleet size owing to well-established cold chains and major production hubs. However, Asia Pacific is emerging as the fastest growing regional market, led by Western European countries.
Regional analysis
Asia Pacific refrigerated trailer market is poised to register the highest CAGR through 2030. Rapidly growing processing and export of seafood, meat, dairy, and fruits from countries such as China, India, Indonesia and Vietnam is propelling demand. Government initiatives to enhance cold chain infrastructure and foreign investment in food parks are bolstering regional capacity. Japan has the most advanced refrigerated transportation network while Australia and New Zealand also have sizeable fleets.
Key players
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. These companies cater to various industries that require temperature-controlled logistics through extensive trailer rental and leasing services.
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