Refrigerated Trailer Market is Estimated to Witness High Growth Owing to Increase in Cross-Border and International Trade
Refrigerated trailers play an important role in safe transport of perishable food items and other temperature sensitive products. They are equipped with efficient cooling systems which allow products to be preserved at desired temperatures during transportation. These include insulated panels, refrigeration units, temperature monitoring devices, etc. Refrigerated trailers find widespread applications in shipping food items such as meat, seafood, dairy products; pharmaceuticals; chemicals; and more. The global refrigerated trailer market size is estimated to be valued at US$ 12 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global refrigerated trailer market is expected to witness high growth owing to increase in cross-border and international trade. With growing globalization, international trade of perishable items has increased significantly over the years. Refrigerated trailers play a key role in ensuring safe and timely delivery of temperature sensitive goods across long distances. Moreover, expansion of cold chains and logistics infrastructure in developing markets is also fuelling market growth. However, high upfront costs associated with refrigerated trailers and fluctuations in fuel prices pose a challenge to market players. Innovation in chassis designs, refrigeration units, and remote monitoring technologies offer lucrative opportunity areas.
SWOT Analysis
Strength: Some of the key strengths of the refrigerated trailer market size include growing healthcare and food industries which require constant temperature controlled transportation of perishable goods. Refrigerated trailers help meet stringent regulations for transporting temperature-sensitive products safely over long distances. The market also benefits from ongoing technological advancements introducing smarter refrigeration units with advanced monitoring and remote diagnostic capabilities.
Weakness: High initial investment costs associated with refrigerated trailers pose a challenge, especially for smaller fleet operators and startups. Rising fuel prices also increase operating costs. Breakdowns of refrigeration units can damage perishable cargo.
Opportunity: Expanding e-commerce is generating more demand for last-mile temperature-controlled delivery of groceries and pharmaceuticals. population growth worldwide is boosting packaged food consumption which requires temperature-controlled logistics. Adoption of electric and hybrid-electric refrigerated vehicles provides an opportunity to reduce fuel and carbon footprint.
Threats: Strict emission norms threaten the viability of diesel-powered refrigerated trailers. Economic downturns can negatively impact industries like food processing and manufacturing relying on temperature-controlled transportation. Rising geopolitical tensions and trade wars create uncertainty for cross-border supply chains.
Key Takeaways
The global refrigerated trailer market is expected to witness high growth. Rapid urbanization and rising incomes in developing regions are driving demand for packaged and processed food products requiring refrigerated transportation.
North America is another major refrigerated trailer market led by the large food industry and extensive highway infrastructure in the United States and Canada facilitating temperature-controlled logistics operations. Strict food safety standards necessitate adoption of advanced refrigerated vehicles in the region.
Key players operating in the refrigerated trailer market are Wabash National Corporation, Great Dane LLC, Utility Trailer Manufacturing Company, Hyundai Translead, Schmitz Cargobull, Lamberet SAS, Gray & Adams Ltd., Montracon Ltd., and Krone.
Get more insights on this topic: https://www.newswirestats.com/refrigerated-trailer-market-size-and-outlook/
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