SEATTLE, May 20, 2020 (GLOBE NEWSWIRE) -- A refrigerator truck is a type of truck that transports consumable goods at specific temperatures. Refrigerated trucks are equipped with different types of mechanical refrigeration systems that are powered by small displacement engines or in some cases, it utilizes carbon dioxide as a cooling agent. The flow of the perishable food products from farm to fork requires secure transportation right from point A to D. Bulk mass-produced is carried to point B via temperature-controlled transportation systems. Transportation from C to D may not involve refrigerated trailers as this is usually carried out using refrigerated trucks and vans. In countries such as India, nearly 40% of the harvest is wasted annually due to poor cold chain infrastructure.
The global refrigerated trailer market is estimated to account for US$ 6,481.3 Mn in 2019 and is expected to grow at a CAGR of 4.5 % over the forecasted period 2020-27.
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Market Drivers
- Rapidly expanding cold chain industry is expected to support growth of the global refrigerated trailer market during the forecast period
The cold chain industry has expanded significantly in the recent past. Cold chain is used to preserve and extend and ensure shelf life of perishable products such as frozen film, seafood, agricultural produce, pharmaceutical products, and chemicals. Rising fast food industry in developed, as well as emerging economies, has led to growth of the cold chain industry. Many companies are focused on introducing innovative technologies to extend shelf life of products and gain a competitive edge in the market.
- Increasing use of advanced technologies is expected to boost the global refrigerated trailer market growth over the forecast period
Many companies in the market are focused on research and development activities, in order to innovate novel technologies and enhance the market presence. For instance, in 2015, Krone announced plans to focus on R&D of new insulation techniques and energy recuperation technology in the field of refrigerated boxes. Furthermore, in 2015, Schmitz developed a tank sensor with an LED display that provides a precise indication about the vehicle’s fuel level. In April 2015, Gray & Adams introduced its COOL refrigerated trailer at the Commercial Vehicle Show.
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Key Takeaways
- Europe holds the dominant position in the global refrigerated trailer market and is expected to witness significant growth over the forecast period 2020-27. This is owing to increasing demand of packed food in the European. According to Coherent Market Insights analysis, European packed food market is expected to reach 894.34 billion with CAGR 2.3% by 2022. Moreover, refrigerated trailer are majority used for carrying packed food from one location to another.
- Among type, chilled food segment is dominated the global refrigerated trailer market in 2019. This is owing increasing demand of the chilled food products in the global market. For instance, in October 2019, according to data published by Coherent Market Insights analysis, the demand for the Chilled vegetables is increased 19.7% in the European market in 2018. Furthermore, the demand of Chilled Processed Food is increased 5.7% in 2018 across the globe. Thus, increasing demand of chilled food across the globe is expected to drive the demand of chilled food refrigerated trailer.
- Among end use, meat & seafood holds the dominant position in the global refrigerated trailer market and is expected to witness significant growth over the forecast period 2020-27. Perishable food such as meat and seafood requires quick handling and transport facility. Furthermore, the demand for the meat & seafood is increased in the recent past, for instance, according to coherent market insights analysis, global meat and seafood market is expected to reach US$ 6.9 trillion by 2025.
Competitive Landscape:
Major companies involved in the global refrigerated trailer market are Fahrzeugwerk Bernard KRONE GmbH, Kögel Trailer GmbH & Co. KG, Lamberet Refrigerated SAAS, Wabash National Commercial Trailer Products, Schmitz Cargobull AG, Randon Implementos, Hyundai Translead, Montracon Ltd., Great Dane Trailers, Inc., Utility Trailer Manufacturing Company, and Gray & Adams Ltd.
Key Developments
- In October 2019, Hyundai Translead showcased the Nitrogen-powered reefer concept at North America Commercial Vehicle Show in Atlanta (NACV).
- In October 2019, Great Dane Trailers Inc. launched FleetPulse, a hardware and software solution to facilitate communication between all critical components of a trailer.
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Market Segmentation
- By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
- By End-use Industry
- Dairy
- Fruits & Vegetables
- Meat & Seafood
- Others (Medicines, Bakery, etc.)
- By Product Type
- Frozen
- Chilled