Refrigerated Trailer Market Report 2022

The refrigerated trailer market is expected to grow in the coming years due to an increase in global food consumption.

The refrigerated trailer market was valued at USD 5.9 billion in 2021 and is expected to reach USD 8.8 billion by 2027, growing at a CAGR of more than 6% during the forecast period.
This market is primarily driven by the food and agriculture industries.

The refrigerated trailer market is expected to grow in the coming years due to an increase in global food consumption.

Refrigerated trailers are also used in the pharmaceutical industry to transport medicines. Transportation of the COVID-19 vaccine is a prime example of the contribution in the sales of these cooled trailers globally.

Currently, North America is the region leading the market, followed by Asia-Pacific and Europe. The major players manufacturing refrigerated trailers include Wabash National Commercial Trailer Products, Great Dane Trailers, Utility Trailer Manufacturing Company, Schmitz Cargobull AG, and Kogle Trailer GmbH.

 

Growing Cold Chain Logistic Activities are Expected to Drive the Refrigerated Trailer Market

The remarkable advancements in cold chain logistics have transformed the food industry altogether. It is expected that the cold chain logistics market will witness a CAGR of about 24% from 2021 to 2027.

With the refrigerated trailers, it has become very convenient to transport perishable food items across the planet. Because of the cold chain logistics and the people’s busy and tight working lifestyle, there has been a significant increase in the demand for frozen food products.

For instance, in 2019, 87.2 billion kilograms and in 2020, about 98.4 billion kilograms of processed and frozen vegetables were consumed globally. The rising consumption will aid in increasing the demand for refrigerated trailers worldwide.

There also is an increase in the consumption of fast food. In the United States, there has been a constant increase in the number of fast-food restaurants. In 2018, there were about 175,000 quick-service restaurants, which increased to about 201,550 in 2020. The increase in the number of fast-food results in the requirement to transport more frozen food boosting the refrigerated trailer market.

Moreover, the pharmaceutical industry also has witnessed a sudden hike in demand for transporting medicines requiring cold chain logistics. For instance, most of the COVID-19 vaccines require a refrigerated trailer to transport the injection across the country. The increase in the requirement for medicines, especially vaccines, will result in helping the refrigerated trailer market grow.