Refrigerated trailers play a crucial role in preserving and transporting perishable food products such as meat, dairy, fruits and vegetables. By maintaining desired temperatures ranging from -20°C to +10°C, refrigerated trailers help prevent spoilage during transit thereby minimizing wastage. The growing demand for frozen and chilled food items along with emergence of organized retail is driving the need for refrigerated transportation from farm to table. The global Refrigerated Trailer Market is estimated to be valued at US$ 8 Billion in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
One of the key market opportunities boosting the refrigerated trailer market is the expanding cold chain logistics industry. Cold chain refers to the transportation of temperature-sensitive products along a supply chain through thermal and refrigerated packaging methods and logistical planning, to maintain a desired low-temperature range. Continued growth of food processing and organized retail sectors has augmented the demand for cold chain logistics worldwide. Mounting preference for frozen, chilled and ready-to-eat food products is also prompting food manufacturers and retailers to make significant investments towards strengthening their cold chain networks. As refrigerated trailers play a pivotal role in ensuring temperature-controlled transportation of perishables, their demand is expected to surge considerably with the ongoing expansion of cold supply chain infrastructure globally over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the refrigerated trailer market size is low as there are high production and distribution costs. There is a need for advanced safety technologies and efficient cooling units that require heavy capital investments to produce and maintain quality standards.
Bargaining power of buyers: The bargaining power of buyers is moderate as refrigerated trailers are necessities for transportation of perishable goods. However, buyers can negotiate on price and choose from various available brands.
Bargaining power of suppliers: The parts and components used in refrigerated trailers such as cooling units, insulation, and body parts have few manufacturer suppliers. This gives them moderate bargaining power over trailer producers.
Threat of new substitutes: There are no close substitutes for refrigerated trailers. Other transportation modes such as refrigerated containers, ships, and aircraft are not cost-effective for short-medium hauls.
Competitive rivalry: The refrigerated trailer market has the presence of numerous global and regional players leading to high competition. Players compete based on pricing, technology, quality, service, and financing offerings.
SWOT Analysis
Strengths: Refrigerated trailers aid in safe transportation of perishable goods over long distances. Advanced insulation and monitoring systems help maintain optimum temperatures.
Weaknesses: High initial costs of refrigerated trailers limit their adoption. dependency on fuel prices increases operating costs.
Opportunities: Growth of cold supply chains & organized retail boost demand. Developing regions offer new expansion avenues.
Threats: Stricter emissions norms require technology advancements, adding to expenses. Trade wars and economic downturns impact the logistics sector.
Key Takeaways
The global refrigerated trailer market is expected to witness high growth over the forecast period supported by the increasing transportation of perishable food items.
Regional analysis - North America dominates the global refrigerated trailer market currently owing to robust cold chain infrastructure and organized retail & food processing industries in the region. Asia Pacific is expected to grow at the fastest pace in the coming years with rising consumption of packaged and frozen food items in developing countries like China and India. Countries are also investing heavily in developing efficient supply chain networks.
Key players - Key players operating in the refrigerated trailer market are Wabash National Corporation, Montracon Ltd., Great Dane Trailers, Utility Trailer Manufacturing Company, Schmitz Cargobull AG. Players are focusing on offering technologically advanced solutions with improved fuel efficiency and loading/unloading capabilities to gain shares.
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