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Study reveals major growth potential for refrigerated trailer market

Study reveals major growth potential for refrigerated trailer market

New York, US: The Asia-Pacific region could play a key role in the growth of the refrigerated trailer market, according to a new report by Persistence Market Research, reports Trailer Magazine.

The global refrigerated trailer market was valued at US$5.4 billion in 2014 and is projected to expand at an annual rate of 4.4 per cent per cent until 2021. By then, it will be worth some US$7.2 billion, according to the report.

Regionally, the predicated growth rate varies between three and five per cent, according to the researchers.

From a regional perspective, North America is the largest market for refrigerated trailers, PMR found, accounting for approximately 38.5 per cent market volume share in 2014.

Western Europe is projected to contribute the second largest volume share to the global refrigerated trailer market, expanding at a rate of 4.8 per cent annually over the forecast period due to various technological advancements and imposition of government regulation regarding safe refrigerated transportation of food.

The Asia-Pacific region – comprising Asian powerhouse China and Australia – is considered a key growth driver for the future, too, the report said. As a result, demand for refrigerated transport equipment is about to grow consistently in the region over the coming five-year period.

“The refrigerated trailer is one of the prominent segments in [the transport equipment] market, which is gaining traction due to the implementation of various advanced technologies and growing application across various industries worldwide,” the report said.

By product type, chilled was the largest segment for the refrigerated trailer, accounting for 61.3 per cent market share in 2014.

“Globally, meat and seafood is the predominant end use segment, accounting for 32.6% share in the global refrigerated trailer market in 2014 and is estimated to account for 31.7% by 2021 due to increasing demand for packaged meat and seafood across various geographies,” Persistence Market Research found.