Refrigerated Trailer Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 6.32 Billion |
| Market Size (2029) | USD 9.65 Billion |
| CAGR (2024 - 2029) | > 6.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Refrigerated Trailer Market Analysis
The Refrigerated Trailer Market size is estimated at USD 6.32 billion in 2024, and is expected to reach USD 9.65 billion by 2029, growing at a CAGR of greater than 6% during the forecast period (2024-2029).
The refrigerated trailer market is experiencing robust growth driven by various factors, including the increasing demand for the transportation of temperature-sensitive goods, technological advancements in refrigeration systems, and expanding cold chain logistics infrastructure globally. Refrigerated trailers, also known as reefers, play a crucial role in transporting perishable goods such as food and pharmaceuticals over long distances while maintaining the desired temperature throughout the journey. With the rise in global food trade and the growing need to reduce food wastage, the demand for refrigerated trailers is expected to grow steadily in the coming years.
Moreover, stringent food safety regulations and quality standards set by governments and regulatory bodies across the world are compelling food producers, distributors, and logistics companies to invest in reliable refrigerated transportation solutions. Refrigerated trailers equipped with advanced temperature monitoring and control systems help ensure compliance with these regulations, safeguarding the quality of perishable goods during transit. In addition, increasing consumer awareness regarding food safety and quality is driving the adoption of refrigerated trailers by retailers and e-commerce companies for the transportation of fresh produce and other temperature-sensitive products.
Furthermore, the advent of electric and hybrid refrigerated trailers powered by sustainable energy sources is poised to revolutionize the refrigerated trailer market. As concerns over environmental sustainability and greenhouse gas emissions intensify, fleet operators and logistics companies are increasingly embracing eco-friendly refrigeration solutions to reduce their carbon footprint. Electric refrigerated trailers offer benefits such as quieter operation, reduced emissions, and lower operating costs compared to traditional diesel-powered trailers.
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.
Refrigerated Trailer Market Trends
Growing Cold Chain Logistics Activities are Expected to Drive the Refrigerated Trailer Market
This is an exciting period for cold-chain technology as various advancements in hardware, telematics, and vehicle technology are transforming the transportation of perishable goods across North America, prompting refrigerated fleets to contemplate strategies to stay competitive. However, the reefer community is facing challenges amid business conditions that are more complex than ever before. For instance,
- In February 2024, the agreement between Taikoo Motors, Zuellig Pharma, and Long Feng Medical Logistics officially marked the inaugural deployment of a Volvo FE Electric truck for cold chain logistics in Taiwan. The agreement underscores their collaborative efforts to advance eco-friendly transportation and usher in a fresh era of environmentally sustainable logistics.
While long-term contract freight rates remain stable, overall freight volume has decreased, leading many smaller refrigerated haulers to rely on the spot market for business opportunities. Spot refrigerated rates are approximately 7% lower than the same period in 2022 and more than 5% below their five-year average. Despite these obstacles, refrigerated fleets benefit from a relatively insulated segment of the trucking industry compared to other sectors like dry van transportation, which is experiencing significant upheaval due to factors such as fleet closures, regulatory changes, and shifts in market dynamics.
Asia-Pacific is Expected to Hold the Largest Market Share During the Forecast Period
With rising consumer preferences for fresh and perishable goods, particularly in densely populated urban areas, there is a heightened need for efficient and reliable refrigerated trailers to transport these products from production centers to distribution hubs and retail outlets across the region. Moreover, Asia-Pacific encompasses diverse climates ranging from tropical to temperate, further accentuating the importance of refrigerated trailers in maintaining the quality and safety of perishable goods throughout the supply chain. For instance,
- In Hong Kong, the cold chain logistics industry is witnessing increased demand for maintaining low temperatures throughout the supply chain process, from pickup and warehousing to order management, transportation, and delivery. Current cold chain services in Hong Kong have fallen short of meeting the expectations of food importers, wholesalers, retailers, and the catering industry, as many cold storage facilities lack temperature control once goods leave the cold room, resulting in the degradation of fresh ingredients. To address these deficiencies in Hong Kong's cold chain logistics services, TAHUHU introduced its first automated and intelligent cold chain logistics service in May 2023.
Furthermore, government initiatives aimed at improving food safety standards and modernizing transportation infrastructure are fueling the adoption of refrigerated trailers in Asia-Pacific. Countries such as China, India, Japan, and South Korea are witnessing significant investments in cold chain logistics infrastructure, including refrigerated warehouses, cold storage facilities, and refrigerated transportation fleets, to support the growing demand for temperature-sensitive products. Additionally, technological advancements in refrigeration systems, such as the integration of IoT (Internet of Things) sensors and real-time monitoring solutions, are enhancing the efficiency and reliability of refrigerated trailers, further driving market growth in the region.
Refrigerated Trailer Industry Overview
Refrigerated trailer manufacturing companies are adopting and developing various advanced technologies to make the trailers more efficient while adhering to environmental laws. Companies like Great Dane LLC, Wabash National Corporation, Kögel GmbH, Schmitz Cargobull AG, and Utility Manufacturing Company are the major players in the refrigerated trailer market.
In March 2024, the Annual Meeting & Transportation Technology Exhibition organized by the ATA Technology & Maintenance Council served as a platform to celebrate industry innovation, progress, and achievements. During this year's conference, Utility Trailer Manufacturing Company LLC announced the availability of the innovative Cargobull North America LLC (CBNA) transport refrigeration units (TRUs). These TRUs will be exclusively available on Utility's renowned 3000R reefer trailer throughout North America via Utility's extensive dealer network.
In August 2023, Müller Milk & Ingredients tested solar panels and kinetic energy as alternative power sources for its refrigerated trailers, seeking eco-friendly alternatives to diesel-powered refrigeration systems.
Refrigerated Trailer Market Leaders
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Wabash National Corporation
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Great Dane LLC.
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Utility Trailer Manufacturing Company
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Kögel GmbH
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Schmitz Cargobull AG
*Disclaimer: Major Players sorted in no particular order
Refrigerated Trailer Market News
- January 2024: Sunswap, a Leatherhead-based provider of zero-emission refrigerated trailers, expanded its collaboration with a major European leasing company, TIP Group, concluding a successful year of UK trials and orders. The company aims to grow across the continent. Sunswap had previously agreed to supply an additional 20 Endurance transport refrigeration units (TRUs) to TIP as it initiates customer trials.
- October 2023: Grocery wholesaler United Natural Foods Inc. deployed two battery-electric semi-trucks and five regenerative electric refrigerated trailer systems. UNFI deployed the trucks and trailers in Sacramento and Gilroy.
- June 2023: ORBCOMM Inc., a leading global provider of supply chain IoT technology, appointed Refrigerated Trailer Services (RTS) as part of its authorized distribution network in the United Kingdom. RTS specializes in selling and purchasing high-quality used refrigerated trailers and reefer units worldwide. It is projected to market ORBCOMM's advanced temperature dataloggers to customers in the transportation, pharmaceutical, and food industries for cold chain compliance and real-time temperature monitoring.
Refrigerated Trailer Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Frozen Food
5.1.2 Chilled Food
5.2 By End User
5.2.1 Dairy Products
5.2.2 Fruits and Vegetables
5.2.3 Meat and Seafood
5.2.4 Other End Users
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Rest of the World
5.3.4.1 South America
5.3.4.2 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Wabash National Commercial Trailer Products
6.2.2 Great Dane Trailers Inc.
6.2.3 Utility Trailer Manufacturing Company
6.2.4 Schmitz Cargobull AG
6.2.5 Kögel GmbH
6.2.6 Lamberet Refrigerated SAS
6.2.7 Fahrzeugwerk Beranrd KRONE GmbH
6.2.8 Montracon Ltd
6.2.9 Randon Implementos
6.2.10 Grey & Adams Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Refrigerated Trailer Industry Segmentation
Refrigerated trailers, also known as reefers, are specialized transport vehicles equipped with refrigeration systems to maintain specific temperature conditions for the transportation of perishable goods such as food and pharmaceuticals.
The refrigerated trailer market report covers all new technology trends and developments. The market is segmented based on product type (frozen food and chilled food), end user (dairy products, fruits and vegetables, meat and seafood, and other end users), and geography (North America, Europe, Asia-Pacific, and the Rest of the World). The report offers market size and forecasts in terms of value (USD) for all the mentioned segments.
| By Product Type | |
| Frozen Food | |
| Chilled Food |
| By End User | |
| Dairy Products | |
| Fruits and Vegetables | |
| Meat and Seafood | |
| Other End Users |
| Geography | ||||||||
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Refrigerated Trailer Market Research FAQs
How big is the Refrigerated Trailer Market?
The Refrigerated Trailer Market size is expected to reach USD 6.32 billion in 2024 and grow at a CAGR of greater than 6% to reach USD 9.65 billion by 2029.
What is the current Refrigerated Trailer Market size?
In 2024, the Refrigerated Trailer Market size is expected to reach USD 6.32 billion.
Who are the key players in Refrigerated Trailer Market?
Wabash National Corporation, Great Dane LLC., Utility Trailer Manufacturing Company, Kögel GmbH and Schmitz Cargobull AG are the major companies operating in the Refrigerated Trailer Market.
Which is the fastest growing region in Refrigerated Trailer Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Refrigerated Trailer Market?
In 2024, the North America accounts for the largest market share in Refrigerated Trailer Market.
What years does this Refrigerated Trailer Market cover, and what was the market size in 2023?
In 2023, the Refrigerated Trailer Market size was estimated at USD 5.94 billion. The report covers the Refrigerated Trailer Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Refrigerated Trailer Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Refrigerated Trailer Industry Report
Statistics for the 2024 Refrigerated Trailer market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Refrigerated Trailer analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Refrigerated Trailer Market Report Snapshots
