Refrigerated Trailer Market to Surpass $8.92 Billion by 2029 | Key Trends & Insights

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How Will the Refrigerated Trailer Market Grow by 2025 in Terms of Size and Growth?
The size of the refrigerated trailer market has witnessed a significant expansion in the past few years. The market, which was worth $6.52 billion in 2024, is projected to climb to $6.93 billion in 2025 with a compound annual growth rate (CAGR) of 6.3%. This uptrend in the historic period can be traced back to factors such as the high demand for packaged and frozen seafood and meat, evolving lifestyle and eating habits, the need for refrigerated trailers to transport medicines, alongside the growing demand for frozen fishes, meats, and other seafood items.

What Are the Estimated Growth Rates for the Refrigerated Trailer Industry Through 2029?
Expectations are high for notable increase in the size of the refrigerated trailer market in the coming years. The growth projection places it at around $8.92 billion in 2029 with a compound annual growth rate (CAGR) of 6.5%. This level of expansion in the forecast period is linked to factors such as the rising popularity of tourism, the advent of online grocery shopping applications, a spike in frozen food consumption, escalating need for perishable goods transportation, the growing tendency towards nuclear family setups and fresh cooking, as well as heightened awareness about food wastage. Key future trends revolve around investments in cold chain technologies, technological progress, advanced freezing methods, innovation in fuel-efficient practices within industrial freezing systems, and the development of environmentally friendly refrigeration systems.

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What Are the Strategic Drivers Boosting Refrigerated Trailer Market Performance?
The refrigerated trailer market is predicted to expand due to the rising demand for seafood. The term seafood pertains to a wide array of edible aquatic creatures, such as fish, shellfish, and other marine species, all of which are collected from various water bodies like oceans, lakes, and rivers for consumption by people. Among the driving factors for this increasing seafood demand are alterations in lifestyle, the desire for convenience, extended shelf life, and evolving customer views. The role of refrigerated trailers is to preserve the freshness and safety of seafood from the point of harvest to its final destination which helps in mitigating wastage and spoilage due to prolonged shelf life. For example, The Food and Agriculture Organization (FAO), a US-based entity that spearheads global initiatives against hunger, released a State of World Fisheries and Aquaculture (SOFIA) report in July 2024. The report reveals that in 2022, worldwide fisheries and aquaculture production soared by 4.4% over 2020 totals, reaching 223.2 million tons. Furthermore, it is anticipated that global aquatic animal production will see an upswing by 10% to reach 205 million tons by 2032. Thus, the refrigerated trailer market has thrived due to the robust demand for seafood to be used in packaged and frozen meat and seafood.

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What Are the Segments in the Refrigerated Trailer Market?
The refrigerated trailer market covered in this report is segmented -

1) By Type: Light Commercial Vehicle (LCV), Medium Commercial Vehicle (MCV), Heavy Commercial Vehicle (HCV)
2) By Tonnage Capacity: Less Than 10 Tons, 10 To 20 Tons, More Than 20 Tons
3) By Application: Food And Beverages, Pharmaceuticals, Chemicals, Other Applications

Subsegments:
1) By Light Commercial Vehicle (LCV): Small Refrigerated Vans, Pickup-Based Refrigerated Units
2) By Medium Commercial Vehicle (MCV): Medium-Sized Refrigerated Trucks, Box Trucks with Refrigeration
3) By Heavy Commercial Vehicle (HCV): Semi-Trailer Refrigerated Units, Full-Sized Refrigerated Trucks, Multi-Temperature Zone Trailers

What Are the Key Adoption Trends in the Refrigerated Trailer Market?
Leading firms in the refrigerated trailer market are prioritizing the creation of innovative products like electric refrigerated trailers to boost energy conservation, cut carbon outputs, and deliver sustainable solutions for transporting temperature-sensitive cargo. E-refrigerated trailers are reefer trailers that use electricity to operate the refrigeration system, as opposed to the conventionally used diesel engines. For example, TIP Group, a company from the Netherlands specializing in refrigerated trailers, rolled out its E-reefer and AxlePower products, which are equipped with battery and solar-powered transport refrigeration, in February 2023. The E-reefer has been engineered to harness solar power to run its cooling units. This advanced refrigerated trailer employs solar panels to produce electrical power, which covers a significant part of the energy necessary for cooling. In addition, the AxlePower system converts energy wasted during the working of the trailer into usable power for the refrigeration system. This method optimizes energy efficiency by reusing otherwise discarded energy, which in turn aids in accomplishing the sustainability objectives of TIP Group and their customers.

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Which Companies Lead the Competitive Landscape of the Refrigerated Trailer Industry?
Major companies operating in the refrigerated trailer market are Mitsubishi Heavy Industries Thermal Systems Ltd., Daikin Industries Ltd., Carrier Transicold, Ingersoll Rand, Wabash National Corporation, Schmitz Cargobull AG, Great Dane LLC, Thermo King Corporation, Randon SA Implementos e Participacoes, Manac Inc., Hyundai Translead Inc., Lamberet Refrigerated SAS, Gray & Adams Holdings Ltd., Fontaine Trailer Company, Vanguard National Trailer Corporation, Montracon Ltd., Zanotti S.p.A., Utility Trailer Manufacturing Company, Klinge Corporation, Fahrzeugwerk Bernard KRONE GmbH, Kögel GmbH, Dorsey Intermodal

Where Are the Key Refrigerated Trailer Market Opportunities by Region?
North America was the largest region in the refrigerated trailer market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the refrigerated trailer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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