The global refrigerated trailer market is expected to account for US$7.2 billion (€6.7 billion) by 2021, according to a new report.
US company Persistence Market Research (PMR) has published a new document stating that the temperature-controlled transport equipment market is likely to expand at a compound annual growth rate (CAGR) of 4.4 per cent until 2021 – up 32 per cent compared to the 2014 level, when it was valued at around US$5.4 billion (€5 billion).
“Assessing the various factors driving market growth, the global refrigerated vehicle market is growing significantly at annual growth rate of three to five per cent,” PMR found.
“The refrigerated trailer is one of the prominent segments in this market, which is gaining traction due to the implementation of various advanced technologies and growing application across various industries worldwide”.”
The Chinese market is projected to exhibit the fastest growth over the forecast period due to a “favourable economic environment, low cost of labour and operations and rapid technological advancements in the country,” PMR added.
“Key driving factors identified in the global refrigerated trailer market include expansion of cold chain capacity to boost demand for efficient refrigerated transportation, increasing the capital expenditure of third-party logistics business across the globe,” PMR said.
“However, increasing trucking operational costs and close proximity of transportation destinations and lack of government legislation and infrastructure in emerging economies could pose some challenges.”
Globally, PMR sees the most growth potential in ‘chilled’ equipment, followed by trailers able to carry frozen freight.