The market for refrigerated trailers is expected to grow at a CAGR of 6% during the forecast period of 2023 to 2030. Refrigerated trailers are food-grade trucks that are thermally insulated and temperature controlled, and they are equipped with sophisticated refrigeration equipment. This trailer is pulled along by a traction unit and has used in both road and rail transportation. It is versatile. The gaskets for the refrigerated trailers are put in place around the edges of the doors and vents on the trailer bodies. Truck trailers are essential assets for third-party logistics companies located all over the world. These vehicles are continually being updated with the most recent technologies in order to satisfy the ever-increasing needs of consumers and increase their operational efficiency. Large fleet owners typically keep their refrigerated trailers in service for a period of time ranging between three and five years before replacing them with brand-new trailers. As a result of the updated emission rules, there has also been an increase in the demand for new refrigerated trailers. It is anticipated that the Asia Pacific and Europe would contribute significantly to the expansion of revenue in the worldwide refrigerated trailer gaskets market. Because of a rapidly growing population, there is a greater demand for food that is frozen, which has led to an increase in the number of refrigerator trailers that are used to transport frozen food. However, because of the exponential rate at which technological improvements are being made in the sector, there is a pressing need for new developments in the area of refrigerated trailers.
A truck that is built to transport perishable goods at certain temperatures is called a chiller lorry. This type of truck can also be referred to as a refrigerated truck or refrigerated trailer. These trailers are typically used to convey cargo that is fit for human consumption. There are two temperature ranges available for refrigerated trailers: the negative temperature range, which is used for transporting frozen food goods, and the positive temperature range, which is used for transporting chilled food products. In addition, there is a wide selection of refrigerated trailers to choose from, and these trailers are differentiated according to criteria such as load capacity, pallet capacity, length, and the number of decks. Transporting perishable goods like fish, meat, vegetables, fruits, flowers, dairy products, and poultry items requires the use of refrigerated trailers. In addition to this, they are utilized in the transportation of specialist drugs that must be kept within particular temperature ranges.
The Asia Pacific and Europe Are Growing Markets for Refrigerated Trailer Gaskets
The Asia-Pacific and European regions are poised to become very profitable segments of the worldwide market over the next few years, as their CAGRs are expected to be very high. As a result of the requirement to increase the cold chain capacity in Europe, the market for refrigerated trailer gaskets is now on an upward growth trajectory that is expected to continue for the foreseeable future. Emerging Asian economies like India and China are able to create a significant demand for refrigerated trailer gaskets because of efforts to improve food preservation and transportation, reduce food wastage, and increase food safety, as well as the prevalent government norms and industry standards. These efforts are taking place in the Asia Pacific region. The expansion of the market for refrigerated trailers and, as a result, the demand for the gaskets used in the doors and vents of these vehicles is directly related to the rising demand for perishable foods.
Effort To Reduce Food Wastage Boosting the Refrigerated Trailer Gasket Market
The world's economy is undergoing fundamental shifts as a result of rapid urbanization, which is particularly prevalent in emerging markets, as well as the expansion of the middle-class population density. This has resulted in a rise in the population's propensity to consume more perishable foodstuffs such as fruits, vegetables, meat, and seafood. The governments of a number of Asian and Pacific nations, including China and India, are working to enhance methods of food preservation and transportation, reduce the amount of food that is wasted, and raise the level of food safety. As a result, they have begun the process of putting in place stringent regulatory regulations and standards in the food and beverage industry. Because of this, it is anticipated that there will be an increase in demand for effective refrigerated trailers in these countries. This is due to the fact that there is a significant need for perishable food and dairy products in this region. As a result, it is anticipated that these factors will lend support to the global market for refrigerated trailers in the near future.
Several manufacturers are concentrating their efforts on the development of innovative technologies for refrigerated trailers and gaskets for refrigerated trailers in order to maintain their lead over the competition. The adoption of more effective strengthening processes, an expanded product portfolio, and long-term supply relations with key end-use industries as well as local manufacturers are some of the major upgrades that companies are looking to deploy. Other major upgrades include expanding product offerings.
Innovative Technologies Driving the Market
It is anticipated that there will be a rise in demand for cold chains as a result of the growing need for perishable food around the world. This expansion will increase the requirement for infrastructure that is capable of efficient refrigerated food delivery and cold storage. In addition, the expanding demand for dairy products is anticipated to be a driving force behind the expansion in the global market for refrigerated trailers throughout the course of the projected period. Also, the implementation of stringent government laws will boost the global market for refrigerated trailers.
Rising Cost of Transportation Is a Challenge
The increasing costs associated with recruiting truck drivers, together with the rising costs of gasoline and the high prices of vehicles, are important factors contributing to the rise in operational costs for enterprises that deal in logistics. As a consequence of this, the profits they make are lower, and they are less likely to invest in new refrigerated trailers. In addition, as a result of decreased truckloads and shorter travel distances, refrigerated vans, and small trucks are posing a significant threat to the market share traditionally held by refrigerated trailers.
The cost of purchasing one of these trailers is by far the most important element that determines how widespread their use is. The high price of these trailers, which are used to transport frozen and chilled food, prevents its widespread adoption in a variety of cold chain areas and in the transportation of packaged food. In addition, the expansion of the market is anticipated to be fuelled by products and services that conserve energy, such as trailers with low power usage. As a result, it is anticipated that the expansion of the market will be hampered by these factors in the near future.
Stringent Criteria for The Transportation of Refrigerated Goods
It is well known that the functioning of a refrigerator can result in the emission of hazardous compounds into the surrounding air. These toxic vapors present a significant risk to the long-term health of the ecosystem. There have been a number of different governments all over the world that have enacted environmental restrictions and put-up stringent criteria for the transportation of refrigerated goods. As a result, it is anticipated that the impact of these factors will limit the expansion of the market to a certain level or degree.
Investment In New Technologies and Environment-Friendly Products
Major players in the global market for refrigerated trailers are devoting a significant portion of their resources to research and development (R&D) endeavours in order to develop original products and incorporate cutting-edge technologies in order to improve the operational effectiveness of refrigerated trailers. Manufacturers are devoting significant resources to research and development in an effort to cut down on the amount of weight that trailers have to carry. The producers are seeking to lessen their contribution to climate change by cutting down on the overall weight of the trailer. In addition, steel, aluminium, and carbon fibre are becoming increasingly popular choices for the fabrication of trailer bodies among companies that produce trailers. In addition to this, they are working to enhance the aerodynamic design of trailers in order to decrease the amount of drag and boost the level of stability.
Increase In the Capacity of Cold Chains Around the World
The expansion of the use of refrigerated trailers in the cold chain industry, which is experiencing explosive growth, is the primary factor propelling the market growth. In addition, the high rate of food waste has brought the utilization of cold chain capacity to the forefront of the government's attention. As a result, the growth of the market is anticipated to be boosted in the years to come by the increase of cold chain capacity and backing from the government. Also, the growth will be driven by an increase in consumer demand for food that is already packaged, as well as initiatives taken by governments to reduce food waste, improvements in the effectiveness of refrigerated trailers, and increased consumer demands for reliability.
Increase In the Demand for Packaged Meat and Seafood
The increased consumption of pre-packaged foods is having a ripple effect on the market for refrigerated trailers. Changing lifestyles and higher levels of discretionary spending have led to shifts in eating habits all over the world. As a result, people choose dishes that can be prepared quickly, which calls for logistics services that are very effective. It is anticipated that demand for food that is pre-packaged would drive the market in the future. At the moment, the meat and seafood industry as well as the fruit and vegetable industry have both been observing widespread use of refrigerated trailers. The meat and seafood sector is experiencing a high rate of adoption as a direct result of the rising popularity of ready-made and quick cuisine. The cost of purchasing one of these trailers is by far the most important element that determines how widespread their use is. The high price of these trailers, which are used to transport frozen and chilled food, prevents its widespread adoption in a variety of cold chain areas and in the transportation of packaged food. In addition, the expansion of the market is anticipated to be fuelled by products and services that conserve energy, such as trailers with low power usage.
360 Degree Market Analysis
Among the materials, the EPDM segment dominated the market in 2021 and is expected to grow at a CAGR of 6% during the forecast period of 2023 to 2030. This material has a high resistance to water, which is why it is so popular for trailer applications in freezers and is widely used as a material for roofing. Additionally, it is utilized in a lot of trailer refrigerators. Among the application segments, the doors segment is expected to grow at a CAGR of 4.8% and vents to grow at 4% during the forecast period. In terms of design, it is anticipated that standard design would dominate the market during the forecast period, resulting in a greater compound annual growth rate (CAGR) as well as market revenue when compared to custom design. The straight system segment is predicted to dominate in terms of configuration during the projection period, both in terms of market share and compound annual growth rate (CAGR). According to the findings of the research conducted on the market, it is anticipated that the straight system segment will record a CAGR of 5.5% over the course of the forecast period.
North America Leading the Revenues, While APAC Leads the Growth
North America maintained its position as the leading market in the global market for refrigerated trailer gaskets by its revenue contribution of about 52% in 2021. The rising levels of capital expenditure made by third-party logistics companies located throughout the area are contributing to this expansion. Truck trailers are essential assets for third-party logistics companies located all over the world. These vehicles are continually being updated with the most recent technologies in order to satisfy the ever-increasing needs of consumers and increase their operational efficiency. Large fleet owners typically keep their refrigerated trailers in service for a period of time ranging between three and five years before replacing them with brand new trailers. As a result of the updated emission rules, there has also been an increase in the demand for new refrigerated trailers.
It is anticipated that the Asia-Pacific market for refrigerated trailers would expand at the fastest rate during the forecast period of 2023 to 2030, due to an increase in tourism, high demand for food, an increase in corporate activity associated with cold chain capacity, and growth in the frozen food sector in China and India. In addition to this, these nations held the largest market share in the Asia-Pacific region, with Japan coming in second place. Furthermore, it is projected that the need for these trailers would expand in nations such as Australia, South Asia, and Japan, which is anticipated to boost their acceptance across various food end-use verticals.
As a result of the requirement to increase the cold chain capacity in Europe, the market for refrigerated trailer gaskets is now on an upward growth trajectory that is expected to continue for the foreseeable future. Emerging Asian economies like India and China are able to create a significant demand for refrigerated trailer gaskets because of efforts to improve food preservation and transportation, reduce food wastage, and increase food safety, as well as the prevalent government norms and industry standards. These efforts are taking place in the Asia Pacific region.
The rising urbanization and expanding middle-class population density in Latin America are both contributing factors to the impending transformation of the region's economy. This, in turn, has led to an increase in the consumption of products that have a short shelf life, such as fresh fruits and vegetables, meat, and seafood. The expansion of the market for refrigerated trailers and, as a result, the demand for the gaskets used in the doors and vents of these vehicles is directly related to the rising demand for perishable foods. However, as compared to the economies of the other regions, Latin America's is not nearly as robust as that of the other regions. It's possible that the market for refrigerated trailer gaskets will encounter some obstacles on its path to expansion. When compared to refrigerated vans and trucks, the initial expenditure necessary for refrigerated trailers is noticeably larger. Due to their lower manufacturing and transportation capacities, local players prefer using refrigerated vans and trucks over refrigerated trailers.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Refrigerated Trailer Gaskets market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
