Persistence Market Research (PMR), delivers key insights on the refrigerated trailer market in its latest report titled Global Market Study on Refrigerated Trailer: Expansion of Cold Chain Capacities in Asia Pacific to Drive Demand through 2021.
According to the report, the global refrigerated trailer market was valued at US $5.4349 billion in 2014 and projected to expand at a CAGR of 4.4% during the forecast period to account for US $ 7.1714 billion by the end of 2021.
Assessing various factors driving market growth, the global refrigerated vehicle market is growing at an annual rate of 3% to 5%. Refrigerated trailers form one of the prominent segments in this market, which is gaining traction due to implementation of advanced technologies and growing application across various industries worldwide.
The China market is projected to exhibit the fastest growth over the forecast period due to the favorable economic environment, low cost of labor and operations, and rapid technological advancements.
From a regional perspective, North America was the largest market for refrigerated trailers, accounting for about 38.5% market volume share in 2014. Western Europe is projected to contribute the second-largest volume share to the global refrigerated trailer market and is projected to expand at a CAGR of 4.8% over the forecast period due to technological advancements and imposition of government regulation of safe refrigerated transportation of food.
By product type, chilled was the largest segment for the refrigerated trailer, accounting for 61.3% market share in 2014. This product type continues to dominate, and the trend is expected to continue over the forecast period. Globally, meat and seafood is the predominant end-use segment, accounting for 32.6% share in the global refrigerated trailer market in 2014. It is estimated to account for 31.7% by 2021 due to increasing demand for packaged meat and seafood globally.
Click here for more information.