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US Refrigerated Van Trailers Market; By Application (Pharmaceuticals, Dairy, Fruits & Vegetables, Meat & Seafood, and Others); By Type (Frozen Food and Chilled Food); and Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
The US Refrigerated Van Trailers market to surpass USD 1.8 Billion by 2030, which is valued at 1.12 billion in 2019 at a compound annual growth rate of 4.50%.
A refrigerated Van Trailer is a kind of truck that carries consumables at different temperatures. Refrigerated trucks are fitted with different types of electrically powered cooling systems that are assisted by small displacement engines or use carbon dioxide as a cooling agent in certain cases. The movement from producers to consumers of perishable food items needs safe transport from the initial point to the final point. Mass-produced bulk is transported through temperature-controlled transport networks to the second point of the network. Transportation between intermediate points does not include refrigerated trailers, as it is usually performed using refrigerated trucks and transporters. Countries such as the US lose almost 40% of their harvest per year because of inadequate facilities for the cold chain.
According to the report, the main growth opportunities in cooled trucking in the United States and Canada are the challenge of transportation and the need to preserve food and non-food classes at appropriate temperatures to avoid wastage. The growth of refrigerated storage capacity across the United States and Canada has a positive effect on the refrigerated logistics market. As geographically vast, the United States needs transport such as refrigerated trucks and long-distance trailers to prevent spoilage of food and thus fueling the market growth.
US market has been segmented based on type, application, and location. It has been further segmented by countries into Northern, Eastern, western and southern regions.
The Chilled Food segment is anticipated to register XX% of the volume share.
The frozen food segment is poised to grow at a significant CAGR during the forecasted period.
US Refrigerated Van Trailers Market is segmented by type into Frozen food and chilled food. The chilled food segment accounted for the maximum share in 2019 owing to increased demand from the end-user industry like food and beverages and rising demand for perishable goods. Long-distance transportation of food needs them to be at the optimal temperature to avoid wastage thus increasing the demand for this segment. However, the increasing trend of frozen food, especially in US, drives the Frozen food segment. People prefer semi-prepared food in the form of frozen food hence driving the segment growth. Moreover, the sea-food and meat industry mostly sell frozen food thus creating demand from the end-user for frozen refrigerated van trailers to transport the food without causing any wastage.
The fruits and vegetable segment accounted for XX% of the nation’s volume in 2019
Seafood & meat segment is poised to grow at the highest CAGR during the forecasted period
US Refrigerated Van Trailers market is segmented by application into Pharmaceuticals, dairy, fruits & vegetables, meat & seafood, and others. Daily demand for fresh fruits and vegetables provides lucrative opportunities for the key players and thus driving the growth of this segment. Vegetables and fruits after cultivation demand immediate transportation as they are highly perishable goods. To avoid wastage and preventing the freshness of food, this segment accounted for the maximum share in 2019. The growing number of fast-service and retail restaurants has improved food consumption and the market for frozen and cooled food and beverages has increased.
However, due to a rise in the cold chain, the demand for seafood and meat which are available in the form of frozen food is anticipated to increase tremendously. People in the US prefer frozen food and tend to store them for later use. This increases the shelf life of food thus increasing its life and thereby creating more demand from end-user fueling the segment growth. Organic foods, milk, and meat are anticipated to be highly demanded in packaging. In the US food industry, the growth of level 2 brands is estimated to contribute high volumes, while bigger food companies are increasing their constant requirement for cooling transport.
Growth in Cold Chain
The cold chain industry has seen tremendous growth and is poised to grow even further during the forecasted period. The Cold Chain serves as a means of maintaining and extending the shelf-life of items perishable like frozen film, meat and sea products, fruits and vegetables, dairy, pharmaceuticals, and chemicals. The growing fast food industry has led to the growth of the cold chain industry in developing as well as emerging economies. Most businesses depend on the development of new technology to boost product shelf life and gain a competitive advantage in the industry.
Demand for Frozen Food
Growing demand for frozen food also affects refrigerated trailer acceptance. Increasing supply and a transformed way of life have changed the habits of food eating worldwide, thereby preferring convenience foods, which demand effective logistics services. The industry will be driven in the future by demand for packaged food.
Lack of Awareness
Poor handling of food items leads to spoilage of food. Every year the US faces the problem of tons of spoiled food due to inadequate handling and delay in transportation of food products. High maintenance of refrigerator hampers the market growth.
US Refrigerated Van Trailers Market: Regions
The key development facilities for the refrigerated van trailers industry in the US are the issue of perishability and the need to sustain food and non-food segments at appropriate temperatures to avoid waste. The growth of refrigerated stock capacity in the US is having a significant impact on the cooled logistics market. As an economically vast country, the United States needs refrigerated trucks and trailers to avoid food spoilage and thereby influencing the market growth. The market for temperature-controlled logistics keeps increasing as perishable food products are kept in the cold chain at optimum temperature until they reach end-users. The demand offers vendors more incentives to boost their investments, which can help both refrigerated van trailers and food producers. The region segment can be further divided into four major types including Eastern US, Northern US, Western US, and the Southern US.
With hundreds of FTL and LTL carriers, the US refrigerated van trailers industry is big, fragmented, and extremely competitive. The market is dominated by no single player. Tariff, efficiency, and customer service are the three key factors on which profitability depends. When the market dynamics change, the strategic factors change. The tariff for hire refrigerated van trailers companies for example becomes considerable in a low demand market scenario while the capacity and service quality becomes more important in times of high customer demand. In US the price of a truckload refrigerated carrier is mainly based on supply and demand factors. For example, Krone announced plans in 2015 to concentrate on new insulation technology R&D and cooling boxes energy recovery technology
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