Tank & Refrigeration Trucking in Canada - Market Research Report (2013-2028)
New York, United States
Last Updated: October 2023
NAICS 48423CARevenue
$15.2bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
40,714
Businesses
12,039
Wages
$X.Xbn
Tank & Refrigeration Trucking in Canada industry analysis
Over the past five years, tank and refrigeration truckers in Canada have faced a downturn as they weren't able to immediately rebound from challenges brought on by the COVID-19 pandemic. Social distancing protocols led to reduced operating capacities that cut industrial production and trade, which in turn cut the need for tank and refrigeration trucks to carry goods. While many industries began to recover as the pandemic subsided, skyrocketing oil prices and lingering supply chain issues prevented tank and refrigeration truckers from capturing slowly returning demand. Industry-wide revenue has been falling at a CAGR of 1.3% over the past five years and is expected to total $15.2 billion in 2023, when revenue will dip by an estimated 1.0%.Minimal barriers to entry have led to the industry being heavily saturated and fragmented, but pandemic-related challenges led to two years of a net decline in enterprises. The total number of tank and refrigeration trucking companies has been steadily climbing for over a decade, and this temporary alleviation from saturation enabled truckers to boost profit by offsetting high operating costs with fuel surcharges. Continued investment into remote monitoring systems and a continued reliance on labour will make it difficult to expand profit through the end of 2028, though.Looking towards the next five years, the industry's revenue is set to climb, albeit modestly. A rise in consumer spending and expanding industrial production will lift the number of goods in need of transportation, supporting growth for the industry. The value of trade in and out of Canada is also expected to swell and bring demand for trucks to carry goods to key markets in the US, though a strong Canadian dollar will lessen these benefits. The elimination or reduction of fuel surcharges as the price of crude oil declines and price competition remains present will also temper revenue growth over the next five years. Upstream manufacturers will continue to try to test autonomous trucks, but, while this technology would bring an unprecedented overhaul to the industry, most experts don't expect driverless trucks to hit the roads within the next five years. The Tank and Refrigeration Trucking in Canada industry's revenue is forecast to grow at a CAGR of 0.2% over the five years through 2028 to total $15.4 billion.
Trends and Insights
- The COVID-19 pandemic disrupted demand. As consumer spending and industrial production tanked, there were fewer products in need of transportation services from tank and refrigeration truckers.
- Climate-controlled products rely on the industry’s trucks. Many food products, medical supplies and cosmetic need to be transported in an environment that preserves the proper temperature and humidity, making tank and refrigeration truckers invaluable to their supply chain.
- Population sustains demand for trucking. Warehouses and distribution centers are more often located in dense metropolitan areas, so tank and refrigeration truckers commonly locate near populated areas to bring products to the source of demand.
- Price is key to securing demand. Large companies can often leverage forward fuel purchasing contracts with wholesalers to offer lower prices than competing truckers that are tacking on fuel surcharges.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has declined at a CAGR of 1.3 % over the past five years, to reach an estimated $15.2bn in 2023.
Trends and Insights
Revenue dropped as the COVID-19 pandemic spread
- Tank and refrigeration truckers faced a severe drop in demand in 2020 as industrial production and trade value tanked amid social distancing guidelines that left companies in many industries operating at a reduced capacity. Reduced output meant a lessened need for trucks to carry goods at all points in the supply chain.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Macroeconomic factors will put growth on cruise control
- Continued improvements in the broader economy and rising levels of consumer spending are anticipated to bolster both manufacturing and retail activity, which in turn boosts the number of products that require transportation.
Biggest companies in the Tank & Refrigeration Trucking in Canada
| Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
|---|---|---|---|---|
Mullen Group Ltd. | 457.3 | N/A | N/A | |
TFI International Inc. | 442.0 | N/A | N/A | |
Bison Transport | 259.1 | N/A | N/A |
To view the market share and analysis for all 4 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Standard packed goods, Dry bulk and Bulk liquids and gases. Standard packed goods is the largest segment of the Tank & Refrigeration Trucking in Canada.
Trends and Insights
Standard packed goods are often shipped by the industry
- Though the industry's central focus is to distribute specialized goods, tank and refrigeration truckers also ship large quantities of standard packed goods without the use of climate-control systems.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Rail Transportation in Canada
Complementors
- Long-Distance Freight Trucking in Canada
- Local Specialized Freight Trucking in Canada
- Waste Collection Services in Canada
International industries
- Tank & Refrigeration Trucking in the US
- Road Freight Forwarding in Australia
- Road Freight Transport in New Zealand
Table of Contents
About this industry
Industry definition
The Tank and Refrigeration Trucking industry in Canada provides long-distance trucking services for atypical cargo requiring specialized transportation. Companies in this industry transport bulk liquids, frozen goods, dry bulk materials, forest products, automobiles and other specialized freight between metropolitan areas. However, this industry does not include the transport of used goods.
What's included in this industry?
Long-distance automobile carrier truckingLong-distance bulk liquid truckingLong-distance agricultural products trucking (including livestock)Long-distance hazardous material truckingLong-distance gravel hauling servicesLong-distance refrigerated products truckingLong-distance garbage haulingLong-distance tanker truckingCompanies
Mullen Group Ltd.TFI International Inc.Bison TransportPurchase this report to view all 4 major companies in this industry.
Related Terms
SHRINKAGEINTERMODALREEFERTRUCKLOAD (TL)LESS-THAN-TRUCKLOAD (LTL)Industry Code
NAICS 48423 - Tank & Refrigeration Trucking in Canada
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The COVID-19 pandemic disrupted demand. As consumer spending and industrial production tanked, there were fewer products in need of transportation services from tank and refr...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Climate-controlled products rely on the industry’s trucks. Many food products, medical supplies and cosmetic need to be transported in an environment that preserves the prope...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2023
- Product innovation level
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Population sustains demand for trucking. Warehouses and distribution centers are more often located in dense metropolitan areas, so tank and refrigeration truckers commonly l...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each province
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each province in 2023
- Number and share of revenue each province accounts for in 2023
- Number and share of wages each province accounts for in 2023
- Number and share of employees in each province in 2023
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Price is key to securing demand. Large companies can often leverage forward fuel purchasing contracts with wholesalers to offer lower prices than competing truckers that are ...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
The industry doesn't have any major companies. Tank and refrigeration trucking companies can't leverage economies of scale to become dominant, making the industry mostly comp...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
- Overview of Mullen Group Ltd.'s performance by revenue, market share and profit margin from 2017 through 2023
- Overview of TFI International Inc.'s performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Bison Transport's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of revenue, market share and profit margin trend for one additional company
Detailed analysis
- Description and key data for Mullen Group Ltd., and factors influencing its performance in the industry
- Description and key data for TFI International Inc., and factors influencing its performance in the industry
- Description and key data for Bison Transport, and factors influencing its performance in the industry
- Description, key data and performance trends for one additional company
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Road safety regulations must be followed. Trucking companies have to keep their vehicles running smoothly and allow their drivers regular breaks to reduce the likelihood of c...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2013-2028)
- Assistance historical data and forecast (2013-2028)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Profit has slightly dipped. While fuel surcharges have helped tank and refrigeration truckers weather skyrocketing oil prices, a decline in revenue has brought down profit.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2016-2021)
- Coverage Ratios (2016-2021)
- Leverage Ratios (2016-2021)
- Operating Ratios (2016-2021)
- Assets (2016-2021)
- Liabilities (2016-2021)
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Canada include:
- Statistics Canada
- Industry Canada
- Canadian Business Patterns
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Tank & Refrigeration Trucking industry in Canada in 2024?
The market size of the Tank & Refrigeration Trucking industry in Canada is $15.2bn in 2024.
How many businesses are there in the Tank & Refrigeration Trucking in Canada industry in 2023?
There are 12,039 businesses in the Tank & Refrigeration Trucking industry in Canada, which has grown at a CAGR of 0.3 % between 2018 and 2023.
Has the Tank & Refrigeration Trucking industry in Canada grown or declined over the past 5 years?
The market size of the Tank & Refrigeration Trucking industry in Canada has been declining at a CAGR of 1.3 % between 2018 and 2023.
What is the forecast growth of the Tank & Refrigeration Trucking industry in Canada over the next 5 years?
Over the next five years, the Tank & Refrigeration Trucking industry in Canada is expected to grow.
What are the biggest companies in the Tank & Refrigeration Trucking market in Canada?
The biggest companies operating in the Tank & Refrigeration Trucking market in Canada are Mullen Group Ltd., TFI International Inc. and Bison Transport
What does the Tank & Refrigeration Trucking in Canada include?
Long-distance automobile carrier trucking and Long-distance bulk liquid trucking are part of the Tank & Refrigeration Trucking industry.
Which companies have the highest market share in the Tank & Refrigeration Trucking in Canada?
The company holding the most market share in Canada is Mullen Group Ltd..
How competitive is the Tank & Refrigeration Trucking industry in Canada?
The level of competition is moderate and steady in the Tank & Refrigeration Trucking industry in Canada.
