Global Refrigerated Transport Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028- Increasing demand for multi temperature refrigerated units, rising usage of transport vehicles, and growing prevalence of foodborne diseases are some of the major factors driving the growth of the Global Market.
Global Refrigerated Transport Market is valued at USD 17.34 Billion in 2021 and expected to reach USD 26.43 Billion by 2028 with the CAGR of 6.20% over the forecast period.
Refrigerated transport is a method of freight transportation using specially designed temperature-controlled trucks. Transport trucks have a built-in refrigeration system that cools shipments at a controlled temperature throughout the shipment process. Refrigerated transport is a system used to transport fresh produce such as fruits, vegetables, meat, fish, etc. It controls the temperature to preserve the food. Refrigerated transport protects food from theft, damage, weather, and spoilage. To maintain the temperature, a refrigeration system is used which consists of liquefied gas, water ice, dry ice, or a prepared freezing mixture. The transport also has a heater during the winter season to maintain a certain temperature to preserve the products.
The Covid-19 pandemic has shown a negative impact on the growth of the global refrigerated transport market. Government regulations around the world such as lockdowns and social distancing have greatly affected transportation. Traffic is mainly carried out by ships moored on board, unloading at different places or boarding at different ports and berths, downstream and detained. And because of these Covid-19 regulations, these markets were largely disrupted. The pandemic has caused financial stress to global transportation and logistics companies due to cash flow, staff shortages, fewer contracts, and other issues, which have led to a reduction in employee salaries and a severe decline in global trade volumes. However, after the pandemic market will be expected to grow for the forecast period.
The global refrigerated transport market is segmented on basis of application, mode of transport (road), technology, temperature and region & country level. Based on application, the global market is classified into frozen food and chilled food. By mode of transport (road), the global market is classified into LCV, HCV, and MHCV. By technology, the global market is classified into air-blown evaporators, fully electrified, hybrid, and eutectic devices. By temperature, the global market is classified into multi-temperature and single temperature.
The regions covered in the global refrigerated transport market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
Some major key leaders for the global market report cover prominent players like -
One of the major factors driving the growth of the refrigerated transport market is the increasing demand for multi-temperature refrigerated units. Growing demand for multi-temperature refrigerated units in vehicles is a major factor driving the demand for medium and heavy commercial refrigerated vehicles, as multi-temperature refrigerators have a large space, which transports a variety of goods such as fresh and frozen products such as beverages, fish, meat, fruits and vegetables, dairy products and ice cream. Furthermore, the increasing development of multi-temperature-based heavy vehicles is expected to supplement the market growth. For instance; on August 3rd, 2020; Carrier Transicold launched three new refrigeration units, delivering significant operational and environmental benefits for truck, trailer, and light commercial vehicle fleets.
In addition, the rising usage of transport vehicles is also boosting the growth of the market. Increasing awareness among consumers about healthy eating habits and better availability of various products is driving the demand for the use of these transport vehicles. Transport trucks play a very important role in delivering various goods to every corner of the country. Local governments and companies find it highly beneficial to use these refrigerated transports as they help in providing better revenue during the freshness of the delivered goods. The use of media for transportation is very important for companies. The success of any organization depends on the products available in the market. Products in refrigerated trucks or vans can be monitored and temperatures can be set as needed. It also offers ease of delivery to end user locations.
Moreover, the growing prevalence of foodborne diseases is also supplementing the market growth. The high prevalence of various foodborne diseases and disorders such as colic, vomiting, and diarrhea is expected to increase the demand for refrigerated transport for food distribution globally to maintain the safety of food products. For instance; according to World Health Organization, on May 19th, 2022; unsafe food containing harmful bacteria, viruses, parasites, or chemicals caused more than 200 diseases ranging from diarrhea to cancer.
However, the high energy cost and climate change affecting transportation infrastructure associated with refrigerated transport may hinder the growth of the global market. Despite that, rising foreign direct investments, and integration of multi-temperature systems in trucks and trailers may create more opportunities for the further growth of the global market.
North America is Expected to Show a Significant Growth in the Global Refrigerated Transport Market due to increasing technological innovations in refrigerated systems, rising disposable income, and growing retail and e-commerce sector in this region. For instance; on July 23rd, 2020; Lineage Logistics announced the launch of its Canadian platform through the acquisition of Ontario refrigerated services inc.
Europe is expected to show a significant growth in the global refrigerated transport market within the forecast period due to the increasing demand for chilled and frozen foods, rising population, and growing demand for refrigerated transport in this region. Increasing demand for chilled and frozen foods is driving the growth of the market. The frozen food market continues to grow in Germany, one of the top consumer countries on this segment in the world.
On August 10th, 2021; Thermo King, the world’s leading transport temperature control solutions provider, and a brand of Trane Technologies, launched its innovative product T-80E series units across the Asia Pacific market. As the next-generation product based on the Thermo King T series, T-80E series features new improved version of the control software, and are equipped with long-life electronic evaporator fans. It represents Thermo King’s innovative technologies and sustainability focus to deliver greater refrigeration capacity with more accurate temperature control ability, exceeding customer expectations.
On January 25th, 2021; Daimler India Commercial Vehicles unveiled the BharatBenz BSafe Express, a specialized reefer truck designed for the safe transportation of Covid-19 vaccines. The connected truck uses newly developed refrigeration units to accurately monitor and maintain the temperature and stability of vaccines at all stages of distribution.
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 17.34 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 26.43 Billion|
|Tables, Charts & Figures:||175|
|Companies||United Technologies Corporation, Daikin Industries, Lamberet SAS, Ingersoll Rand PLC, China International Marine Containers, Schmitz Cargobull AG, Wabash National Corporation, Utility Trailer Manufacturing Company, VE Commercial Vehicles Limited, Shaanxi Tianhui Inlong Trading Co. Ltd, Tata Motor, KRONE, and others.|
|Segments Covered||By Mode of Transport (Road), By Application, By Technology, By Temperature|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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