The global refrigerated transport market size was valued at US$ 24 billion in 2022 and it is expected to reach around US$ 284.44 billion by 2032, growing at a compounded annual growth rate of 28.10% during the forecast period 2023 to 2032.
To Access our Exclusive Data Intelligence Tool with 15000+ Database, Visit: Precedence Statistics
To Access our Exclusive Data Intelligence Tool with 15000+ Database, Visit: Precedence Statistics
The refrigerated transport is a special method used for transportation of various products which need control temperature during the transport. In order to transport perishable goods like fruits, vegetables, frozen foods and other chemicals that are temperature sensitive the refrigerator transport is used. The built in system which helps in keeping the temperature regulated throughout the process is extremely beneficial for many industries.
Products like fruits, meats and many other pharmaceutical products need refrigerator transport. In order to ensure the temperature is regulated the trucks that are used for transport are insulated in order to retain the quality of the products. There are many different types of technologies and many efforts that are taken by the government for providing better infrastructure in this industry. The loss do to fruits or vegetables is extremely high and there is an increased need for refrigerated transport across many developed and the developing nations. There is an extremely complex process required in the transport systems. These carriers are exposed to varied weather conditions when the vehicle passes through different temperatures on the way to the destination. Also there is an increased risk of the container being flammable.
There would be major loss to the food industry as the food items would perish even before reaching the end consumers without the availability of the refrigerated transport. Various products which are ready for consumption and produced at places which are extremely far away from the place of consumption have a great demand for refrigerated transport. The availability of fridge vans and trucks are helpful in providing gods in a condition which is suitable for consumption. The usage of refrigerated transport helps in reducing the wastage and therefore it is extremely environment friendly. These vehicles are the reason why the items remain fresh. There's an increase in the demand for the refrigerated transport as many manufacturers are seeking this type of transport to move their products. As the food products of the pharmaceutical products are preserved in the best state the nutrients in these foods are intact.
The growing awareness among the consumers regarding healthy food habits and good availability of various products are creating a demand for the usage of these transport vehicles. These trucks are also important for the growth of the economy. The transport trucks have an extremely important function of transporting various items to nooks and corners of the country. The local government and the companies find it extremely beneficial to use these refrigerated transports as they help in providing better revenues during the freshness of the items delivered. The use of a medium for transport is extremely important for the companies. The success of any organization depends upon the products that are offered in the market. The products in the refrigerator trucks or vans can be monitored and the temperature can be set as per the requirement. It also offers ease of delivery to the locations of the end user. Owing to all of these reasons the market for refrigerated transport is expected to grow during the forecast period.
Report Scope of the Refrigerated Transport Market
|Market Size by 2032
|USD 284.44 Billion
|Growth Rate from 2023 to 2032
CAGR of 28.10%
|Fastest Growing Region
|2023 to 2032
|Product, Temperature, Technology, Vehicle Used, Mode of Transport (Road), Geography
|United Technologies Corporation (Carrier Corporation) (US), DAIKIN INDUSTRIES Ltd.(Japan), Utility Trailer Manufacturing Company (US), Singamas Container Holdings Limited (China), Hyundai (Korea), VE Commercial Vehicles Limited (India), Shaanxi Tianhui Inlong Trading Co. Ltd (China), Wabash National Corporation (US), Great Dane LLC (US), Schmitz Cargobull (Germany)
On the basis of the product type, the chilled products segment has had the largest market share in 2022 and is expected to grow during the forecast period as there is an increase in the demand for dairy products, beverages, fresh fruits, bakery and confectionery items. Even though there has been saturation in the developed nations the developing nations are seeing a great growth of this segment. There's a growing demand for chilled food products indie emerging countries. The other factors that are responsible for the growth of the chilled food products segment is the increase in the supermarkets across the globe which is providing good opportunities for the growth of this segment.
The frozen food products segment is also expected to garner good amount of market share. Various plant based and animal based perishable products are in demand and therefore the frozen food segment is also expected to see a growth during the forecast period. As there is a growing demand for ready to cook food which is available in the frozen form which is extremely time saving and easy so it is preferred by the working class. This creates a need for the refrigerated transport for moving these frozen food products from one place to another. The frozen food products available in the market can be extremely perishable if there is an alteration in the temperature and it may also be unfit for consumption. Therefore there is a growing demand for refrigerated transport especially for this segment.
The vapor compression segment had a larger market share in the 2022. The vapor compression segment shall have a dominating position in the years to come. This method or technology which is used in the refrigerated transport system is extremely useful in preserving the frozen food products. This technology happens to be the most effective technology available in the market across the developed and the developing nations. This technology helps in preserving the food in their exact form until it reaches the destination.
In the cryogenic method liquid nitrogen or solid carbon dioxide is used. The cryogenic freezing is extremely useful for maintaining very low temperature to maintain the quality of the products in transport. In the cryogenic refrigeration the temperatures could be as low as 150 Kelvin.
On the basis of temperature, the single temperature segment had a market share of about 31% in the recent years. In the future the multiple temperature segment will dominate the market. In a refrigerator truck or van which is used for transport the temperature is set at once for all the perishable goods that are carried in the truck. The refrigerated transport which uses single temperature is useful for many products. Single temperature of segment is expected to grow due to usage in the transport of dairy products, pharmaceuticals, fruits and vegetables, meat and fish.
The multi temperature segment is expected to grow as it helps in carrying frozen food products in the same refrigerator transport which acts as a freezer for these products.
Vehicle Used Insights
There are many different types of vehicles which are used for the transport of perishable food items and other products. The lightweight commercial vehicle segment is expected to have the largest market share during the forecast period. This segment had seen a significant growth in the recent years. Due to a growing demand for home delivery services which are provided by various online websites the use of light commercial vehicles for carrying the frozen products order refrigerated products for delivery in short distances is seeing great demand. There was a good amount of demand for the light commercial vehicles segment during the pandemic as many online stores were providing delivery services which made use of these lightweight vehicles for transporting products from one place to another.
The light commercial vehicle segment had also seen a good demand during the pandemic due to the increase in the consumption of various pharmaceutical products. Heavy commercial vehicles are used for transporting goods over a long distance. It is extremely useful for transporting perishable items which happened to be the raw materials of other manufacturer’s beard.
The Asia Pacific region had the largest market share for the refrigerator transport market. The European nations and the North American countries I expected to have a steady growth during the forecast period there has been saturation in the North American and European countries over the period of time. The developing nations in the Asia Pacific region are growing rapidly due to industrialization and growing population. Order to provide developed and advanced transport infrastructure governments in the Asia Pacific region or providing investments. The major countries which are contributing to the growth of the refrigerated transport market are India, Japan and China.
Asia Pacific region due to rapid industrialization and two income households as a growing demand for refrigerated transport as the frozen food products or convenient to cook and happen to be time saving. The busy lifestyle in nations like India, China and Japan is creating a great demand for refrigerated transport. Emerging economies are also consuming frozen food products as it is easily available in the market.
Key market players in the refrigerated transport market
Segment covered in the report
By Vehicle Used
By Mode of Transport (Road)
PROCEED TO BUY :
ASK FOR SAMPLE
No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client