Refrigerated Transport Market Size, Share, and Trends 2024 to 2034

Refrigerated Transport Market Size and Growth 2024 to 2034

The global refrigerated transport market size accounted for USD 39.38 billion in 2024 and is predicted to reach around USD 398.63 billion by 2034, growing at a CAGR of 26.05% from 2024 to 2034.

To Access our Exclusive Data Intelligence Tool with 15000+ Database, Visit: Precedence Statistics

Key Takeaway

• Asia Pacific region held highest revenue share 38% in 2023.
• Europe region accounted market share of around 29% in 2023.
• By technology, the air blown evaporators segment has garnered revenue share of around 49% in 2023.
• The eutectic devices technology segment accounted revenue share 32% in 2023.

Asia Pacific Refrigerated Transport Market Size and Growth 2024 to 2034

The Asia Pacific refrigerated transport market size was valued at USD  11.68 billion in 2023 and is expected to be worth around USD 151.48 billion by 2034, growing at a CAGR of 26.50% from 2024 to 2034.

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.

Market Overview

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.

Growth Factors

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

Product Insights

On the basis of the product type, the chilled products segment has had the largest market share in 2023 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.

Technology Insights

The vapor compression segment had a larger market share in the 2023. 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.

Temperature Insights

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.

Refrigerated Transport Market Companies

• 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)
• KRONE (Germany)
• LAMBERET SAS (France)
• Ingersoll Rand (Ireland)
• China International Shipping Containers (Group) Co.
• Ltd (China) Tata Motors (India)

Recent Developments

• Ingersoll Rand manufactured e200 which is a fully electric refrigeration unit. e200 Units are customized for trucks as well as vans which are of the medium size. This product it was launched in February 2021. It is extremely useful for urban setups for the end user deliveries as it has an extremely low weight and does not cause a lot of sound pollution. These newly launched refrigeration units are extremely convenient and reliable for utilization.
• Phillips connect and United Technologies Corporation formed the partnership in order to launch utility connect in March 2022. The system shall be compatible with the Philips connect smart 7 nosebox.
• In order to carry out the transport of the COVID-19 vaccinations across the nation during the pandemic Tata Motors had provided refrigerated trucks for this cause. Tata Moto rsannounced this new range off the fridge refrigerated trucks in January 2021. This transport vehicle was well equipped with specialized transportation equipment which were necessary for the COVID-19 vaccination
• Apart from Tata Motors Daimler India had also launched a range of vehicles which were extremely useful for the transportation of vaccines during the pandemic. In January 2021 Daimler India also launched or refrigerated truck for this cause.

Segment covered in the report

By Product

• Chilled Food
• Milk
• Bakery & confectionery products
• Dairy products
• Beverages
• Fresh fruits & vegetables
• Frozen Food
• Ice cream
• Frozen dairy products
• Meat-processed
• Fish & sea food
• Bakery products

By Temperature

• Multiple Temperature
• Single Temperature

By Technology

• Vapor Compression Systems
• Air Blown Evaporators
• Eutectic Devices

By Vehicle Used

• Heavy Commercial Vehicle
• Light Commercial Vehicle
• Medium Commercial Vehicle

By Mode of Transport (Road)

• LCV
• MHCV
• HCV

By Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Malaysia
• Philippines
• Latin America
• Brazil
• Rest of Latin America
• Middle East & Africa (MEA)
• GCC
• North Africa
• South Africa
• Rest of the Middle East & Africa