The refrigerated transport market has exhibited strong growth, expanding from $113.6 billion in 2023 to $123.17 billion in 2024 at a CAGR of 8.4%. Growth factors include international trade expansion, health-conscious consumers, stringent food safety regulations, growth in the food and beverage industry, and global population increases. The market is projected to reach $167.86 billion by 2028, with a CAGR of 8.0%. Drivers include rising global food demand, healthcare logistics growth, sustainable transport initiatives, e-commerce and online grocery shopping, and increased pharmaceutical transportation. Key trends include remote monitoring solutions, collaborative industry partnerships, blockchain technology adoption, customized refrigerated solutions, and a shift towards green energy.
Major Driver In The Refrigerated Transport Market
The refrigerated transport market is witnessing growth owing to the rising popularity of frozen food products. The term "frozen variants" encompasses pre-treatment processes such as blanching, heat treatments, dipping treatments, and cryoprotection. This trend is driven by the increased accessibility and affordability of frozen variants of fresh products, leading to a surge in vegetable intake. In April 2021, WahUstad reported a 40–50% increase in the frozen food market for fresh items in India, with expectations of a 10–15% rise in the coming years. Similarly, Grocery, a UK-based premium food store chain, noted a 16% spike in frozen food sales in the UK as of April 2020. The popularity of frozen choices, especially for stockpiling food, underscores the potential for growth in the refrigerated transport market. Consequently, the rise in frozen food products is poised to drive the expansion of the refrigerated transport market, with the market sizes of 2023, 2024, and 2028 shaping its developmental path.
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Refrigerated Transport Market Competitive Landscape
Hyundai Motor Company, FedEx Corporate Services Inc., United Technologies Corporation, DB Schenker, Tyson Foods, Tata Motors, MSC Mediterranean Shipping Company S.A., Daikin Industries Ltd., Thales Group, General Mills Inc., Kellogg Company, Smithfield Foods, Conagra Brands, Kerry Group plc, Swift Transportation Co, Ingersoll Rand, China International Shipping Containers, Gemalto NV, Schmitz Cargobull, Krone Commercial Vehicle Group, Wabash National Corporation, Del Monte Pacific Ltd., VE Commercial Vehicles Limited, Singamas Container Holdings Limited, Utility Trailer Manufacturing Company, Great Dane LLC, Kapsch Traffic Com, Lamberet SAS, Shaanxi Tianhui Inlong Trading Co Ltd
Key Refrigerated Transport Market Trend
Technological innovations are the key trends gaining popularity in the refrigerated transport market. Major companies operating in the market are focused on introducing new technologies to sustain their position in the market. For instance, in 2021, Thermo King, a US-based company engaged in transport temperature control systems, launched its innovative product T-80E series units. The unique features of T-80E series units have enhanced temperature control accuracy in the truck's cold compartment, as well as an engine with lower emissions to the environment, higher performance, lower maintenance cost, longer life, and better cost efficiency, all of which contribute to a lower total cost of ownership.
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Refrigerated Transport Market Segmentation
The refrigerated transport market covered in this report is segmented –
1) By Transport Type: Refrigerated Road Transport, Refrigerated Medium & Heavy Commercial Vehicles (MHCV), Refrigerated Light Commercial Vehicles (LCV), Refrigerated Heavy Commercial Vehicles (HCV)), Refrigerated Sea Transport, Refrigerated Rail Transport, Refrigerated Air Transport
2) By Temperature: Single Temperature, Multi-Temperature
3) By Application: Chilled Food, Frozen Food
By Geography:The regions covered in the refrigerated transport market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the refrigerated transport market in 2023.
The Refrigerated Transport Global Market Report 2024 furnishes information about the global refrigerated transport market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
