What Has Been the Progress and Growth of the Refrigerated Goods Trucking Market in Recent Years?
The refrigerated goods trucking market has seen considerable growth due to a variety of factors.
• The market size for refrigerated goods trucking has seen a swift expansion in the latest years. It is projected to expand from $68.58 billion in 2024 to $75.55 billion in 2025, marking a compound annual growth rate (CAGR) of 10.2%.
The growth witnessed in the past period is due to the rising demand for perishable foods, significant economic development in emerging markets, low oil costs, and taxation.
What Is The Expected Growth In The Refrigerated Goods Trucking Market Size Evolve over the Forecast Period?
The refrigerated goods trucking market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for refrigerated goods trucking is predicted to expand swiftly, with its value escalating to $110.77 billion in 2029, marking a compound annual growth rate (CAGR) of 10.0%.
The surge in growth during the projected period can be accredited to factors such as an uptick in food exports, advancements in technology, an increase in organic foods consumption, hastened urbanization, and amplified demand from the healthcare sector. Significant trends foreseen during the forecast period encompass the adoption of connected trucking, pouring investments into tech innovations, the utilization of advanced robots for picking, loading, unloading, and package handling, implementation of collision mitigation systems for safer travels, the application of demand pricing strategy to optimize asset usage and manage capacities, and the employment of big data along with artificial intelligence.
What Main Forces Are Fueling Expansion In The Refrigerated Goods Trucking Market?
The projected expansion of the refrigerated goods trucking market is anticipated to be fueled by the rising demand for perishable foods such as ready-to-eat meals, dairy products, fruits, and vegetables. The burgeoning necessity for frozen food items is encouraging suppliers to outfit their refrigerated units with multi-temperature systems, computerized controls, and insulating liners to maintain the necessary food temperature. For instance, data from the National Association of Convenience Stores (NACS), a trade association based in the US, indicated that in April 2024, total foodservice sales accounted for 26.9% of in-store sales in 2023, an increase from 25.6% in 2022. Prepared food sales rose by 12.2% per store per month, making it the leading in-store category. Thus, the augmented demand for refrigerated food products is predicted to boost the growth of the refrigerated goods trucking market throughout the projected period.
What Are The Primary Segments In The Global Refrigerated Goods Trucking Market?
The refrigerated goods trucking market covered in this report is segmented –
1) By Vehicle Type: Light Commercial Vehicle, Medium Heavy Commercial Vehicles, Heavy Commercial Vehicles
2) By Temperature: Single Temperature, Multi-Temperature
3) By Application: Food Products, Poultry, Meat, and Seafood, Dairy and Beverages, Bakery And Confectionery, Pharmaceutical, Other Applications
Subsegments:
1) By Light Commercial Vehicle: Refrigerated Vans, Small Refrigerated Trucks
2) By Medium Heavy Commercial Vehicles: Medium Refrigerated Trucks, Box Trucks With Refrigeration Units
3) By Heavy Commercial Vehicles: Heavy-Duty Refrigerated Trailers, Refrigerated Container Trucks
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What Trends Are Shaping The Refrigerated Goods Trucking Market?
Leading businesses in this market are persistently investing in launching innovative technologies such as cloud computing and IoT solutions, which offer real-time tracking for superior visibility, accountability, and performance in refrigerated transport and storage. The term real-time tracking refers to the ability to keep an eye on the location and movements of vehicles, people, or assets instantly using tracking technologies like GPS. For instance, in June 2024, an electric medium-and heavy-duty vehicles manufacturer based in Canada, GreenPower Motor Company, unveiled the EV Star ReeferX, a refrigerated medium-duty delivery truck that runs completely on electricity. Constructed on the EV Star Cab & Chassis structure, the ReeferX model is lightweight for a larger payload capacity and can be completely customized. It's specifically designed for refrigerated deliveries from middle- to final-mile, targeting sectors such as fresh and frozen food, pharmaceuticals, and flowers.
Who Are the Key Players In The Refrigerated Goods Trucking Market?
Major companies operating in the refrigerated goods trucking market include:
• Prime Inc.
• Stevens Transport
• Knight-Swift Transportation Holdings Inc.
• C.R. England
• Marten Transport Ltd.
• China International Marine Containers
• Great Dane
• Schmitz Cargobull AG
• Shaffer Trucking
• KLLM Transport Services
• Deutsche Post DHL
• Nippon Express
• Yamato Transport Co. Ltd (Japan)
• Yusen Logistics & TASCO
• Sinchai Cold Storage
• Tiong Nam Logistics
• Jentec Storage Inc
• Kogel Trailer GmbH & Co
• SNCF Deodis
• GERCO S.A
• STEF
• HSF Logistics
• Algarverpania Refrigeration
• Krone
• Gibon Logistics
• CEE Logistics
• GEFCO
• Kuehne-Nagel
• Hyundai Translead Inc.
• Wabash National
• JSL S. A
• Transportes Bertolini Ltda
• Braspress Logistics
• DHL Global Forwarding
• CEVA logistics
• ATS Dubai
• Mashaweer
• ADSO
• HST Logistics LLC
• Carrier Global Corporation
• Daikin IndustriesLtd.
• Denso Corporation
• Klinge Corporation
• Mitsubishi Heavy IndustriesLtd.
• Subros Limited
• Songz Automobile Air Conditioning Co.Ltd.
• Thermo King (Trane Technologies)
• Webasto Thermo & Comfort
What Is The Most Dominant Region In The Refrigerated Goods Trucking Market?
North America was the largest region in the refrigerated goods trucking market in 2024. Western Europe was the second largest region in the global refrigerated goods trucking market share. The regions covered in the refrigerated goods trucking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
