What is the Historical Analysis of the Refrigerated Transport Market Size?
The refrigerated transport market has seen considerable growth due to a variety of factors.
• The expansion in the refrigerated transport market has been significant in recent years, with its value projected to increase from $121.46 billion in 2024 to $130.95 billion in 2025. This denotes a compound annual growth rate (CAGR) of 7.8%.
Factors that have contributed to this historical growth include the expansion of international trade, an increasing population of health-aware consumers, stricter food safety rules, developmental growth in the food and beverage sector, and an overall increase in the global population.
What Is the Forecasted Market Size and Growth Rate for The Refrigerated Transport Market?
The refrigerated transport market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the refrigerated transport market is projected to experience substantial growth, expanding to $180.16 billion in 2029 with a compound annual growth rate (CAGR) of 8.3%.
This growth throughout the forecast period can be ascribed to various factors such as the rise in global food demand, advances in healthcare logistics, the promotion of sustainable transport pathways, the surge in e-commerce and online grocery shopping, and the growing need for pharmaceuticals. The forecast period will also see leaps in areas like remote monitoring technologies, mutually beneficial partnerships, the advent of blockchain technology, tailor-made refrigerated solutions, and a shift towards renewable energy sources.
What Factors Are Driving Growth In The Refrigerated Transport Market?
The expansion of the refrigerated transport market is fueled by escalating demand for frozen food products. Processes such as blanching, heat therapies, dipping treatments, and cryoprotection are involved in the pre-treatment of these frozen variants, based on the specific items under consideration. The use of frozen versions of a variety of fresh items is on the rise, as they can contribute to greater vegetable consumption due to their easy availability and affordability. As per WahUstad, an Indian firm that manufactures and supplies fresh frozen foods, such products are growing in popularity. Frozen Food Europe, a UK-based magazine offering insights into the European frozen food sector, estimated in December 2023 that the global frozen food market stood at a massive USD 392.4 billion in 2022 and is set to surge to USD 612.3 billion by 2032. Europe had a commanding presence in the global frozen food market in 2022, holding roughly 37% of the total market share. Hence, the increasing popularity of frozen foods is contributing significantly to the expansion of the refrigerated transport market.
What Are The Main Segments Of The Global Refrigerated Transport Market?
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
Subsegments:
1) By Refrigerated Road Transport: Refrigerated Trucks, Refrigerated Vans
2) By Refrigerated Medium And Heavy Commercial Vehicles (MHCV): Refrigerated Trailers, Refrigerated Containers
3) By Refrigerated Light Commercial Vehicles (LCV): Refrigerated Vans, Refrigerated Small Trucks
4) By Refrigerated Heavy Commercial Vehicles (HCV): Refrigerated Trucks, Refrigerated Trailers
5) By Refrigerated Sea Transport: Reefer Ships, Refrigerated Containers
6) By Refrigerated Rail Transport: Refrigerated Rail Cars, Reefer Containers
7) By Refrigerated Air Transport: Air Freight Services, Cargo Aircraft
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What Emerging Trends Are Influencing The Growth Of The Refrigerated Transport Market?
Innovations in technology are the leading trends gaining traction in the market for refrigerated transport. Key businesses in this sector are focusing on the implementation of new technologies to maintain their market dominance. For example, in June 2024, Mitsubishi Heavy Industries Thermal Systems – a Japanese producer of air-conditioning and refrigeration – unveiled their new "TEK Series" of Electric-Driven Transport Refrigeration Units for Small and Mid-Size Trucks. The TEK series has been developed to cater to the increasing need for steady-temperature transport solutions, a trend that is influenced by the growth in home deliveries from supermarkets and the need for secure transportation of pharmaceutical goods.
Who Are the Key Players in the Refrigerated Transport Market?
Major companies operating in the refrigerated transport market include:
• Carrier Transicold
• Thermo King Corporation
• Daikin Industries Ltd.
• Trane Technologies plc
• Mitsubishi Heavy Industries Ltd.
• GAH Refrigeration Ltd.
• Great Dane LLC
• Wabash National Corporation
• Ingersoll Rand Inc.
• Schmitz Cargobull AG
• Lamberet SAS
• Hwasung Thermo Co. Ltd.
• China International Marine Containers (Group) Ltd.
• Hyundai Translead
• Singamas Container Holdings Ltd.
• Utility Trailer Manufacturing Company
• Klinge Corporation
• Kingtec Group Company Ltd.
• Morgan Corporation
• DENSO Corporation
• Daikin Reefer
• Frigoblock GmbH
• Carrier Corporation
• Polar Leasing Inc.
• Sanden Holdings Corporation
• Zanotti S.p.A
• Hubbard Products Ltd.
• MHI Thermal Systems
What Is The Most Dominant Region In The Refrigerated Transport Market?
Europe was the largest region in the refrigerated transport market in 2024. Asia-Pacific is expected to be the fastest-growing region in the refrigerated transport market report forecast period. The regions covered in the refrigerated transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
