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Refrigerated Transport Global Market Analysis, Trends, Growth, Research And Forecast 2033
Refrigerated Transport Global Market
The refrigerated transport market size is expected to see strong growth in the next few years. It will grow to $167.86 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to global food demand increase, healthcare logistics growth, sustainable transport initiatives, rise in e-commerce and online grocery shopping, demand for pharmaceutical. Major trends in the forecast period include remote monitoring solutions, collaborative partnerships, emergence of blockchain technology, customized refrigerated solutions, shift towards green energy sources.
Market Overview -
Refrigerated transport is a method of transporting shipments with specially designed temperature-controlled trucks. The transporting trucks have a built-in refrigeration system that cools the shipments at a regulated temperature all through the process of shipping. These are used for transporting perishable products such as meats, vegetables, fruits, and sausages, as well as pharmaceutical products.
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Frozen Food Surge Fuels Growth In Refrigerated Transport Market
The rise in frozen food products is driving the growth of the refrigerated transport market. Frozen variants refer to pre-treatment and include processes such as blanching, heat treatments, dipping treatments, and cryoprotection, depending on the items being frozen. Widespread usage of frozen variants of various fresh products is increasing as it can increase vegetable intake because they are easily accessible and cheaper. For instance, according to WahUstad, an India-based fresh frozen food manufacturer & supplier, in April 2021, the frozen food market in India has increased by 40-50% for frozen fresh items and appears to be rising by 10-15% in the coming years. Furthermore, according to Grocery, a UK-based premium food store chain, there is a 16% spike in sales of frozen food in the UK as early as April 2020, with frozen choices proving popular for people wishing to stock up on huge quantities of food. Therefore, the rise in frozen food products is expected to propel the growth of the refrigerated transport market in the coming years.
Competitive Landscape -
Major companies operating in the refrigerated transport market report are 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
Technological Advancements Driving Innovation In Refrigerated Transport Market
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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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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