Refrigerated Transport Market Analysis, Statistics and Global Forecast to 2027

The global refrigerated transport market is projected to be valued at USD 160.7 billion by 2027. Europe is estimated to dominate the global market in 2022. Advancements in refrigerated transport technology have improved food safety and reduced food waste, less energy consumption, and a low environmental impact. Moreover, refrigerated vehicle manufacturers are working on designing technologies to minimize their environmental impacts, such as carbon footprint and noise pollution. These are the key factors driving the refrigerated transport market.

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By application, Chilled food was the largest application segment in the global refrigerated transport market.

Chilled food products are substantially growing and are expected to witness high-growth prospects in the emerging economies of Asia Pacific, South America, and the Middle East amidst the growing consumption of convenience foods in these regions. Apart from this, the expansion of fast-food chains and supermarkets is expected to create lucrative opportunities for chilled food product manufacturers and refrigerated transport service providers in the coming years.

By mode of transport, MHCV is the second fastest growing segment in the global refrigerated transport market.

Refrigerated MHCV are used for medium-distance transportation from one city to another. These semi-trucks are also used when the delivery of perishable goods is time sensitive. Perishable goods such as fish, meat, and milk, and dairy products are mostly transported with the help of trucks. The increase in the use of multi-temperature refrigerated systems provides an option to transport more than one perishable item at a time, improving transportation efficiency via trucks.

By temperature, multi-temperature was the fastest growing segment in the global refrigerated transport market.

With the growth of the foodservice industry, the fleet of multi-temperature refrigerated trailers has continued to increase in size and significance. Multi-temperature refrigerated trailers are equipped with evaporators and host unit controls that provide different temperatures in one trailer. These units now feature microprocessors that control, monitor, pre-trip, and trouble-shoot each temperature zone within the complete multi-temperature system.

By technology, fully electrified segement is anticipated to be the fastest growing segment in refrigerated transport market over the foreseeable future.

A full-electric vehicle virtually have zero pollution and green house gas (GHG) emission. These features are promoting the major players to introduce fully electric vehicles in the global market. For instance, in March 2022, ThermoKing, one of the leading and innovative players in the refrigerated vehicle manufacturers, announced to expand its portfolio with the launch of new vehicle refrigeration systems, 'e200'.

By region, Europe was the largest regional market for the refrigerated transport industry

Europe accounted for 25.7% of the refrigerated transport market in 2021. The general trend in the refrigerated transport market in Europe is that food product manufacturers and retailers move from local service providers to larger pan-European service providers due to the development of network-focused technological solutions, technological up-gradation in refrigerated systems & transport, and the focus on the implementation of quality standards set by the public and private sector.

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Key players in this market include United Technologies Corporation (Carrier Corporation) (US), DAIKIN INDUSTRIES Ltd.(Japan), Ingersoll Rand (Ireland), China International Shipping Containers (Group) Co., Ltd (China), Utility Trailer Manufacturing Company (US), Singamas Container Holdings Limited (China), Hyundai (Korea), Schmitz Cargobull (Germany), KRONE (Germany), LAMBERET SAS (France), Tata Motors (India), VE Commercial Vehicles Limited (India), Shaanxi Tianhui Inlong Trading Co. Ltd (China), Wabash National Corporation (US) and Great Dane LLC (US).

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This release was published on openPR.