According to MarketsandMarkets, the " Refrigerated Transport Market Outlook, Trends, and Forecast to 2027 by Application (Chilled food & Frozen food), Mode of Transport (Road, Sea, Rail & Air), Vehicle Type (LCV, MHCV & HCV), Temperature (Single & Multi-temperature), Technology and Region - Global Forecast to 2027", published by MarketsandMarkets, size is estimated to be valued at USD 113.4 billion in 2022 and is projected to reach USD 160.7 billion by 2027, recording a CAGR of 7.2% during the forecast period in terms of value. The market is driven by the increasing demand to prevent the spoilage of perishable food products and agricultural commodities across the globe. These refrigerated vehicles help to restrict the temperature fluctuation during transit and maintain the temperature as set by the operator. These market trends are anticipated to boost the sales of refrigerated transport over the foreseeable future.
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Chilled food was the largest application segment in the global refrigerated transport market and is expected to maintain the dominance over the forecast period
The chilled food products segment covers a wide variety of products such as milk, dairy products such as butter, yogurt, and cheese, bakery & confectionery products, beverages, and fruits & vegetables. Chilled food product manufacturers are expected to experience high prospects in the emerging countries since developed countries have entered the maturity stage in this segment.
LCV is anticipated to be the fastest-growing mode of transport segment in the refrigerated transport over the forecast period
Refrigerated LCV are best suitable for the secondary transportation and with the increasing home or door-steo delivery services by all the ecommerce and retail sector players, the demand for LCV is anticipated to get fueled over the forecast period.
Multi-temperature was the largest temperature segment for the refrigerated transport market and is anticipated to maintain its dominance over the forecast period.
The introduction of multi-temperature refrigeration has enabled energy savings for operators as they can deliver freight at different temperatures to a specific location. In multi-temperature refrigerated vehicles, the container maintains two or more different temperatures in various parts of the vehicle for the operators to load assorted products within the same vehicle.
Hybrid vehicles are anticipated to be the second fastest-growing technology segment in the refrigerated transport market.
A hybrid refrigeration system can primarily have any combination of components in both series and parallel circuits for increasing COP. This system has comparatively less power and energy input desired for industrial usage in places with fewer resources and aims to have better economical solutions for the standard cycles.
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Europe was the largest region for the refrigerated transport market in 2022.
Europe has a large and mature market with stable demand for most fresh fruit and vegetables. The need for year-round availability and the interest in new exotic produce maintain Europe’s dependence on external suppliers. Moreover, Europe has a population of more than 500 million consumers and is responsible for over €60 billion or 44% of the global trade value of fresh fruit and vegetables. Europe includes five of the ten largest importing countries globally. These market scenarios makes the region the largest market for refrigerated market across the globe.
Key Players:
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as 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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