Refrigerated Transport Market Reach $199.29 Billion by 2030, Globally at a CAGR of 7.4%, Says Coherent Market Insights (CMI)

Burlingame, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, " Refrigerated Transport Market, By Transport Type ([Refrigerated Road Transport (Refrigerated Light Commercial Vehicles (LCV), Refrigerated Medium & Heavy Commercial Vehicles (MHCV), and Refrigerated Heavy Commercial Vehicles (HCV), Refrigerated Sea Transport, Refrigerated Rail Transport, and Refrigerated Air Transport)]), By Technology : (Vapor Compression Systems, Air Blown Evaporators, and Eutectic Devices), By Temperature: (Single Temperature and Multi-temperature), By Application: (Chilled Food Products (Milk, Bakery & Confectionery Products, Dairy Products, Beverages, and Fresh Fruits & Vegetables) and Frozen Food Products (Ice Cream, Frozen Dairy Products, Processed Meat, Fish & Sea Food, and Bakery Products), - Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030,” According to the report, the global refrigerated transport market is estimated to be valued at US$ 112.90 billion in 2022 and is expected to exhibit a CAGR of 7.4% during the forecast period.

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Analysts’ Views on Global Refrigerated Transport Market

Refrigerated transport is transporting perishable goods such as pharmaceuticals and food, in controlled temperature through vehicles. Refrigerated transport ensure freshness and safety of products in transit as it maintains certain temperature range. This service helps preserve quality of product and increase the shelf life of products. This service serves across different industries around the world.

Key Trends and Analysis of the Global Refrigerated Transport Market:

Growing demand for pharmaceutical drug transport is a major trend in the global refrigerated transport market. Most of the pharmaceutical drugs are temperature-sensitive, they require controlled environment to store and transport them in order to ensure safety and efficacy of these drugs. Transportation methods such as Refrigerated transports are highly preferred for appropriate temperature control in order to effectively prevent shipment losses, are increasing accidents. Thus, demand for pharmaceutical drug transport is increasing, which in turn is expected to aid in growth of the market.

Global Refrigerated Transport Market – Drivers

Higher demand for perishable and frozen goods to boost the market growth

Various factors such as, rise in female employment around the world, growing hectic lifestyles and work-from-home culture, and sudden impact of pandemics are leading to changing consumer perception and consumption pattern of frozen foods. Frozen food sales are likely to increase, further creating expansion opportunities in emerging regions such as Eastern Europe, Asia Pacific, and Latin America. With increasing demand for such goods, the global refrigerated transport market is likely to show strong growth in the near future.

Refrigerated Transport Market Report Coverage

Growing food and beverage industry to fuel the market growth

With growing globalization, the demand for trade is increasing. Moreover, the demand for packaged and frozen food is also growing globally. These factors are further driving the adoption of refrigerated transport. With the development of global cold chain industry, automated freezing systems built into vehicles, and launch of novel freezing technology are the factors likely to drive the demand refrigerated transport. This in turn is anticipated to boost growth of the global refrigerated transport market over the forecast period.

Global Refrigerated Transport Market – Restrain

High capital investment and energy costs to limit the market growth

In the food industry, the top priority for retailers, manufacturers, and customers is to ensure food safety and quality through preventing premature expiration. For this investments in cutting-edge system technologies, cold storage facilities, and vehicles has become necessary. The cost however required for this to invest in such technologies, and costs of energy require to run these systems is significantly high in regions such as Europe and North America. This factor is further expected to hinder growth of the global refrigerated transport market over the forecast period.

Global Refrigerated Transport Market – Opportunities

Use of intermodal transport for cutting down fuel costs is expected to create growth opportunities in the global refrigerated transport market over the forecast period. As service providers continue to find novel methods to select transport modes, the efficiency of supply chain is likely to increase. The use of intermodal transportation in the food and beverage industry is growing with time. Intermodal transport uses planes, ships, and trucks as a transportation modes, and it mainly uses rail shipments for moving perishable goods. In this method of transportation, reefer containers are also utilized. With increasing use of this transportation, the market is likely to witness growth opportunities in the near future.

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Global Refrigerated Transport Market - Key Developments

In March 2022, United Technologies Corporation announced collaboration with Phillips Connect with the launch of Utility Connect.

In January 2022, Carrier Corporation entered into partnership with ConMet to increase its electrification capabilities through incorporation of wheel-based power generation that harvests energy, which is otherwise lost in braking events.

In February 2021, Ingersoll Rand announced the production of fully electric refrigeration units for small to medium-sized trucks and vans. The novel e200 is the ideal all-electric option for trucks powered by electricity and engines as it combines convenience, control, reliability and use in a particular way.

Key Market Takeaways:

Global refrigerated transport market is expected to exhibit a CAGR of 7.4% during the forecast period. The refrigerated transport market is growing rapidly in response to the growing demand for frozen & perishable goods around the world, along with significant rise in growth of food and beverage industry.

On the basis of Transport Type, Refrigerated Medium & Heavy Commercial Vehicles (MHCV) Segment is expected to dominate the market during the forecast period and this is attributed to the growing use of multi-temperature refrigerated systems offer an option for transporting more than one perishable item, further enhancing transportation efficiency through trucks.

On the basis of Technology, Air Blown Evaporators Segment is expected to dominate the market during the forecast period and this is attributed to the high demand due to their multiple benefits.

On the basis Temperature, Multi-temperature Segment is expected to dominate the market during the forecast period and this is attributed to the rise in growth of foodservice industry driving the fleet of multi-temperature refrigerated trailers further increasing significance and size.

On the basis Application, Chilled Food Products Segment is expected to dominate the market over the forecast period and this is attributed to the increase growing number of chilled food products in developing regions such as Middle East, South America, and Asia Pacific, along with the rising convenience foods consumption across these regions.

On the basis of Geography, Europe is expected to hold a dominant position over the forecast period, due to rise in rise in international trade in the region along with a strong economic environment. With increasing growth of online retail market, and growing demand for frozen food in the region, the global refrigerated transport market is anticipated to show strong growth in the coming future.

Competitive Landscape:

Key players operating in the global refrigerated transport market include Vehicle Works Bernard Krone Gmbh & Co. KG., China International Marine Containers (Group) Ltd., Wabash National Corporation, Daikin Industries, Ltd., Utility Trailer Manufacturing Company, Great Dane Trailers, Inc., United Technologies Corporation (Carrier Corporation), HYUNDAI Translead, Singamas Container Holdings Limited, Ingersoll-Rand PLC (Thermo King), Schmitz Cargobull AG, Lamberet SAS, and Mitsubishi Heavy Industries, Ltd.

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Detailed Segmentation:

• Global Refrigerated Transport Market, By Transport Type
  • Refrigerated Road Transport
    • Refrigerated Light Commercial Vehicles (LCV)
    • Refrigerated Medium & Heavy Commercial Vehicles (MHCV)
    • Refrigerated Heavy Commercial Vehicles (HCV)
  • Refrigerated Sea Transport
  • Refrigerated Rail Transport
  • Refrigerated Air Transport
• Global Refrigerated Transport Market, By Technology
  • Vapor Compression Systems
  • Air Blown Evaporators
  • Eutectic Devices
• Global Refrigerated Transport Market, By Temperature
  • Single Temperature
  • Multi-temperature
• Global Refrigerated Transport Market, By Application
  • Chilled Food Products
    • Milk, Bakery & Confectionery Products
    • Dairy Products
    • Beverages
    • Fresh Fruits & Vegetables
  • Frozen Food Products
    • Ice Cream
    • Frozen Dairy Products
    • Processed Meat
    • Fish & Sea Food
    • Bakery Products
• Global Refrigerated Transport Market, By Geography
  • North America
    • By Country:
      • U.S.
      • Canada
  • Latin America
    • By Country:
      • Brazil
      • Mexico
      • Argentina
      • Rest of Latin America
  • Europe
    • By Country:
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Russia
      • Rest of Europe
  • Asia Pacific
    • By Country
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
  • Middle East
    • By Country:
      • GCC Countries
      • Israel
      • Rest of Middle East
  • Africa
    • By Country/Region:
      • South Africa
      • Central Africa
      • North Africa

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