Chicago, Nov. 22, 2022 (GLOBE NEWSWIRE) -- According to the research report published by MarketsandMarkets, the "Refrigerated Transport Market 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.
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The refrigerated transport market is primarily driven by the growing demand for perishable products such as fresh fruits & vegetables across the globe. Moreover, the sudden outbreak of pandemic has significantly changed the retail supply chain of these perishable products. Most of the retail players has shifted to home delivery service which in turn promote the demand for refrigerated vehicles across the globe. In addition, the growth of refrigerated transport is supported by the substantial growth of supermarket and hypermarket across emerging economies including China and India.
Refrigerated Transport Market Scope:
| Report Metric | Details |
| Market size estimation | 2019–2027 |
| Base year considered | 2021 |
| Forecast period considered | 2022–2027 |
| Units considered | Value (USD) and Volume (Units) |
| Segments covered | Refrigerated Transport Market (Application, Mode of Transport, Temperature, Technology, and Region) |
| Regions covered | North America, Europe, Asia Pacific, South America, and RoW |
| Companies studied |
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Based on mode of transport, LCV segment is projected to dominate the refrigerated transport market in the forecasted period. The increasing door-step delivery services by supermarket, hypermarkets, and ecommerce players to the customers coupled with growing service coverage to the remote parts of the cities by these players are fueling the demand for LCV refrigerated vehicles across the globe.
Among various technologies, fully electrified refrigerated transport is anticipated to witness the highest growth rate over the forecast period. With the introduction of stringent policies for reducing the carbon footprint by various governments is promoting the electric refrigerated transport across the globe.
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 refrigerated vehicle moves wide range of food products including chilled and frozen food products. Frozen food products including ice-cream, frozen dairy products, processed meat, fish & sea food, and bakery products.
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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. Germany is one of the largest markets for refrigerated vehicles in Europe. The country is a major importer & exporter of agricultural commodities and processed food & beverage products. The major export destinations from Germany are the US, France, the UK, and the Netherlands. The top import origins are, the Netherlands, France, the US, and Italy. Germany primarily imports fruits & vegetables and dairy products. These market trends are anticipated to boost the sales of refrigerated transport over the forecast period.
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).
Related Reports:
Cold Chain Market by Application (Fruits & Vegetables, Dairy & Frozen Desserts, Fish, Meat & Seafood, Bakery & Confectionery), Temperature Type (Frozen, Chilled), Type (Refrigerated Transport, Refrigerated Warehousing), Region - Global Forecast to 2025
Frozen Food Market By Product (Fruits & Vegetables, Dairy, Meat & Seafood), Type (Raw Material, Half Cooked), Consumption, Distribution Channel, and Region (North America, Europe, Asia Pacific, South America, and MEA) - Global Forecast to 2025
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