According to the latest report by IMARC Group, titled “Refrigerated Transport Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global refrigerated transport market size reached US$ 15.1 Billion in 2019. Refrigerated transport is a means of transportation intended for the conveyance of perishable products. Some of these products include fruits and vegetables, freshly cut flowers, dairy, meat, and seafood, as well as chemical, hazardous, and pharmaceutical products. Nowadays, refrigerated transport is increasingly being used to deliver goods, as it increases safety and prevents economic losses due to spoilage.
Global Refrigerated Transport Market Trends:
A rise in the demand for perishable goods has boosted the refrigerated transport market, as it helps in extending the shelf-life of the products while ensuring year-round availability of seasonal goods. Along with this, the increasing adoption of marine transport vehicles owing to their cost-effectiveness, coupled with the rapid manufacturing of temperature-sensitive pharmaceutical drugs, is further projected to drive the market. Besides this, governments of various countries have implemented favorable policies and regulations regarding the production, processing, transportation and quality of products, providing a positive impact on market growth. Moreover, the development of more efficient modes of cold chain logistics and improvement in technology have consequently resulted in an escalating demand for refrigerated vehicles for transporting food products and raw materials in controlled temperatures to facilitate efficient storage. Looking forward, the market value is projected to reach US$ 20.9 Billion by 2025, registering a CAGR of 5.6% during 2020-2025.
- On the basis of the transportation, the report finds that refrigerated road transport dominates the market. Other major modes of transportation are refrigerated sea, rail and air transport.
- Based on the technology, the market has been segregated into vapor compression systems, air-blown evaporators, eutectic devices and cryogenic systems. Amongst these, vapor compression systems represent the most popular technology used in refrigerated transport.
- The market has been bifurcated based on the temperature into single and multi-temperature. At present, single temperature holds the majority of the total market share across the globe.
- Based on the product type, the market has been categorized into chilled, frozen and other food products. Chilled food products (dairy, bakery and confectionery, fresh fruits and vegetables, and others) currently represent the largest application segment.
- Region-wise, Asia Pacific exhibits a clear dominance in the market. It further includes countries like China, Japan, India, South Korea, Australia, and Indonesia. Other major regions include North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico, Argentina, Columbia, Chile, Peru and others) and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others).
- The competitive landscape of the market has also been examined, with some of the key players being C. H. Robinson Worldwide, Inc., Daikin Industries, Ltd., FedEx Corporation, DB Schenker, General Mills, Inc., Hyundai Motor Company, Ingersoll Rand Inc., Krone Commercial Vehicle Group, Lamberet SAS, United Technologies Corporation, Utility Trailer Manufacturing Company, Schmitz Cargobull AG, Singamas Container Holdings Limited and Wabash National Corporation.
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