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.
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.
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.
What is the market size of refrigerated transport market?
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.
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.
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).