Refrigerated Transport Market Size to Reach US$ 284.44 Bn by 2032

The global refrigerated transport market size reached US$ 24 billion in 2022 and it is anticipated to rake around US$ 284.44 billion by 2032 with a CAGR of 28.10% during the forecast period 2023 to 2032.

The pandemic there has been a growth in the refrigerated transport market. As the restrictions on movement have been eased the market is expected to grow during the forecast period. Increase in the demand for plant based perishable products another ready to eat food products in the developing nations is driving the growth of the market.

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What is the regional scope of refrigerated transport market?

The North American region and the European region has seen a saturation in the demand for perishable items. There is a steady growth in both of these regions. The Asia Pacific region is expected to have the largest market share of the refrigerated transport market during the forecast period.
The Asia Pacific region had dominated the market in the recent years. Rapid industrialization and high amount of disposable income in many countries of the Asia Pacific region is creating a demand for various products. Countries like India, China and Japan are seeing rapid growth in the refrigerated transport market due to an increase in the demand for frozen food products. Dual income households and busy work schedules is another reason which is driving the growth of this market in the Asia Pacific region.
In order to develop the refrigerated transport sector, the governments of these nations are investing in order to provide better options. During the pandemic many new refrigerated transport trucks were launched for the transport of COVID-19 vaccination across the nations.

Report highlights

The chilled products segment had the largest market share it is expected to grow well during the forecast period. Dairy products, beverages, fruits and vegetables are the chill products which are majorly transported by the vehicles. Increasing demand for these products in the developing nations and the awareness about the perishable food products is creating a demand for the chilled food products.
The vapor compression systems are used in the refrigeration for preserving the frozen food products. This technology is used for efficient refrigeration off products that need to be delivered in the frozen form.
The lightweight commercial vehicle segment is expected to have the largest market share during the forecast. As there is an increase in the demand for home delivery services. The light vehicles or extremely suitable for covering short distances for the delivery of these chilled or frozen products.

Table of Contents

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Report Scope of the Refrigerated Transport Market

Report Coverage	Details
Market Size by 2032	USD 284.44 Billion
Growth Rate from 2023 to 2032	CAGR of 28.10%
Largest Market	Asia Pacific
Fastest Growing Region	North America
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Product, Temperature, Technology, Vehicle Used, Mode of Transport (Road), Geography

Refrigerated Transport Market Dynamics

What are the drivers of refrigerated transport market?

Emerging nations in the Asia Pacific region, South America and Eastern Europe are providing growth opportunities for the refrigerated transport market. Dual income households and rapid industrialization are leading to the growth of this market. There is a change in the lifestyle leading to a change in the pattern of food consumption which has led to a demand for frozen foods in the developing nations.
Other factors that are driving the growth of the market is the increased shelf life of perishable food items and affordable products that are easily available. Increase in the number of hypermarkets and the fast food chains are driving the growth of the market.

Restraints

The major growth restraints in the refrigerated transport market are the high energy costs which are not environment friendly. Increase in the cost of the fuel use for transportation is another restraining factor for the cold chain providers in many developed as well as the developing economies. One major challenge in the growth of this market is the efficient use of fuel. The use of refrigerated vehicles has increased due to a growing demand for these perishable items. Increased usage of refrigerated vehicles for ensuring safety and good quality food Requires large amount of investment. Due to all of these reasons the growth of the market is hampered.

Opportunities

Intermodal transport happens to be the most efficient transport mode which will help in reducing the incurred cost for transportation and will provide efficiency in the supply chain management. This method of transport is rapidly used in the food and beverage clear across the globe. Different types of moves for transport are utilized for the delivery of food and beverages. Road transport waterways and Airways are used in combination for easy shipments. Railways are providing a major opportunity for growth of the refrigerated transport market as it helps you saving the costs incurred due to the consumption of fuel.

Challenges

North American region and the European region the refrigerated transport infrastructure is extremely efficient add that as been used since a very long time now. The ability of skilled labor in this region is driving the growth of the market.

On the other hand the Asia Pacific region is still growing in the refrigerator transport market. The availability of efficient and skilled labor is extremely important to maintain the cost which is involved in the operations of these transporting systems. Due to a lack of the availability of efficient technicians in this region there is a slow growth of the refrigerated market and the services provided are not efficient. The lack of skilled end trained technicians or laborers are hampering the growth of this market in the Asia Pacific region.

Key market players in the refrigerated transport market

United Technologies Corporation (Carrier Corporation) (US)
DAIKIN INDUSTRIES Ltd.(Japan)
Utility Trailer Manufacturing Company (US)
Singamas Container Holdings Limited (China)
Hyundai (Korea)
VE Commercial Vehicles Limited (India)
Shaanxi Tianhui Inlong Trading Co. Ltd (China)
Wabash National Corporation (US)
Great Dane LLC (US
Schmitz Cargobull (Germany)
KRONE (Germany)
LAMBERET SAS (France)
Ingersoll Rand (Ireland)
China International Shipping Containers (Group) Co.
Ltd (China) Tata Motors (India)

Recent Developments

Ingersoll Rand manufactured e200 which is a fully electric refrigeration unit. e200 Units are customized for trucks as well as vans which are of the medium size. This product it was launched in February 2021. It is extremely useful for urban setups for the end user deliveries as it has an extremely low weight and does not cause a lot of sound pollution. These newly launched refrigeration units are extremely convenient and reliable for utilization.
Phillips connect and United Technologies Corporation formed the partnership in order to launch utility connect in March 2022. The system shall be compatible with the Philips connect smart 7 nosebox.
In order to carry out the transport of the COVID-19 vaccinations across the nation during the pandemic Tata Motors had provided refrigerated trucks for this cause. Tata Moto rsannounced this new range off the fridge refrigerated trucks in January 2021. This transport vehicle was well equipped with specialized transportation equipment which were necessary for the COVID-19 vaccination
Apart from Tata Motors Daimler India had also launched a range of vehicles which were extremely useful for the transportation of vaccines during the pandemic. In January 2021 Daimler India also launched or refrigerated truck for this cause.

Segment covered in the report

By Product

Chilled Food
- Milk
- Bakery & confectionery products
- Dairy products
- Beverages
- Fresh fruits & vegetables
Frozen Food
- Ice cream
- Frozen dairy products
- Meat-processed
- Fish & sea food
- Bakery products

By Temperature

Multiple Temperature
Single Temperature

By Technology

Vapor Compression Systems
Air Blown Evaporators
Eutectic Devices

By Vehicle Used

Heavy Commercial Vehicle
Light Commercial Vehicle
Medium Commercial Vehicle

By Mode of Transport (Road)

LCV
MHCV
HCV

By Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa