The refrigerated transport market plays a crucial role in the global supply chain, particularly for transporting perishable goods such as food and pharmaceuticals. Refrigerated transport, also known as reefer transport, involves the use of refrigerated trucks, containers, and other vehicles equipped with cooling systems to maintain specific temperature conditions during transportation. The refrigerated transport market size is a rapidly growing industry, with a valuation of $113.4 billion in 2022, and a projected CAGR of 7.2% from 2022 to 2027, reaching $160.7 billion.
This growth presents a unique opportunity for stakeholders to leverage the latest advancements in cold chain logistics and expand their business horizons, while also contributing to the growth and development of the global economy. The market is poised to make a significant impact on the global economy, thanks to its vital role in ensuring the safe and efficient transportation of perishable goods. As this demand for temperature-controlled logistics continues to rise, the refrigerated transport industry is evolving at a breakneck pace, driven by an insatiable appetite for innovation and sustainability.
The growing demand for chilled and frozen food products significantly influences the refrigerated transport market growth. Several factors contribute to this trend:
Changing Consumer Preferences: Consumers are increasingly seeking convenient and ready-to-eat food options. The demand for frozen and chilled food products has risen as consumers look for freshness, quality, and extended shelf life in their food choices.
Urbanization and Busier Lifestyles: Urbanization and busy lifestyles have led to an increase in the consumption of convenience foods. Chilled and frozen products provide a convenient solution for consumers with limited time for cooking or shopping for fresh ingredients regularly.
Globalization of Food Supply Chains: As supply chains become more globalized, there is a need to transport food products over long distances. Refrigerated transport ensures that perishable goods, including chilled and frozen foods, reach their destination while maintaining the required temperature conditions.
E-commerce and Home Delivery Services: The growth of e-commerce and online grocery shopping has further fueled the demand for refrigerated transport. Consumers ordering groceries online expect their perishable items to be delivered in a fresh and frozen state, driving the need for reliable cold chain logistics.
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Expansion of Quick-Service Restaurants (QSRs) and Fast-Food Chains: The expansion of quick-service restaurants and fast-food chains, both regionally and globally, has increased the demand for frozen and chilled food products. These establishments rely on efficient refrigerated transport to maintain the quality of their ingredients.
Health and Wellness Trends: Health-conscious consumers are choosing frozen fruits, vegetables, and other frozen food items as they are often perceived as retaining more nutrients compared to their non-frozen counterparts. This trend contributes to the increased demand for refrigerated transport to ensure the availability of such products.
Rise in Perishable Pharmaceuticals: Beyond food, the pharmaceutical industry’s increasing reliance on temperature-sensitive products, such as vaccines and biopharmaceuticals, has driven the demand for refrigerated transport with precise temperature control.
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. The need for year-round availability and the interest in new exotic produce maintain Europe’s dependence on external suppliers. Moreover, Europe has a population of more than 500 million consumers and is responsible for over €60 billion or 44% of the global trade value of fresh fruit and vegetables. Europe includes five of the ten largest importing countries globally. These market scenarios makes the region largest market for refrigerated across the globe.
Multi-temperature was the largest temperature segment for the refrigerated transport market and anticipated to maintain the dominance over the forecast period.
The introduction of multi-temperature refrigeration has enabled energy savings for operators as they can deliver freight at different temperatures to a specific location. In multi-temperature refrigerated vehicles, the container maintains two or more different temperatures in various parts of the vehicle for the operators to load assorted products within the same vehicle.
Hybrid vehicles is anticipated to be the second fastest growing technology segment in the refrigerated transport market.
A hybrid refrigeration system can primarily have any combination of components in both series and parallel circuits for increasing COP. This system have comparatively less power and energy input desired for industrial usage in places with fewer resources and aim to have better economical solutions for the standard cycles.
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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).