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 market is primarily driven by increasing international trade of wide range of food products. The globalization has resulted in the trade liberalization, advancements in transport infrastructure & communication technologies, and the growth of multinational companies in the food retail sector. This has resulted in diverse types of fruits, vegetables, or processed food being made available at local supermarkets. Several forces drive and enhance the global trade of perishable commodities. The lowering of tariffs and non-tariff barriers to international trade has encouraged the cross-border movement of perishable commodities.
“By application, frozen foods segment is estimated to grow at the highest CAGR during the forecasted period.”
In recent few years, it has been witnessed that frozen foods have gained a significant popularity among the consumers across major economies in the world owing to high degree of convenience and adaption to busy urban lifestyles. These frozen food meal offers meal flexibility and customers can save their time and money from grocery purchase and cooking time. These market trends are promoting the frozen foods market and in turn it will boost the refrigerated trucks market.
“By vehicle type, MHCV was the second largest segment in 2021 and anticipated to grow at a significant growth rate over the forecast period.”
The vehicles that are intended for carrying goods and to have a maximum authorized mass of more than seven tons are considered as trucks. Trucks, also referred to as MHCVs, are prominently used for goods transportation. China, the US, and India are growing rapidly and use trucks to transport their goods; thus, there would increase in demand for trucks in countries that witness an increase in demand for refrigerated transport.
“By temperature, single temperature segment is estimated to witness the fastest growth rate over the forecast period.”
Single temperature trucks are widely used to transport a set of perishable food items which requires a specific temperature point during the transit. The single temperature trucks have gained huge popularity with the increasing number of hypermarkets and supermarkets across the globe.
“Eutectic devices was the second largest technology available in the refrigerated transport market in 2022.”
A eutectic system is suitable for short transportation, where there are regular stops and door openings during distribution; LCVs and MHCVs use it. It consists of hollow tubes, beams, or plates filled with a eutectic solution. This solution stores energy and produces a cooling effect when it is necessary to maintain the refrigerated temperature. As eutectic solutions can store energy, there is no need for fuel or energy to charge the eutectic device at the time of delivery.
“Asia Pacific is estimated to be the fastest growing region over the forecast period. ”
The Asia Pacific refrigerated transport market has been fragmented and was under-funded until a decade ago. However, the industrial revolution in the region resulted in the rise in population with busier lifestyles inclined toward convenience food products with an extended shelf-life, thereby fueling the use of refrigerated transport in the food industry.
Various emerging economies are attempting to facilitate improvements in refrigerated transport through regulations and subsidies. For instance, in India, the government is providing the Reefer Vehicles Scheme under the National Mission on Food Processing (NMFP). The scheme’s objective is to provide financial assistance to purchase standalone reefer vehicles and mobile pre-cooling vans (reefer unit and reefer cabinet permanently mounted on the vehicle) to transport perishable commodities.
The refrigerated transport market is segmented region-wise, with a detailed analysis of each region. These regions include North America, Europe, Asia Pacific, South America, and RoW (Africa and Middle East).
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 30%, Tier 2- 30%, and Tier 3- 40%
- By Designation: CXOs- 40%, Manager- 25%, and Executive- 35%
- By Region: Asia Pacific- 40%, Europe- 30%, North America- 16%, and RoW- 14%
This report segments the refrigerated transport market on the basis of application, vehicle type, temperature, technology, and region. In terms of insights, this research report focuses on various levels of analyses?competitive landscape, end-use analysis, and company profiles?which together comprise and discuss the basic views on the emerging & high-growth segments of the refrigerated transport market, high-growth regions, countries, drivers, restraints, opportunities, and challenges.
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