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. As urbanization is significantly growing in emerging economies, including China and India, the demand for refrigerated transport is substantially increasing.
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What is Refrigerated Transport?
Refrigerated transport, also known as reefer transport, refers to the transportation of goods that require specific temperature-controlled environments to preserve their quality and freshness. This method involves using specialized vehicles, such as trucks, vans, or containers, equipped with refrigeration systems to maintain the desired temperature throughout the transportation process.
This type of transport is crucial for items like perishable foods (fruits, vegetables, dairy products, meat, seafood), pharmaceuticals, chemicals, and other temperature-sensitive goods. The refrigeration units in these vehicles or containers help regulate and control temperatures, ensuring that the products reach their destination in optimal condition.
Key Highlights the Refrigerated Transport Market:
1. Rising Demand for Perishable Goods: With increasing global trade of perishable items like fruits, vegetables, dairy, and pharmaceuticals, the need for temperature-controlled transportation has surged.
2. Technological Advancements: Innovations in refrigeration systems and transportation technologies have improved efficiency, ensuring the safe delivery of goods over longer distances.
3. Stringent Regulations: Governments and international bodies have imposed strict regulations on the transportation of perishable items, mandating adherence to specific temperature and safety standards, thereby boosting the demand for refrigerated transport solutions.
4. Expansion of Cold Chain Logistics: The expansion of cold chain logistics networks, especially in emerging economies, has propelled the growth of the refrigerated transport market, allowing for the transport of temperature-sensitive goods across vast distances.
5. E-commerce and Food Delivery Services: The rise of e-commerce and food delivery services has increased the need for refrigerated transport, enabling the timely and safe delivery of fresh and frozen products directly to consumers.
6. Environmental Concerns and Sustainability: There’s a growing emphasis on developing eco-friendly refrigeration technologies and reducing carbon emissions in the transport sector, leading to the adoption of greener refrigerated transportation solutions.
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Chilled food was the largest application segment in the global market.
Chilled food products are substantially growing and are expected to witness high-growth prospects in the emerging economies of Asia Pacific, South America, and the Middle East amidst the growing consumption of convenience foods in these regions. Apart from this, the expansion of fast-food chains and supermarkets is expected to create lucrative opportunities for chilled food product manufacturers and refrigerated transport service providers in the coming years.
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 market across the globe.
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Key Market Players:
Key players in this market include 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).
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