The refrigerated transport market was valued at US$ 14.9 billion in 2017, and is projected to reach US$ 17,252.8 million by 2026, exhibiting a CAGR of 6.4% over the forecast period, according to Global Refrigerated TransportMarket Report, by Transport Type (Refrigerated Road, Refrigerated Sea, Refrigerated Rail, and Refrigerated Air), by Technology (Vapor Compression Systems, Air Blown Evaporators, and Eutectic Devices), by Temperature (Single Temperature and Multi-temperature), by Application (Chilled Food Products and Frozen Food Products), published by Coherent Market Insights.
Increasing penetration of e-commerce in emerging economics such as Asia Pacific, Middle East, and Africa is expected to boost sales and growth of refrigerated vehicle in these markets. E-commerce industry players require large distribution channel or cold supply chain to maintain optimal quality of food increases the demand for refrigerated trucks or vans. Furthermore, growth of cold supply chain, owing to growing e-commerce and e-groceries market in emerging economics is fueling growth of the refrigerated transport market. For instance, according to Indian Brand Equity Foundation (IBEF), the e-commerce sales in India in 2020 is expected to reach US$ 63.7 billion up from US$ 15 billion in 2016, with a CAGR of 44.8% over the forecast period.
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Key Trends and Analysis of the Global Refrigerated Transport Market:
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Among technologies, air blown evaporators segment contributed to the largest market share the global refrigerated transport market revenue and is expected to maintain its dominance throughout the forecast period. Major factors driving growth of the market include various characteristics of the technology that makes it a preferred choice among users. The air blown evaporators system is not a complicated system and it is being used since many years. It ensures the refrigerant to evaporate, thus change its state from a liquid to a gaseous form. Many refrigerated truck manufacturers such as Carlsen Baltic and Zhengzhou Guchen Industry Co., Ltd. widely uses this technology because of its low cost and easy serviceability
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Among application, chilled food product segment accounted for the largest market share in 2017, and is estimated to retain its dominance over the forecast period. Emerging economies have significant potential clients who are accepting the ready-to-eat foods and more suitable food choices, which is driving growth of this segment. The chilled food product segment is expected to witness growth due to the wide usage of chilling for food preservation to extend shelf life from few days to few weeks.
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Among temperature, multi-temperature segment is expected to witness growth at the highest CAGR during the forecast period. Multiple-temperature refrigerated transport systems are designed for combined delivery systems with a great variety of fresh and frozen products such as ice cream, dairy products, fruits and vegetables, meat, fish, and beverages.
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Key Takeaways of the Market:
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According to Coherent Market Insights’ analysis, North America region is the largest consumer of refrigerated transport and it is expected to witness moderate growth over forecast period. Increasing sales of packaged food and drinks in North America plays a key role for growth of this market. According to Coherent Market Insights’ analysis, packaged food and drink sales through retail channels in North America increased by an annual average of 2.3% between 2012 and 2016. Moreover, according to a press release of Packaging Strategies, in October 2017, the food and beverages packaging market in North America consumed around 514.55 million tons per annum of packaging materials in 2016, and is projected to reach 551.32 million tons per annum by 2020. Therefore, growing market for packaged food is propelling high demand for solutions to maintain quality of food while transport, which in turn is expected to fuel growth of the refrigerated transport market in this region.
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According to Coherent Market Insights’ research, China is one of the leading countries in terms of market share in Asia Pacific market. Asia Pacific is expected to witness significant growth in the market over the forecast period, due to increasing demand for pharmaceutical products, vaccines, and food products which is expected to lead to high demand for refrigerated transport from manufacturers and distributers, in order to assure quality and safety of products. According to the Pharmaceuticals Export Promotion Council of India (PHARMEXCIL), India’s pharmaceutical exports accounted for US$ 17.27 billion in 2017-18.
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Some of the major players operating in the refrigerated transport industry include United Technologies Corporation, Daikin Industries, Ltd., Ingersoll-Rand plc. China International Marine Containers (Group) Co., Ltd., Schmitz Cargobull Aktiengesellschaft, Utility Trailer Manufacturing Company, Singamas Container Holdings Limited, Hyundai Motor Company, Lamberet SAS, Wabash National Corporation, Mitsubishi Heavy Industries, Ltd., and Great Dane Trailers, Inc.
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