The Refrigerated Transport Market was valued at US$ 112.90 Bn in terms of value in 2022. Global demand for perishable goods like fresh fruits and vegetables is a major factor driving the market for refrigerated transportation. The retail supply chain for these perishable goods has also been significantly altered by the sudden pandemic outbreak. The majority of retail players have switched to home delivery services, which has increased demand for refrigerated vehicles around the world. The significant expansion of supermarkets and hypermarkets across emerging economies, including China and India, also contributes to the growth of refrigerated transport.
Refrigerated Transport Market: Drivers
Greater Demand for Frozen & Perishable Goods, when climatic conditions affect crop productivity, frozen foods are preferred because they have a longer shelf life. Food producers work hard to offer consumers frozen food at reasonable prices, in addition to processed and packaged foods. Also there is a significant growth in the food and beverage industry.
Refrigerated Transport Market: Opportunities
The food and beverage industry is currently using intermodal transportation more and more frequently. Trucks, ships, and planes are just a few of the other modes of transportation used in intermodal transport, which mainly uses rail shipments to move perishable goods. In intermodal transport, reefer containers are also used. Due to the rising cost of fuel, cooled rail transportation is frequently used.
Refrigerated Transport Market: Restraints
Transportation Infrastructure Is Being Impacted by Climate Change & High Capital Investment & Energy Costs are the major restrains of the refrigerated transport market. Lack of transportation infrastructure support in developing markets and the presence of finished goods in an established market. Meanwhile, because food products require constant temperatures during transportation, refrigeration has replaced traditional delivery methods that could be harmed by weather, also, Energy costs are particularly high in North America and Europe, which is why they are a growing concern for cold chain providers. Traditional fluorescent lighting is used in refrigerated storage facilities, and it must be on all year round per legal requirements.
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Key Takeaways:
The Refrigerated Transport Market was valued at US$ 112.90 Bn in 2022 and is forecast to reach a value of US$ 199.29 Bn by 2030 at a CAGR of 7.4% between 2023 and 2030.
Refrigerated Transport Market Trends:
Due to the fact that the majority of pharmaceutical drugs are temperature-sensitive, it is essential to store and transport them in a controlled environment to ensure their effectiveness and safety. Growing accidents and incidents are now necessary for proper temperature-controlled transportation methods, like Refrigerated transports, to be efficient in preventing shipment losses. Due to improvements in the technology of refrigerated transport and a drop in shipping costs, a number of pharmaceutical companies have started doing business internationally in an effort to boost their revenue.
There is a greater need for temperature-controlled storage and transportation containers for biologics, cellular therapies, vaccines, and blood products.
Refrigerated Transport Market: Competitive Landscape
China International Marine Containers (Group) Ltd., Daikin Industries, Ltd., Great Dane Trailers, Inc., HYUNDAI Translead, Ingersoll-Rand PLC (Thermo King), Lamberet SAS, Mitsubishi Heavy Industries, Ltd., Schmitz Cargobull AG, Singamas Container Holdings Limited, United Technologies Corporation (Carrier Corporation), Utility Trailer Manufacturing Company, Wabash National Corporation, and Vehicle Works Bernard Krone Gmbh & Co. KG.
Refrigerated Transport Market: Recent Developments
For instance, in March 2021, Daimler, a subsidiary of the German Daimler Truck AG. Launched reefer truck to drive covid -19 vaccine transportation
For instance In July 2022, KLLM Transport Services (the temperature-controlled truckload carrier in the United States) acquired Quest Global Inc., a refrigerated 200-truck carrier located in Cartersville, Georgia. This acquisition may help enhance the company’s premium service offerings with expedited, temperature-controlled shipping nationwide.
In February 2021, for small to medium-sized vans and trucks, Ingersoll Rand produced fully electric refrigeration units. The e200 is the ideal all-electric option for trucks that are powered by engines and electricity because it combines control, convenience, use, and reliability in a special way. The e200 offers an appealing solution for final mile deliveries and urban environments by combining control and convenience with low noise and reduced weight.
In March 2021, Carrier Transicold, heating, ventilation, and air conditioning, refrigeration Equipment Company, signed a new strategic partnership with Portuguese technology Company AddVolto. The agreement enabled Carrier to broadly utilize AddVolt's proven, engine-agnostic Technology to develop innovative sustainable transport refrigeration solutions for European customers
