Refrigerated Transport Market: Global Industry Analysis and Forecast (2023-2029)

Refrigerated Transport Market were valued at US $ 19.65 Bn. in 2022. Global Refrigerated Transport Market size is estimated to grow at a CAGR of 6.8%. The market is expected to reach a value of US $ 31.14 Bn. in 2029.
Refrigerated Transport Market Overview:
Refrigerated Transport is a way that has unambiguous needs for measured temperature and an easy method of transporting specific freights. Various types of goods are placed into the vehicle during the transportation process, the temperature is maintained and deliberated as an easy way of transportation. The temperature is earmarked just a few degrees overhead the freezing point of water. It can deliver a conveyance of ice-covered storage goods containing low temperatures.

Refrigerated transport is also known as freight that involved special temperature-controlled vehicles. It has resources of conveyance for unpreserved food products such as fruits, vegetables, meat, and fish by conserving them at very low temperatures. To know about the Research Methodology :- Request Free Sample Report
Refrigerated Transport Market Dynamics:
The growing Food & Beverage industry and increasing International trade is a key factor for driving the growth of the refrigerated transport market:
Meanwhile, prices have been condensed, there has been a rise in global trade in unpreserved merchandise, and manufacturing cross-border transportation of consumable substances is at ease. Consumer allegiance to refrigerated food products has improved. Also, the refrigerated transport market is projected to develop as a result of technological progressions in refrigeration systems, mainly technical resolutions presented by refrigerated transportation service providers to decline conservational impression. However, the growing food & beverages product also represents the growth of the market. The demand for frozen food and fresh product is increased. Consumers are becoming health conscious, the food products and raw materials require controlled temperature during transportation, and refrigerator transportation plays a vital role to fulfill the need of such factors, which is proportionally fueling the growth of the market.

Climate change affecting transportation infrastructure is restraining the market:

The intensity and frequency of storms and winds are increasing as well as floods and droughts which have a great impact on transportation. Nonexistence of transport substructure sustenance in developing markets and accomplished possessions in an established market. Meanwhile, the food products necessitate measured temperatures throughout transportation, refrigerated transportation has converted essential delivery procedures in which weather might distress this kind of factors.

Crumbling of supply chain administration is a key opportunity for the refrigerator market:

Near about 48% of the refrigerator transport sector’s is having profit in 2022. Enhancing the need for customer assortment and applying strategic conclusions is creating lucrative growth for refrigerator transportation. Also sustaining the product reliability throughout the transportation of perishable freights is considered to be a key factor for the growth of the refrigerator transport market.

Increasing petroleum prices and high capital speculation requirement is challenging factor for refrigerator transport:

An increase in the price of fuel and also enhancing network and route may fulfill the need of the consumer base. High skill labor requirement is also increasing, on the other hand, high capital is required while establishing a refrigerator vehicle which is considered to be a challenging factor for the refrigerator transport market.
Refrigerated Transport Market Segment Analysis:
Based on the Application, the market is segmented as Chilled food Products and Frozen food Products. The chilled food product segment is dominating the refrigerator transport market in 2022. Food that has been chilled is stockpiled at temperatures between 0-5 degrees Celsius. Decent inferiority and bacteriological security at the point of feasting are the most important necessities for chilled food products. Chilled food products appropriately help to discontinue injurious microorganisms from developing. Refrigerated transportation may help to keep safe for several foods such as sorbet and ice-creams, icebox cake, honeydew, chocolate, and candy, etc. this factor is a major key for dominating this segment as well.

However, frozen foods are expected to grow at a CAGR of xx% during the forecast period. Frozen foods are generally stored in warehouses and considered to be less harmful as they contain fewer bacteria and are easy to eat. Peas, chips, pizza, bread, are basic examples of frozen foods. Frozen foods can be beneficial for various reasons such as it is convenience, long durability, cheaper than fresh foods, and also prevention of spread against bacteria.Based on Mode of Transportation, the market can be segmented as Road Transportation, Sea Transportation, Rail Transportation, and Air Transportation. Road transportation is driving the growth of this segment. This segment is measured to be less expensive and majorly preferably by transporter to export various consumable goods from a very long distance. The road transport segment may provide several benefits like door-to-door service, flexibility, employment, and also useful for small distances which is a key factor for fueling the growth of the market. It has also fewer wealth expenditures and a lesser risk of mutilation while moving from one place to another. Apart from this, Sea Transportation has also more efficiency and environmental friendliness benefit. It also has cost-effectiveness quality and is measured to be safe travels.

However, rail transportation can be dependable, and freight can be proficient. It has the proficiency of carrying large heaps efficiently. The rail transport is preferable for bulky and heavy goods, and also contains a larger capacity of goods. It also provides access to capacity and is also considered to be reliable. On the other hand, air transport consists of high speed but also highly affluent. There is less need for thick wrapping but a high standard of security with fast services.
Refrigerated Transport Market Regional Insights:
The Asia Pacific region is expected to grow at the highest CAGR at xx% in 2022. The refrigerated transport market in the Asia Pacific is presently nearsighted modest growth. These vehicles have a built-in refrigeration system to keep the products cool during transport. Fruits, vegetables, meat, dairy, and seafood, as well as medical items, medications, and flowers, all require continuous refrigeration. Refrigerated transport has increased popularity in the Asia Pacific region as it conserves a suitable temperature and avoids things from weakening during shipment. The US, India, and China are the leading country in the Asia Pacific region. China is the leading country for the refrigerator transport market who spent 427 billion. Heredity logistics generated over 1.4Bn USD in (2022) for the refrigerator transport market.

However, North America is expected to grow at a CAGR of 4.2% during the forecast period. The challenge of transporting perishable goods in Canada is expanding day by day. Canada holds the largest market share for the refrigerator transport market in the North American region. The pharmaceutical industry help to boost the market as it grows at a steady rate for a longer period. Transporting organic material such as blood, tissue sample, must contain at a very low temperature less than 150 degrees Celsius.

The objective of the report is to present a comprehensive analysis of the Refrigerated Transport Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help understand the Refrigerated Transport Market dynamic and structure by analyzing the market segments and projecting the Refrigerated Transport Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Refrigerated Transport Market make the report investor’s guide.
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Refrigerated Transport  Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 19.65 Bn.


Forecast Period 2023 to 2029 CAGR:
6.8%
Market Size in 2029:
US$ 31.14 Bn.


 Segments Covered:
by Application
Chilled food products
Frozen food products


by Mode of Transportation
Road Transportation
Sea Transportation
Rail Transportation
Air Transportation


by Temperature
Single temperature
Multi-temperature


by Technology
Air-blown Evaporators
Eutectic Devices
Hybrid
Fully Electrified



Refrigerated Transport Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Refrigerated Transport Market Key Players
1. Wabash National Corporation
2. Tyson Foods, Inc.
3. The Kraft Heinz Co.
4. Lamberet Sas
5. Kerry Group Plc
6. Kellogg Co
7. Ingersoll-Rand Plc
8. Hyundai Motor Co.
9. Del Monte Pacific Ltd
10.Daikin Industries, Ltd
11.Conagra Brands, Inc
12.Aryzta Ag
13.Swift Transportation Co.
14.Maersk Line A/S Ltd.
15.General Mills, Inc.
16.CMA CGM S.A
17.Carrier Transicold, Inc

Frequently Asked Questions:

1] What segments are covered in the Refrigerated Transport Market report?
Ans. The segments covered in the Refrigerated Transport Market report are based on Application and Mode of Transportation.

2] Which region is expected to hold the highest share in the Refrigerated Transport Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Refrigerated Transport Market.

3] What is the market size of the Refrigerated Transport Market by 2029?
Ans. The market size of the Refrigerated Transport Market by 2029 is US $31.14Bn.

4] What is the forecast period for the Refrigerated Transport Market?
Ans. The Forecast period for the Refrigerated Transport Market is 2023-2029.

5] What was the market size of the Refrigerated Transport Market in 2022?
Ans. The market size of the Refrigerated Transport Market in 2022 was US $ 19.58 Bn.