Global Refrigerated Transport Market Size, Share, Growth Analysis, By Product, By Temperature, By Mode of Transport, By Technology - Industry Forecast 2024-2031

Global Refrigerated Transport Market size was valued at USD 119.48 Billion in 2022 and is poised to grow from USD 127.25 Billion in 2023 to USD 210.59 Billion by 2031, at a CAGR of 6.5% during the forecast period (2024-2031).

The large range of items available and growing consumer awareness of healthy eating practices are driving up demand for these types of transportation vehicles. Also crucial to the advancement of the economy are these trucks. Utilizing this refrigerated transport is very beneficial to local governments and businesses, as it increases revenue when goods are in-season. For businesses, using a medium for transportation is crucial. Every organization's success is determined by the products that are on the market. Goods in vans or vehicles with refrigeration can have their temperatures checked and modified as needed. Additionally, it makes distribution to the end user's location easier. Over the course of the projected period, growth in the refrigerated transport market is anticipated due to all of these factors.

Unfortunately, industrialized nations' transportation networks and skilled labor are being impacted by climate change, which is impeding the expansion of the market. A lack of norms and regulations, together with the challenge of preserving product integrity during perishable product transit, are impeding the expansion of the worldwide market. However, there is a lot of room for expansion in the integration of multi-temperature systems in trucks and trailers, intermodal transportation to cut fuel costs, and technological advancements in chilled systems and equipment.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Refrigerated Transport Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Refrigerated Transport Market Segmental Analysis

Global refrigerated transport market is segmented on the basis of product, temperature, mode of transport, technology, and region. On the basis of product, global Refrigerated Transport Market is segmented into chilled food and frozen food. On the basis of temperature, global market is segmented into multiple temperature and single temperature. By Mode of Transport, the Refrigerated Transport Market is segmented into Road, Sea, Rail, Air. By Technology, the market is segmented into Vapour Compression Systems, Eutectic Systems, Cryogenic Systems, Others. On the basis of region, global Refrigerated Transport Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.

Drivers of the Global Refrigerated Transport Market

The fast effects of the epidemic, rising rates of female employment around the world, increasingly hectic lifestyles, and a work-from-home culture are all altering consumer perceptions of frozen meals. The frozen food industry is expected to grow at a promising rate, with growth potential coming from developing regions like Asia Pacific, South America, and Eastern Europe. Because they have a longer shelf life, frozen meals are chosen when weather conditions reduce agricultural yield. Food producers strive to offer frozen, processed, and packaged foods at reasonable prices to consumers. Food can be effectively moved from farmer's markets to supermarkets by using freezing procedures, which also increase accessibility and cost and decrease food waste. The demand for frozen foods is being driven by the expansion of service industries including supermarkets, quick-service restaurants, and fast-food chains.

Restraints in the Global Refrigerated Transport Market

In the food industry, preventing early expiration, decay, and spoiling is a top priority for manufacturers, distributors, and consumers. It is now necessary for service providers to make investments in system technology, modern cars, and new cold storage facilities. On the other hand, cold chain suppliers face significant challenges due to rising energy costs. Given the recent growth in the cold chain-particularly in North America and Europe-the requirement for refrigerated trucks and the accompanying rising fuel costs provide two significant problems for cold chain suppliers.

Market Trends of the Global Refrigerated Transport Market

Service providers are looking into novel approaches to choosing modes of transportation in an effort to cut costs and boost supply chain effectiveness. The food and beverage business is using intermodal shipping more and more. Perishable commodities are transported by intermodal transportation, which mostly uses rail shipments and a combination of trucks, ships, and airplanes. Reefer containers are also used in intermodal transportation. The use of chilled rail transportation is growing in popularity as fuel prices rise. The Association of American Railroads (AAR) in Washington states that businesses have invested heavily in rail technology and infrastructure. For instance, since 2000, Union Pacific Corporation, one of the top transportation companies in North America, has invested more than USD 30 billion in its rail network, enabling the development of track infrastructure to support the truck's competitive delivery service as well as the building or modernization of intermodal facilities.