PUBLISHER: The Business Research Company | PRODUCT CODE: 1436639
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436639
Refrigerated transport is a method of shipping utilizing specially designed temperature-controlled trucks. These trucks feature a built-in refrigeration system that maintains regulated temperatures throughout the shipping process. They are commonly employed for transporting perishable items such as meats, vegetables, fruits, sausages, and pharmaceutical products.
In the refrigerated transport market, transport types include refrigerated road transport, refrigerated medium & heavy commercial vehicles (MHCV), refrigerated light commercial vehicles (LCV), refrigerated heavy commercial vehicles (HCV), refrigerated sea transport, refrigerated rail transport, and refrigerated air transport. Refrigerated LCVs use specially designed temperature-controlled trucks, while refrigerated road transport employs temperature-controlled trucks with single or multi-temperature options for chilled and frozen food applications.
The refrigerated transport market report is one of a series of new reports from The Business Research Company that provides refrigerated transport market statistics, including refrigerated transport industry global market size, regional shares, competitors with a refrigerated transport market share, detailed refrigerated transport market segments, market trends and opportunities, and any further data you may need to thrive in the refrigerated transport industry. This refrigerated transport market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The refrigerated transport market size has grown strongly in recent years. It will grow from $113.6 billion in 2023 to $123.17 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth observed in the historic period can be attributed to the expansion of international trade, the increasing number of health-conscious consumers, the implementation of stringent food safety regulations, the expansion of the food and beverage industry, and the global growth in population.
The refrigerated transport market size is expected to see strong growth in the next few years. It will grow to $167.86 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The forecasted growth in the upcoming period can be credited to the increasing global demand for food, the expansion of healthcare logistics, initiatives promoting sustainable transport, the surge in e-commerce and online grocery shopping, and the rising demand for pharmaceuticals. Noteworthy trends anticipated in the forecast period include the adoption of remote monitoring solutions, the formation of collaborative partnerships, the emergence of blockchain technology, the development of customized refrigerated solutions, and a shift towards utilizing green energy sources.
The growth of the refrigerated transport market is being propelled by the increasing demand for frozen food products. Frozen variants involve pre-treatments such as blanching, heat treatments, dipping treatments, and cryoprotection, depending on the specific items being frozen. The widespread adoption of frozen versions of various fresh products is on the rise, driven by their accessibility and cost-effectiveness, leading to increased vegetable intake. For example, WahUstad, an India-based fresh frozen food manufacturer and supplier, reported a 40-50% growth in the Indian frozen food market for fresh items in April 2021, with expectations of a 10-15% rise in the coming years. In the UK, Grocery, a premium food store chain, noted a 16% surge in frozen food sales as early as April 2020, indicating a preference for frozen options among consumers looking to stock up on larger quantities. Consequently, the upward trend in frozen food products is anticipated to drive the growth of the refrigerated transport market in the foreseeable future.
The anticipated increase in global meat consumption is set to further drive the growth of the refrigerated transport market. Meat, referring to the edible flesh of animals, necessitates specialized refrigerated transport vehicles equipped with temperature-controlled systems to maintain a consistent and cold environment. This ensures the safe and hygienic transportation of perishable meat products from production facilities to distribution centers and retail outlets. According to the Organisation for Economic Co-operation and Development (OECD), a France-based intergovernmental organization, the global meat consumption is projected to grow by 12% between 2020 and 2029, as reported in February 2021. As a result, the surge in global meat consumption is a significant factor propelling the growth of the refrigerated transport market.
Technological innovations stand out as key trends gaining prominence in the refrigerated transport market, with major companies dedicated to introducing cutting-edge technologies to fortify their market positions. An example of this trend is seen in Thermo King, a US-based company specializing in transport temperature control systems. In 2021, Thermo King unveiled the T-80E series units, featuring unique attributes such as enhanced temperature control accuracy in the truck's cold compartment. The units boast an engine with lower emissions, higher performance, lower maintenance costs, longer life, and improved cost efficiency, collectively contributing to a reduced total cost of ownership.
Major companies in the refrigerated transport market are actively developing new products, such as electric-driven transport refrigeration units. These units, powered by electricity, represent a significant advancement. Mitsubishi Heavy Industries Thermal Systems, Ltd., a Japan-based thermal solutions company, exemplifies this trend by launching the TEJ35GAM in September 2023. This electric-driven transport refrigeration unit is designed for small and mid-size trucks and features a plug-in hybrid system. This system seamlessly transitions between plug-in charging and battery operation during various vehicle operations, ensuring continuous refrigeration even during parking or idling, thus optimizing cargo temperature control. The unit employs a heat-pump system for simultaneous cooling and heating of two cargo rooms, addressing specific temperature requirements and enhancing stability in temperature maintenance throughout the seasons. This introduction aligns with Mitsubishi Heavy Industries' commitment to advancing electric-driven transport refrigeration technology, aiming for improved energy efficiency and reduced CO2 emissions in the distribution industry.
In March 2022, Lineage Logistics, a company based in the United States specializing in temperature-controlled logistics, completed the acquisition of MTC Logistics for an undisclosed amount. This strategic move is set to significantly augment Lineage's operational capabilities, providing access to over 38 million cubic feet of additional capacity and more than 113,000 pallet positions through the acquisition of four facilities located in the United States. The expansion resulting from this acquisition will further strengthen Lineage's extensive network, which already encompasses over 400 strategically positioned facilities across 19 countries, totaling over 2 billion cubic feet of capacity. MTC Logistics, a US-based company focused on refrigerated and frozen warehousing and transportation, is expected to contribute to Lineage's growth and prominence in the temperature-controlled logistics sector.
Major companies operating in the refrigerated transport market report are Hyundai Motor Company, FedEx Corporate Services Inc., United Technologies Corporation, DB Schenker, Tyson Foods, Tata Motors, MSC Mediterranean Shipping Company S.A., Daikin Industries Ltd., Thales Group, General Mills Inc., Kellogg Company, Smithfield Foods, Conagra Brands, Kerry Group PLC, Swift Transportation Co., Ingersoll Rand, China International Shipping Containers, Gemalto NV, Schmitz Cargobull, Krone Commercial Vehicle Group, Wabash National Corporation, Del Monte Pacific Ltd., VE Commercial Vehicles Limited, Singamas Container Holdings Limited, Utility Trailer Manufacturing Company, Great Dane LLC, Kapsch Traffic Com, Lamberet SAS, Shaanxi Tianhui Inlong Trading Co. Ltd
Europe was the largest region in the refrigerated transport market in 2023. Asia-Pacific is expected to be the fastest-growing region in the refrigerated transport market report forecast period. The regions covered in the refrigerated transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the refrigerated transport market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The refrigerated transport market includes revenues earned by providing transportation services such as insulation vans, chiller conversion vans, semi-freezer vans, and full-freezer vans. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Refrigerated Transport Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on refrigerated transport market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for refrigerated transport ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The refrigerated transport market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.