Refrigerated Vehicle Market: Current Analysis and Forecast (2022-2028)

A refrigerated vehicle is a transportation unit used for the long-distance transport of temperature-sensitive cargo. The cooling system on this type of vehicle provides added protection and security to maintain optimum internal conditions and preserve quality throughout transport, without any pre-chilling or ice packs required. The refrigerated vehicle market is catering to considerable demand across the globe. Factors that are supporting the growth of the market are mainly owing to the rising cold chain sector which is fast growing with key industries such as fruits and vegetables, meat, fish, poultry, dairy products, confectionery, and pharmaceuticals, among others, being critically dependent on it.

Moreover, refrigerated vehicle manufacturers are working on designing technologies to minimize their environmental impacts, such as carbon footprint and noise pollution are the key factors driving the market. In addition, rising global warming has a major impact on the food producers globally which is reducing the shelf life of these products in non-refrigerated conditions. Most pharmaceutical and healthcare products need protection from heat and light to maintain their chemical and biological formulation escalating the adoption of refrigerated vehicles.

Based on vehicle type, the refrigerated vehicle market is segmented into the LCV, MHCV, and HCV. Open hole category to witness higher CAGR during the forecast period. Among vehicle types, MHCV caters to an extensive share of the refrigerated vehicle market. Refrigerated MHCVs are used for medium-distance transportation from one city to another to deliver perishable goods such as fish, meat, milk, and dairy products. The increase in the use of multi-temperature refrigerated systems provides an option to transport more than one perishable item at a time, improving transportation efficiency via trucks.

Based on application, the refrigerated vehicle market is classified into chilled food and frozen food. Among these, the chilled food segment to hold a significant share in the market in 2020. The growing consumption of convenience food in emerging economies is escalating its market share. In addition, the expansion of fast-food chains and supermarkets is expected to create lucrative opportunities for chilled food product manufacturers and refrigerated transport service providers in the coming years.

Based on temperature, the refrigerated vehicle market is bifurcated into single temperature and multi-temperature. Among these, the multi-temperature segment to hold a significant share in the market in 2020. The rising growth of the food service industry required a fleet of multi-temperature refrigerator trailers that are equipped with evaporators and host unit controls that provide different temperatures in one trailer.

Based on technology, the refrigerated vehicle market is segmented into air-blown evaporators, eutectic devices, hybrid, and fully electrified. Among these, the fully electrified segment to hold a significant share in the market in 2020. It is mainly owing to its potentially lower operating costs, zero tailpipe emissions, significantly quieter drive at low speeds, and provide higher energy efficiency.

For a better understanding of the market adoption of refrigerated vehicles, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Europe is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to due to the development of network-focused technological solutions, technological up-gradation in refrigerated systems & transport, and the focus on the implementation of quality standards set by the public and private sector.

Some of the major players operating in the market include: United Technologies Corporation, DAIKIN INDUSTRIES Ltd., Ingersoll Rand, Utility Trailer Manufacturing Company, Tata Motors, Nabors Industries Ltd., Hyundai, Singamas Container Holdings Limited, LAMBERET SAS, KRONE.