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Refrigerated Transport Market Analysis, Share, Drivers, Growth 2024-2033: Strategic Examination
Refrigerated Transport Market
The Business Research Company offers in-depth market insights through Refrigerated Transport Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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 in the historic period can be attributed to international trade expansion, growing health-conscious consumers, stringent food safety regulations, expansion of the food and beverage industry, global population growth.
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 growth in the forecast period can be attributed to global food demand increase, healthcare logistics growth, sustainable transport initiatives, rise in e-commerce and online grocery shopping, demand for pharmaceutical. Major trends in the forecast period include remote monitoring solutions, collaborative partnerships, emergence of blockchain technology, customized refrigerated solutions, shift towards green energy sources.
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Market Segmentation:
The refrigerated transport market covered in this report is segmented -
1) By Transport Type: 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, Refrigerated Air Transport
2) By Temperature: Single Temperature, Multi-Temperature
3) By Application: Chilled Food, Frozen Food
Major Driver - Frozen Food Surge Fuels Growth In Refrigerated Transport Market
The rise in frozen food products is driving the growth of the refrigerated transport market. Frozen variants refer to pre-treatment and include processes such as blanching, heat treatments, dipping treatments, and cryoprotection, depending on the items being frozen. Widespread usage of frozen variants of various fresh products is increasing as it can increase vegetable intake because they are easily accessible and cheaper. For instance, according to WahUstad, an India-based fresh frozen food manufacturer & supplier, in April 2021, the frozen food market in India has increased by 40-50% for frozen fresh items and appears to be rising by 10-15% in the coming years. Furthermore, according to Grocery, a UK-based premium food store chain, there is a 16% spike in sales of frozen food in the UK as early as April 2020, with frozen choices proving popular for people wishing to stock up on huge quantities of food. Therefore, the rise in frozen food products is expected to propel the growth of the refrigerated transport market in the coming years.
Competitive Landscape:
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
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Top Trend - Product Innovations Transforming The Refrigerated Transport Market
Major companies operating in the refrigerated transport market are developing new products such as electric-driven transport refrigeration units to gain a competitive edge in the market. An electric-driven transport refrigeration vehicle refers to a type of transport vehicle equipped with a refrigeration system powered by electricity. For instance, in September 2023, Mitsubishi Heavy Industries Thermal Systems, Ltd., a Japan-based thermal solutions company, launched the TEJ35GAM, an electric-driven transport refrigeration unit designed for small and mid-size trucks. Featuring a plug-in hybrid system that seamlessly switches between plug-in charging and battery operation during various vehicle operations, the TEJ35GAM ensures continuous refrigeration, even while the truck is parked or idling, providing efficient cargo temperature control. Additionally, the unit employs a heat-pump system for heating, allowing simultaneous cooling and heating of two cargo rooms, addressing specific temperature requirements and enhancing stability in temperature maintenance throughout the seasons. The introduction aligns with Mitsubishi Heavy Industries' commitment to advancing electric-driven transport refrigeration technology for improved energy efficiency and reduced CO2 emissions in the distribution industry.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Refrigerated Transport Market Characteristics
3. Refrigerated Transport Market Trends And Strategies
4. Refrigerated Transport Market - Macro Economic Scenario
5. Refrigerated Transport Market Size And Growth
…..
27. Refrigerated Transport Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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