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Emerging Trends Influencing The Growth Of The Refrigerated Transport Market: Technological Advancements Driving Innovation In Refrigerated Transport Market
Refrigerated Transport
What Is the Refrigerated Transport Market Size and Projected Growth Rate?
The market size for refrigerated transport has experienced robust growth in the preceding years. It is projected to increase from $121.46 billion in 2024 to $130.95 billion in 2025, with a compound annual growth rate (CAGR) of 7.8%. Factors contributing to this growth in the historic period include the proliferation of international trade, an increase in health-conscious consumers, stringent regulations for food safety, the expansion of the food and beverage sector, and worldwide population growth.
The market size for refrigerated transport is predicted to witness significant expansion in the upcoming years. It's anticipated to reach a value of $180.16 billion in 2029, with a compound annual growth rate (CAGR) of 8.3%. Factors contributing to this growth over the forecast period include an escalating global demand for food, progress in healthcare logistics, sustainable transport movements, a surge in e-commerce and online grocery purchases, as well as a heightened demand for pharmaceuticals. Notable trends in the forecast period feature remote monitoring solutions, partnership collaborations, the advent of blockchain technology, bespoke refrigerated solutions, and a transition towards renewable energy resources.
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What Are the Major Segments in the Refrigerated Transport Market?
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
Subsegments:
1) By Refrigerated Road Transport: Refrigerated Trucks, Refrigerated Vans
2) By Refrigerated Medium And Heavy Commercial Vehicles (MHCV): Refrigerated Trailers, Refrigerated Containers
3) By Refrigerated Light Commercial Vehicles (LCV): Refrigerated Vans, Refrigerated Small Trucks
4) By Refrigerated Heavy Commercial Vehicles (HCV): Refrigerated Trucks, Refrigerated Trailers
5) By Refrigerated Sea Transport: Reefer Ships, Refrigerated Containers
6) By Refrigerated Rail Transport: Refrigerated Rail Cars, Reefer Containers
7) By Refrigerated Air Transport: Air Freight Services, Cargo Aircraft
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What Are The Driving Refrigerated Transport Market Evolution?
The emergence and growth of the refrigerated transport market is primarily fuelled by the increased demand for frozen food products. These frozen items, which are essentially pre-treated, undergo various processes such as blanching, heat treatments, dipping treatments and cryoprotection, tailored to the individual frozen product. Indeed, the rise in popularity of different frozen versions of fresh produce is seen as a positive trend that promotes increased vegetable consumption, since these are easy to access and affordable. For example, as noted by WahUstad, an Indian fresh frozen food manufacturing and supplying firm, there has been a surge in demand in recent years. It has been confirmed by Frozen Food Europe, an informative UK magazine concerning the European frozen food sector, that the global frozen food industry was worth a staggering USD 392.4 billion in 2022. Furthermore, it is projected to grow to an estimated USD 612.3 billion by 2032. Significantly, Europe was the global frontrunner in the frozen food industry in 2022, holding a commanding market share of approximately 37%. Consequently, this surge in the demand for frozen food products is a critical driving force of the refrigerated transport market's expansion.
Which Firms Dominate The Refrigerated Transport Market Segments?
Major companies operating in the refrigerated transport market include Carrier Transicold, Thermo King Corporation, Daikin Industries Ltd., Trane Technologies plc, Mitsubishi Heavy Industries Ltd., GAH Refrigeration Ltd., Great Dane LLC, Wabash National Corporation, Ingersoll Rand Inc., Schmitz Cargobull AG, Lamberet SAS, Hwasung Thermo Co. Ltd., China International Marine Containers (Group) Ltd., Hyundai Translead, Singamas Container Holdings Ltd., Utility Trailer Manufacturing Company, Klinge Corporation, Kingtec Group Company Ltd., Morgan Corporation, DENSO Corporation, Daikin Reefer, Frigoblock GmbH, Carrier Corporation, Polar Leasing Inc., Sanden Holdings Corporation, Zanotti S.p.A, Hubbard Products Ltd., MHI Thermal Systems
What Trends Are Driving Growth in The Refrigerated Transport Market?
Leading advancements in technology are becoming increasingly popular trends within the refrigerated transport market. The main companies within this market are strategizing to integrate new technologies to maintain their market standing. For instance, in June 2024, Mitsubishi Heavy Industries Thermal Systems, a company based in Japan that specializes in air-conditioning and refrigeration, launched their new "TEK Series". This series, composed of Electric-Driven Transport Refrigeration Units, is designed for Small and Mid-Size Trucks. The focus of the TEK series is to fulfill the rising demand for unwavering-temperature transport options, spurred by the increase in home deliveries by supermarkets and the need for secure transport of pharmaceutical items.
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Which Is The Largest Region In The Refrigerated Transport Market?
Europe was the largest region in the refrigerated transport market in 2024. 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Refrigerated Transport Market?
2. What is the CAGR expected in the Refrigerated Transport Market?
3. What Are the Key Innovations Transforming the Refrigerated Transport Industry?
4. Which Region Is Leading the Refrigerated Transport Market?
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