Refrigerated Transport Market Outlook: Rising Demand for Cold Chain Drives Growth to USD 228.4 Billion by 2032 | Persistence Market Research

Market Overview and Growth Outlook

The global refrigerated transport market is witnessing remarkable growth as the demand for temperature-controlled logistics surges worldwide. The market size is projected to increase from US$ 138.1 billion in 2025 to US$ 228.4 billion by 2032, reflecting a robust CAGR of 7.5% over the forecast period. Historically, the market recorded a CAGR of 5.9% between 2019 and 2024, highlighting consistent growth driven by globalization of the food trade and pharmaceutical logistics.

Several factors contribute to the expanding scope of refrigerated transport. These include growing consumer expectations for fresh and perishable goods, strict compliance requirements in the pharma sector, and rising urbanization. Among all segments, air-blown evaporators are forecasted to lead the product category with a 41.6% market share in 2025, owing to their uniform cooling capabilities. Geographically, North America dominates the market, holding a projected 35.7% share in 2025, supported by its robust infrastructure and high demand for fresh produce.

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Key Highlights from the Report

• Road transport will capture 28.4% market share in 2025 due to its direct, flexible logistics capabilities.
• Air-blown evaporators to lead with 41.6% share for superior cooling and spoilage control.
• The market will grow at a CAGR of 7.5% between 2025 and 2032.
• North America to dominate with 35.7% market share by 2025.
• Blockchain integration is increasing for cold chain transparency and traceability.
• Government subsidies are accelerating the adoption of electric refrigerated vehicles.

Market Segmentation Analysis

The refrigerated transport market can be segmented based on transport mode, technology, and end-use industry. By transport mode, road transportation stands as the most dominant segment, owing to its accessibility, flexibility, and widespread infrastructure in both developed and developing regions. Rail, sea, and air transport follow closely as essential modes for long-distance and cross-border refrigerated logistics.

By end-use industry, food and beverages lead the market, driven by soaring global demand for perishable items like dairy, seafood, and meat. Pharmaceuticals also represent a high-growth segment, with strict regulatory guidelines on temperature-sensitive drug logistics pushing demand for reliable and tech-enabled refrigerated transport solutions.

Regional Insights

North America holds the lion's share of the refrigerated transport market, attributed to its established cold chain infrastructure and strong consumer demand for fresh and processed food. Increasing investments in green logistics and innovation in cold storage technologies are further fueling regional market growth.

Meanwhile, Asia Pacific is expected to be the fastest-growing region, spurred by urbanization, rising disposable income, and booming food exports from countries like India and China. Local government support for modernizing logistics infrastructure also bodes well for future growth.

Market Drivers

A major driver for refrigerated transport is the rise in international trade of perishable goods, particularly in the food and pharmaceutical sectors. Consumers are demanding fresh products year-round, necessitating highly efficient cold chain logistics. In addition, stricter regulations on product safety and temperature compliance-especially in vaccines and biologics-are prompting investments in reliable refrigerated fleets.

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Market Restraints

Despite the momentum, the market faces significant restraints, particularly in terms of operational costs and infrastructure disparities. High fuel consumption, expensive maintenance of reefer units, and inadequate cold storage facilities in remote areas can hinder seamless cold chain operations. Furthermore, emerging economies still lack standardized regulatory frameworks, affecting cross-border transport efficiency.

Market Opportunities

Amid challenges, new opportunities are emerging with technological advancements. Electrification of refrigerated fleets, integration of IoT and blockchain for temperature tracking, and AI-driven logistics optimization are transforming how companies manage cold supply chains. These innovations not only enhance operational efficiency but also contribute to sustainability goals-an increasingly vital factor for modern logistics providers.

Reasons to Buy the Report

✔ Gain a comprehensive understanding of market dynamics, drivers, and challenges.
✔ Identify key growth opportunities across regions and product segments.
✔ Access reliable market forecasts to support strategic planning through 2032.
✔ Learn about leading players and emerging trends shaping the industry.
✔ Stay ahead with insights on sustainability, electrification, and digital transformation in cold logistics.

Frequently Asked Questions (FAQs)

#1. How big is the refrigerated transport market expected to be in 2032?
#2. What is the projected growth rate of the refrigerated transport market?
#3. Who are the key players in the global refrigerated transport market?
#4. What are the technological trends influencing the refrigerated transport market?
#5. Which region is estimated to dominate the refrigerated transport industry through 2032?

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Company Insights

Key Players in the Market:

1. Thermo King Corporation
2. Carrier Global Corporation
3. Daikin Industries, Ltd.
4. Utility Trailer Manufacturing Company
5. Wabash National Corporation
6. Schmitz Cargobull AG
7. Lamberet SAS
8. Great Dane LLC
9. Kögel Trailer GmbH & Co. KG
10. Singamas Container Holdings Limited

Recent Developments:

• Thermo King launched a new fully electric trailer refrigeration unit in 2024 to cater to growing demand for zero-emission cold transport.

• Carrier Transicold introduced Lynx Fleet, an IoT-based platform that provides real-time monitoring and predictive analytics for refrigerated trucks.

Conclusion

The refrigerated transport market is entering an exciting phase of technological transformation, spurred by global demand for fresh goods, climate-conscious logistics, and smart supply chains. With a strong projected CAGR of 7.5% through 2032, industry players are increasingly focusing on electric and connected cold chain solutions to meet both regulatory and consumer expectations. As innovation continues to drive the market forward, stakeholders across food, pharma, and logistics sectors will find abundant opportunities in this vital and rapidly evolving space.

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