Refrigerated Transport Market Expansion Outlook: $174.18 Billion in 2029

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What Is the Projected CAGR for the Refrigerated Transport Market from 2024 to 2025?
There has been significant expansion in the size of the refrigerated transport market in previous years, ballooning from $121.46 billion in 2024 to an impressive $129.58 billion in 2025. This represents a compound annual growth rate (CAGR) of 6.7%. Factors contributing to this historical growth include the broadening of international trade, an increase in health-aware consumers, rigorous food safety protocols, the growth of the food and beverage industry, and a worldwide increase in population.

What are the Expected Market Size and CAGR for Refrigerated Transport by 2029?
In the coming years, the refrigerated transport market is anticipated to experience robust growth, reaching a total value of $174.18 billion in 2029 at a compound annual growth rate (CAGR) of 7.7%. This growth during the forecasted period can be traced back to various factors such as the heightened demand for food globally, the expansion of healthcare logistics, initiatives for sustainable transport, an upsurge in e-commerce and online grocery shopping, and the rising demand for pharmaceuticals. The forecast period is also likely to see key trends such as the integration of remote monitoring solutions, cooperative partnerships, the introduction of blockchain technology, the development of bespoke refrigerated solutions, and a shift towards more environmentally friendly energy sources.

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Which Factors Are Driving the Global Refrigerated Transport Market Expansion?
The growth of the refrigerated transport market is being fueled by the escalating demand for frozen food items. These frozen products undergo various pre-treatment methods such as blanching, heat treatments, dipping processes, and cryoprotection, dependent on the type of product being frozen. The popularity of these frozen variants of a range of fresh products is on the rise as they contribute to increased vegetable consumption due to their affordability and easy availability. This fact is endorsed by WahUstad, an India-based organization specializing in the supply and manufacturing of fresh frozen foods. Similarly, a report by Frozen Food Europe, a UK-based information source about the frozen food industry in Europe, confirmed that the value of the global frozen food market stood at USD 392.4 billion in 2022 and is forecasted to rise to USD 612.3 billion by 2032. The European region held the largest share of this market in 2022, nearly 37%. Thus, it can be deduced that the booming demand for frozen foodstuffs is propelling the upward trajectory of the refrigerated transport market.

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Which Segment Currently Holds the Largest Share of 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

Which Major Trends Are Shaping the Future of the Refrigerated Transport Industry?
Technological advancements are becoming a predominant trend in the refrigerated transport sector. The primary market players are investing in the introduction of new technologies to maintain their market dominance. For instance, Mitsubishi Heavy Industries Thermal Systems, a company based in Japan that manufactures air-conditioning and refrigeration systems, introduced its new "TEK Series" of Electric-Driven Transport Refrigeration Units for Small and Mid-Size Trucks in June 2024. The TEK series were designed to cater to the increasing need for consistent-temperature transport services, fueled by the surge in home deliveries made by supermarkets and the necessity for secure pharmaceutical transportation.

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Which Key Players Dominate the Refrigerated Transport Industry Globally?
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 Are the Fastest-Growing Regions 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.

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