Yahoo Finance Refrigerated Transport Market Size to Hit Around US$ 180 BN by 2030
According to Precedence Research, the global refrigerated transport market size is projected to hit around US$ 180 billion by 2030 and growing at a CAGR of 28.36% over the forecast period 2022 to 2030.
Kuala Lumpur, Aug. 18, 2022 (GLOBE NEWSWIRE) -- The global refrigerated transport market size was accounted at US$ 19 billion in 2021. After the pandemic there has been a growth in the refrigerated transport market. As the restrictions on movement have been eased the market is expected to grow during the forecast period. Increase in the demand for plant based perishable products another ready to eat food products in the developing nations is driving the growth of the market.
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Key Insights
By technology, the air blown evaporators segment exhibited 48% revenue share in 2021.
The eutectic devices segment hit 31.5% revenue share in 2021.
Asia Pacific region held 37.3% revenue share in 2021.
Europe region has generated revenue share of over 29.2% in 2021.
What is the regional scope of refrigerated transport market?
The North American region and the European region has seen a saturation in the demand for perishable items. There is a steady growth in both of these regions. The Asia Pacific region is expected to have the largest market share of the refrigerated transport market during the forecast period.
The Asia Pacific region had dominated the market in the recent years. Rapid industrialization and high amount of disposable income in many countries of the Asia Pacific region is creating a demand for various products. Countries like India, China and Japan are seeing rapid growth in the refrigerated transport market due to an increase in the demand for frozen food products. Dual income households and busy work schedules is another reason which is driving the growth of this market in the Asia Pacific region.
In order to develop the refrigerated transport sector, the governments of these nations are investing in order to provide better options. During the pandemic many new refrigerated transport trucks were launched for the transport of COVID-19 vaccination across the nations.
Report highlights
The chilled products segment had the largest market share it is expected to grow well during the forecast period. Dairy products, beverages, fruits and vegetables are the chill products which are majorly transported by the vehicles. Increasing demand for these products in the developing nations and the awareness about the perishable food products is creating a demand for the chilled food products.
The vapor compression systems are used in the refrigeration for preserving the frozen food products. This technology is used for efficient refrigeration off products that need to be delivered in the frozen form.
The lightweight commercial vehicle segment is expected to have the largest market share during the forecast. As there is an increase in the demand for home delivery services. The light vehicles or extremely suitable for covering short distances for the delivery of these chilled or frozen products.
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Scope of the Report
Report Attributes | Details |
Market Size in 2021 | USD 24.39 Billion |
Revenue Forecast by 2030 | USD 180 Billion |
CAGR | 28.36% from 2022 to 2030 |
Largest Market | Asia Pacific |
Fastest Growing Region | North America |
Base Year | 2021 |
Forecast Year | 2022 to 2030 |
Key Players | United Technologies Corporation (Carrier Corporation) (US), DAIKIN INDUSTRIES Ltd.(Japan), Utility Trailer Manufacturing Company (US), Singamas Container Holdings Limited (China), Hyundai (Korea) and Others. |
Market Dynamics
What are the drivers of refrigerated transport market?
Emerging nations in the Asia Pacific region, South America and Eastern Europe are providing growth opportunities for the refrigerated transport market. Dual income households and rapid industrialization are leading to the growth of this market. There is a change in the lifestyle leading to a change in the pattern of food consumption which has led to a demand for frozen foods in the developing nations.
Other factors that are driving the growth of the market is the increased shelf life of perishable food items and affordable products that are easily available. Increase in the number of hypermarkets and the fast food chains are driving the growth of the market.
Restraints
The major growth restraints in the refrigerated transport market are the high energy costs which are not environment friendly. Increase in the cost of the fuel use for transportation is another restraining factor for the cold chain providers in many developed as well as the developing economies. One major challenge in the growth of this market is the efficient use of fuel. The use of refrigerated vehicles has increased due to a growing demand for these perishable items. Increased usage of refrigerated vehicles for ensuring safety and good quality food Requires large amount of investment. Due to all of these reasons the growth of the market is hampered.
Opportunities
Intermodal transport happens to be the most efficient transport mode which will help in reducing the incurred cost for transportation and will provide efficiency in the supply chain management. This method of transport is rapidly used in the food and beverage clear across the globe. Different types of moves for transport are utilized for the delivery of food and beverages. Road transport waterways and Airways are used in combination for easy shipments. Railways are providing a major opportunity for growth of the refrigerated transport market as it helps you saving the costs incurred due to the consumption of fuel.
Challenges
North American region and the European region the refrigerated transport infrastructure is extremely efficient add that as been used since a very long time now. The ability of skilled labor in this region is driving the growth of the market.
On the other hand the Asia Pacific region is still growing in the refrigerator transport market. The availability of efficient and skilled labor is extremely important to maintain the cost which is involved in the operations of these transporting systems. Due to a lack of the availability of efficient technicians in this region there is a slow growth of the refrigerated market and the services provided are not efficient. The lack of skilled end trained technicians or laborers are hampering the growth of this market in the Asia Pacific region.
Recent Developments
Krone and trailer dynamics GmbH entered into a partnership in October 2021 with the aim of providing a trailer which will be extremely useful in reducing the carbon dioxide emissions into the environment.
Market Segmentation
By Product
Chilled Food
Milk
Bakery & confectionery products
Dairy products
Beverages
Fresh fruits & vegetables
Frozen Food
Ice cream
Frozen dairy products
Meat-processed
Fish & sea food
Bakery products
By Temperature
Multiple Temperature
Single Temperature
By Technology
Vapor Compression Systems
Air Blown Evaporators
Eutectic Devices
By Vehicle Used
Heavy Commercial Vehicle
Light Commercial Vehicle
Medium Commercial Vehicle
By Mode of Transport (Road)
LCV
MHCV
HCV
By Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa (MEA)
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