Refrigerated Transport Market Growth, Size, Share & Trends

Refrigerated Transport Market Competitive Landscape

Global refrigerated transport market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global refrigerated transport market.

For example, in January 2021, Daimler India launched a refrigerated truck for Covid-19 vaccination. Apart from Tata Motors, Daimler India also launched a range of vehicles that are highly useful for transporting vaccines during the pandemic.

Refrigerated Transport Market Top Player's Company Profiles

United Technologies Corporation (Carrier Corporation) (US)

DAIKIN INDUSTRIES Ltd (Japan)

Utility Trailer Manufacturing Company (US)

Singamas Container Holdings Limited (China)

Hyundai (Korea)

VE Commercial Vehicles Limited (India)

Shaanxi Tianhui Inlong Trading Co. Ltd (China)

Wabash National Corporation (US)

Great Dane LLC (US

Schmitz Cargobull (Germany)

KRONE (Germany)

LAMBERET SAS (France)

Ingersoll Rand (Ireland)

China International Shipping Containers (Group)Co Ltd (China)

Tata Motors (India)

Refrigerated Transport Market

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Refrigerated Transport Market size was valued at USD 119.48 Billion in 2022 and is poised to grow from USD 127.25 Billion in 2023 to USD 210.59 Billion by 2031, at a CAGR of 6.5% during the forecast period (2024-2031).

refrigerated transport market is highly competitive with the presence of local as well as companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of refrigerated transport market. 'United Technologies Corporation (Carrier Corporation) (US)', 'DAIKIN INDUSTRIES Ltd (Japan)', 'Utility Trailer Manufacturing Company (US)', 'Singamas Container Holdings Limited (China)', 'Hyundai (Korea)', 'VE Commercial Vehicles Limited (India)', 'Shaanxi Tianhui Inlong Trading Co. Ltd (China)', 'Wabash National Corporation (US)', 'Great Dane LLC (US', 'Schmitz Cargobull (Germany)', 'KRONE (Germany)', 'LAMBERET SAS (France)', 'Ingersoll Rand (Ireland)', 'China International Shipping Containers (Group)Co Ltd (China)', 'Tata Motors (India)'

Globally increased female employment, the rapid impact of the pandemic and increasingly frantic lifestyles along with a work-from-home culture is changing consumer perception of frozen meals. Growth forecasts for frozen foods are encouraging, with opportunities emerging from emerging regions such as Asia Pacific, South America, and Eastern Europe. When weather conditions hamper agricultural productivity, frozen meals are preferred because they have a longer shelf life. Food manufacturers try to provide consumers with cost-effective frozen, processed, and packaged foods. Freezing techniques are an excellent way to transfer food from farmer's markets to supermarkets while increasing affordability and accessibility and reducing food waste. The growth of service sectors such as fast-food chains, quick-service restaurants, and supermarkets is driving the demand for frozen foods.

Service providers are exploring new strategies for selecting transportation modes to reduce costs and improve supply chain efficiency. Intermodal transport is increasingly employed in the food and beverage industry. Intermodal transportation relies heavily on rail shipments and carries perishable goods through multiple modes of transportation (trucks, ships, and air). Intermodal transport also uses reefer containers. Due to rising fuel costs, refrigerated rail transport is becoming more popular. According to the Association of American Railroads (AAR) in Washington, companies have made significant investments in rail infrastructure and related technology. For example, Union Pacific Corporation, one of North America's leading transportation companies, has invested more than USD 30 billion in its rail network since 2000, allowing for the construction or modernization of intermodal facilities as well as the development of track infrastructure that serves the truck's competitive delivery service.

On the basis of region, refrigerated transport market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. Asia-Pacific accounts for around 38% of the market and is expected to continue its dominance during the forecast period. A primary factor driving refrigerated transport consumption in the Asia-Pacific region is the region's strong economic growth. Also, increasing government investment in transport infrastructure development projects in key countries such as Japan, India, and China, as well as expansion of the construction, automotive, and transport industries, are driving the growth of refrigerated transport in the region.

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