Refrigerated Transport Market Size, Trends, Growth, Opportunity and Forecast 2024-2032

According to the latest report by IMARC Group, titled “Refrigerated Transport Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, the global refrigerated transport market size reached US$ 18.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 28.5 Billion by 2032, exhibiting a growth rate (CAGR) of 4.6% during 2024-2032.

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Refrigerated Transport Market Trends:

The global market is primarily driven by the increasing demand for perishable food products and pharmaceuticals. In line with this, the widespread adoption of refrigerated transport solutions in the logistics and supply chain sectors is also providing an impetus to the market. Moreover, the considerable rise in global trade of temperature-sensitive goods is also acting as a significant growth-inducing factor for the market. In addition to this, the expanding availability of advanced refrigeration technologies is resulting in a higher investment in refrigerated transport systems.

Besides this, the growing need for maintaining the quality and safety of food and medical products during transit is creating lucrative opportunities in the market. Also, the increasing influence of stringent regulations and standards on the transport of perishable goods is impacting the market positively. The market is further driven by the implementation of sustainable practices and innovations in refrigeration units. Apart from this, easy product availability across various distribution channels is propelling the market. Some of the other factors contributing to the market include rapid urbanization and the growth of e-commerce, the shift towards more efficient cold chain logistics, and extensive research and development (R&D) activities.

Leading Key Players Operating in the Refrigerated Transport Industry:

• C. H. Robinson

• Daikin Industries

• FedEx

• DB Schenker

• General Mills

• Hyundai Motor Company

• Ingersoll Rand Inc.

• Krone Commercial Vehicle Group

• LAMBERET SAS

• United Technologies

• Utility Trailer Manufacturing Company

• Schmitz Cargobull

• Singamas Container

• Wabash National

Refrigerated Transport Market Growth Analysis:

The scope of the global market is expanding as various industries increasingly utilize refrigerated transport for diverse applications. This trend is particularly evident in regions with robust trade activities, thereby broadening the market's reach. As per the market analysis, the rising investments in cold chain infrastructure are also playing a crucial role in market expansion. In addition, technological advancements in refrigeration and monitoring systems are enhancing the efficiency and reliability of refrigerated transport, thereby making them more attractive to logistics providers. The market is also witnessing growth due to the escalating demand for fresh and frozen food products driven by changing consumer preferences and lifestyles.

Furthermore, the integration of IoT and telematics in refrigerated transport is expanding their functionality and adoption. As per the market analysis, the strengthening of global supply chains and the increasing presence of specialized refrigerated transport companies are also contributing to the broader market scope. The ongoing emphasis on reducing food wastage and ensuring pharmaceutical integrity during transport, coupled with growing consumer awareness, underscores the significant potential for market expansion.

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Refrigerated Transport Market Report Segmentation:

Breakup by Mode of Transportation:

• Refrigerated Road Transport

• Refrigerated Sea Transport

• Refrigerated Rail Transport

• Refrigerated Air Transport

Refrigerated road transport dominates the market due to the rise in e-commerce.

Breakup by Technology:

• Vapor Compression Systems

• Air-Blown Evaporators

• Eutectic Devices

• Cryogenic Systems

Air-blown evaporators hold the largest share of the market due to the growing need for rapid and efficient cooling systems capable of maintaining precise temperature control.

Breakup by Temperature:

• Single-Temperature

• Multi-Temperature

Single temperature dominates the market due to the demand for transporting a uniform category of goods, such as frozen foods or pharmaceuticals requiring a single temperature range.

Breakup by Application:

• Chilled Food Products

o Dairy Products

o Bakery and Confectionery Products

o Fresh Fruits and Vegetables

o Others

• Frozen Food Products

o Frozen Dairy Products

o Processed Meat Products

o Fish and Seafood Products

o Others

• Others

Chilled food products hold the largest share of the market due to the rising consumer demand for fresh and quality foods.

 Breakup by Region:

• North America (United States, Canada)

• Europe (Germany, France, United Kingdom, Italy, Spain, Others)

• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)

• Latin America (Brazil, Mexico, Others)

• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Asia Pacific exhibits the largest segment due to the rising disposable incomes.

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