According to a new market research report "Refrigerated Transport Marketby Application (Chilled, Frozen), Mode of Transportation (Road, Sea, Rail, Air), Vehicle Type (LCV, MHCV, HCV), Temperature (Single Temperature, Multi Temperature), Technology, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is estimated to account for USD 14.64 billion in 2018 and is projected to reach USD 19.29 billion by 2023, growing at a CAGR of 5.67% from 2018 to 2023.
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The growth of the Refrigerated Transport Market is attributed to the growth of the cold chain industry due to globalization, consumer demand for frozen perishable commodities, increasing demand for cold chain technology solutions, the demand for advanced automated systems in commercial vehicles, and rising trend of engine downsizing in the automotive industry.
The fresh fruits & vegetables segment is projected to dominate the Refrigerated Transport Market throughout the forecast period
Based on application, the chilled fresh fruits & vegetables segment is projected to dominate the Refrigerated Transport Market in volume terms through 2023. Improved technology, fall in transportation costs, and the international trade agreements have fueled the demand for fresh fruits & vegetables, both in terms of value and volume. China is one of the key markets for the export of fresh fruits & vegetables in the Asia Pacific market.
The LCV segment is projected to dominate the road transport segment
The LCV segment accounted for the largest share in the Refrigerated Transport Market in terms of value in 2017. There has been an upsurge in the cold chain industry in countries such as China and India, which has resulted in an increase in the sale of refrigerated LCVs in the Asia Pacific. Increase in the demand for LCVs has also been witnessed for the products that are lightweight and produce low emission. Key companies are focusing on aligning with the requirements to offer ease of transportation of perishable food products across countries. Moreover, factors such as availability of easy finance options for fully-built vehicles will contribute towards the increase in the sales of refrigerated LCVs.
The chilled products segment, by application is estimated to remain dominant in the Refrigerated Transport Market throughout the forecast period
The chilled products segment accounted for the largest share in the Refrigerated Transport Market in terms of volume in 2017. Demand for chilled products is on the rise in developing countries of South America and the Asia Pacific due to the increased demand for the on-the-go food products. Besides this, the Asia Pacific region consists of key revenue pocket countries such as China, which is one of the largest markets for the bakery products and is expected to create lucrative opportunities for the chilled products manufacturers in the coming years. The country is also involved in the export of fresh fruits & vegetables, which is further expected to boost the demand for refrigerated transport services.
AsiaPacific dominated the global Refrigerated Transport Market:
The Asia Pacific market accounted for the largest share in the Refrigerated Transport Market in terms of value in 2017. The region consists of key revenue pocket countries such as China and India, which are the key revenue pockets in terms of growth. This is mainly due to the growth in the trend of consuming chilled & frozen food products in these countries. China is one of the largest importers and exporters of food products at a global level. The country relies on imports to fulfill the demand of its large population. The e-commerce industry is further booming in this region due to the increasing preference for home delivery services in the country. Apart from this, the government is focusing on developing logistics and infrastructure, which is gaining the attention of local service providers to expand in the Refrigerated Transport Market.
This report includes a study of marketing and development strategies along with the product portfolios of the leading companies. It includes the profiles of leading companies such as Daikin Industries (Japan), Ingersoll-Rand (Ireland), China International Marine Containers (China), and Utility Trailer (US). Other key players include Singamas Container (China), Hyundai (South Korea), Schmitz Cargobull (Germany), Fahrzeugwerk Bernard Krone (Germany), Lamberet (France), Kögel Trailer (Germany), Great Dane (US), Webasto (Germany), and Wilhelm Schwarzmuëller (Austria).
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