A recent report published by Infinium Global Research on refrigerated transport market provides in-depth analysis of segments and sub-segments in the global as well as regional refrigerated transport market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional refrigerated transport market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global refrigerated transport market.
The refrigerated transport market involves the transportation of temperature-sensitive goods such as perishable food items, pharmaceuticals, and chemicals under controlled temperature conditions. It encompasses various modes of transportation including trucks, ships, trains, and airplanes, equipped with refrigeration systems to maintain the desired temperature range during transit. The significance of the refrigerated transport market lies in its crucial role in preserving the quality and integrity of perishable goods throughout the supply chain. Maintaining optimal temperatures ensures that products reach their destination in a fresh and safe condition, reducing spoilage, preserving nutritional value, and extending shelf life. This market facilitates global trade by enabling the transportation of perishable goods across long distances, thereby supporting industries such as agriculture, food processing, and pharmaceuticals. Additionally, it addresses growing consumer demands for fresh produce year-round, enhances food safety standards, and mitigates economic losses associated with product spoilage, making it an indispensable component of the modern logistics industry.
The surge in demand for perishable goods such as fresh produce, dairy, and pharmaceuticals, is fueling rapid growth in the refrigerated transport market. With consumers increasingly prioritizing quality and freshness, the need for reliable cold chain logistics solutions has intensified. This trend is propelled by factors such as expanding global trade, urbanization, and changing consumer preferences toward healthier food options. Moreover, to support this growth, governments worldwide have implemented various schemes to enhance infrastructure and ensure efficient transportation of perishable items. These schemes often include subsidies for refrigerated transport vehicles and grants for cold storage facilities. For instance, according to the Ministry of Agriculture & Farmers' Welfare, the government is introducing multiple initiatives that offer financial aid for establishing cold storage facilities to preserve perishable horticultural produce nationwide.
In addition to cold storage, financial support is extended for installing pre-cooling units, cold rooms, pack houses, integrated pack houses, preservation units, reefer transport, ripening chambers, and other related infrastructure. These measures are part of the Mission for Integrated Development of Horticulture (MIDH) and aim to prevent damage to agricultural and horticultural produce while ensuring their quality and longevity throughout the supply chain. These governmental initiatives aim to bolster the refrigerated transport market, facilitating seamless movement of perishable goods while promoting economic development and sustainability. Additionally, the surge in e-commerce and online grocery shopping has propelled the need for streamlined cold chain logistics, catalyzing market expansion.
As consumers increasingly turn to digital platforms for their shopping needs, there is a heightened demand for efficient transportation and storage of perishable goods. This necessitates a robust cold chain infrastructure to maintain product quality and safety throughout the supply chain. For instance, according to the U.S. Census Bureau, in 2023, e-commerce sales reached an estimated USD 1,118.7 billion, marking a 7.6 percent increase (±1.2%) from the previous year. Total retail sales also experienced growth, rising by 2.1 percent (±0.4%) compared to 2022. E-commerce transactions constituted 15.4 percent of overall sales in 2023, compared to 14.7 percent in 2022. As consumer preferences continue to shift towards online shopping, the demand for streamlined cold chain logistics is expected to surge, further driving market growth. However, the refrigerated transport market faces significant challenges due to high initial investment costs and ongoing maintenance expenses. The specialized equipment required for refrigeration including refrigerated trucks and containers, demands substantial upfront capital.
Moreover, the intricate cooling systems necessitate regular maintenance to ensure proper functioning and prevent breakdowns, adding to operational costs. These financial barriers inhibit the expansion of the refrigerated transport market, particularly for small and medium-sized enterprises with limited capital resources. Moreover, the cost-intensive nature of refrigerated transport may deter potential investors and stakeholders from entering the market or expanding existing operations. Nevertheless, technological advancements in refrigerated transport such as IoT sensors, GPS tracking, and data analytics, enable real-time monitoring of temperature, humidity, and location ensuring optimal conditions for perishable goods. Automated systems streamline operations, reducing human error and operational costs while improving efficiency. Innovations such as cryogenic cooling and phase change materials enhance temperature control, extending product shelf life and quality. Overall, technological advancements and innovations offer opportunities for efficiency enhancement and market expansion in refrigerated transport.
Geographically, North America is expected to hold the largest market share in terms of revenue over the forecast period. The robust demand for perishable goods and the expansion of cold chain logistics networks in the region drive North America into the refrigerated transport market. The region's supremacy was underpinned by a mature economy, and stringent regulations ensuring food safety. The FDA oversees the safety and labeling of the majority of food products within the United States. Moreover, the Asia-Pacific region emerged as the fastest-growing market for refrigerated transport. Rapid urbanization, changing dietary habits, and a burgeoning middle class in countries such as China, India, and Southeast Asian nations fueled the demand for refrigerated logistics solutions. For instance, according to the Asian Development Bank, urbanization in Asia is projected to exceed 55% of the population by 2030. Additionally, the expansion of e-commerce platforms and online grocery delivery services further propelled the need for efficient cold chain infrastructure to maintain product freshness during transportation. This surge in demand prompted significant investments in cold storage facilities, refrigerated trucks, and temperature-controlled logistics services across the region.
| Report Coverage | Details |
|---|---|
| Market Size in 2023 | USD 109.22 Billion |
| Market Size by 2032 | USD 179.61 Billion |
| Growth Rate from 2024 to 2032 | CAGR of 6.55% |
| Largest Market | North America |
| No. of Pages | 300 |
| Market Drivers |
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| Market Segmentation | By Mode of Transport, By Application, By Technology, and By Temperature |
| Regional Scope | North America, Europe, Asia Pacific, and RoW |
The report on global refrigerated transport market provides a detailed analysis of segments in the market based on Mode of Transport, Application, Technology, and Temperature.
· Road
· Air
· Sea
· Railways
· Chilled Food Products
· Frozen Food Products
· Vapor Compression Systems
· Cryogenic Systems
· Eutectic Systems
· Others
· Single Temperature
· Multi-temperature
· DAIKIN INDUSTRIES, Ltd.
· GAH (Refrigeration) LTD.
· Mediterranean Shipping Company S.A.
· Wabash National Corporation
· C.H. Robinson Worldwide, Inc.
· Carrier
· Swift Transportation
· HYUNDAI TRANSLEAD
· Schmitz Cargobull AG
· Utility Trailer Manufacturing Company, LLC.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the refrigerated transport market. Moreover, the study highlights current market trends and provides forecasts from 2024-2032. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.