Northbrook, IL 60062 -- (SBWIRE) -- 04/24/2023 -- The refrigerated transport market is expected to grow at a CAGR of 7.2% during the forecast period, from USD 113.4 billion in 2022 to USD 160.7 billion by 2027.

The refrigerated transport market is witnessing significant growth due to the rising demand for perishable food products and agricultural commodities across the globe. The market is driven by the increasing demand to prevent the spoilage of perishable food products and agricultural commodities across the globe. Refrigerated vehicles help to restrict the temperature fluctuation during transit and maintain the temperature as set by the operator. The market size and forecast have been provided by MarketsandMarkets, which has studied the market in-depth and provided a detailed report on the refrigerated transport market.

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Application Analysis:

Chilled food was the largest application segment in the global refrigerated transport market and is expected to maintain dominance over the forecast period. The chilled food products segment covers a wide variety of products such as milk, dairy products such as butter, yogurt, and cheese, bakery & confectionery products, beverages, and fruits & vegetables. Chilled food product manufacturers are expected to experience high prospects in the emerging countries since developed countries have entered the maturity stage in this segment.

Mode of Transport Analysis:

LCV is anticipated to be the fastest-growing mode of transport segment in the refrigerated transport over the forecast period. Refrigerated LCVs are best suitable for secondary transportation, and with the increasing home or door-step delivery services by all the e-commerce and retail sector players, the demand for LCVs is anticipated to get fueled over the forecast period.

Vehicle Type Analysis:

The refrigerated transport market is segmented into LCV, MHCV, and HCV. The market for MHCVs and HCVs is expected to grow at a steady rate, whereas the market for LCVs is expected to grow at a faster rate due to the increasing demand for door-step delivery services.

Temperature Analysis:

Multi-temperature was the largest temperature segment for the refrigerated transport market and is anticipated to maintain the dominance over the forecast period. The introduction of multi-temperature refrigeration has enabled energy savings for operators as they can deliver freight at different temperatures to a specific location. In multi-temperature refrigerated vehicles, the container maintains two or more different temperatures in various parts of the vehicle for the operators to load assorted products within the same vehicle.

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Technology Analysis:

Hybrid vehicles are anticipated to be the second-fastest-growing technology segment in the refrigerated transport market. A hybrid refrigeration system can primarily have any combination of components in both series and parallel circuits for increasing COP. This system has comparatively less power and energy input desired for industrial usage in places with fewer resources and aims to have better economical solutions for the standard cycles.

Regional Analysis:

Europe was the largest region for the refrigerated transport market in 2022. Europe has a large and mature market with stable demand for most fresh fruit and vegetables.

Key Market Players:

Key players in this market include United Technologies Corporation (Carrier Corporation) (US), DAIKIN INDUSTRIES Ltd.(Japan), Ingersoll Rand (Ireland), China International Shipping Containers (Group) Co., Ltd (China), Utility Trailer Manufacturing Company (US), Singamas Container Holdings Limited (China), Hyundai (Korea), Schmitz Cargobull (Germany), KRONE (Germany), LAMBERET SAS (France), Tata Motors (India), VE Commercial Vehicles Limited (India), Shaanxi Tianhui Inlong Trading Co. Ltd (China), Wabash National Corporation (US) and Great Dane LLC (US).

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