11-Oct-2018 | Zion Market Research
With the presence of a large pool of participants, the global refrigerated vehicle market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Carrier Transicold, CMA CGM, GAH Refrigeration, Maersk Line, MSC, and Swift Transportation are some of the key vendors of the refrigerated vehicle across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development states the refrigerated vehicle market study.
Citing an instance, in September 2018, Thermo King—a transport temperature-control solutions service provider—displayed its advanced clean energy cooling technology at IAA Commercial Vehicles Show in Germany. Reportedly, the transport temperature-control solutions comprised of new solar panels, myriad refrigeration units, and a discharge evaporator.
This review is based on a report by Zion Market Research, titled “Refrigerated Vehicle Market by Vehicle Type (Insulated Container, Refrigerated Truck, Refrigerated Transport by Air, Multimodal Temperature Container and Atmosphere Controlled Container), by Product Type (Chilled And Frozen): Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022.”- https://www.zionmarketresearch.com/report/refrigerated-vehicle-market
As estimated in this report, the global refrigerated vehicle market stood at US$ 11 billion in 2016. Witnessing a tremendous rise during the period from 2017 to 2022, the revenue in this refrigerated vehicle market is expected to reach US$ 16.5 billion by the end of the forecast period. The main vehicle types available in this refrigerated vehicle market are insulated container, refrigerated truck, refrigerated transport by air, multimodal temperature container, and atmosphere controlled container. Among them, the demand for is relatively higher and the trend is anticipated to remain so over the next few years notes the research report.
Massive Need For Improving Product Shelf Life To Augment Market Scope
“Escalating popularity of frozen & ready-to-eat foods and need for enhancing the shelf life of the products is likely to drag the growth trajectory of refrigerated vehicle market in the upward direction,” says the author of this study. Apart from this, growing requirement for protecting pharmaceutical and biotech products from heat & sunlight for maintaining their formulation will positively impact refrigerated vehicle market size in the ensuing years.
The prominent rise in oil costs across the globe, however, is anticipated to hamper refrigerated vehicle market growth in the near future. Nevertheless, manufacturers are focusing on expanding their customer base across the globe through product innovations or new product launches, joint ventures, partnerships & collaborations, and mergers & acquisitions. This, in turn, will help in overcoming the negative impacts of impediments affecting refrigerated vehicle market growth, reports the study.
Awareness About Nutritional Value Of Frozen Foods To Aid Regional Expansion
Regionally, Europe has been leading the worldwide refrigerated vehicle market and is anticipated to continue on the dominant position in the years to come, states the refrigerated vehicle market study. Hectic lifestyles, altering food habits of the people, and growing awareness pertaining to nutrition value of frozen diets are the major factors behind the dominance of the European refrigerated vehicle market. The high number of market players being headquartered in Europe is another significant factor that is supporting this regional refrigerated vehicle market. In addition, large-scale investments in cold chain infrastructure network are forecast to lucratively influence refrigerated vehicle market earnings of the region.
The global refrigerated vehicle market is segmented as follows:
By Vehicle Type
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