The global Refrigerated Vehicle market accounted for USD 12.6 Billion in 2020 and is expected to reach USD 19.7 Billion by 2028, growing at a CAGR of around 5.4% between 2021 and 2028.
Refrigerated Vehicle Market
The global Refrigerated Vehicle Market accounted for USD 12.6 Billion in 2020 and is expected to reach USD 19.7 Billion by 2028, growing at a CAGR of around 5.4% between 2021 and 2028.
The refrigerated vehicle is temperature maintained vehicles carrying the products which get affected by outside temperature. It maintains the temperature ranges from -30oc to 400c. It is necessary to increase the shelf life of the product and protect it from external environmental conditions and maintain their chemical and biological properties. Furthermore, it is helpful for transport of vegetable, food products, pharmaceutical and healthcare products. Owing to which, the refrigerated vehicle has huge demand worldwide. Thus, it is expected to spurt the growth of refrigerated vehicle market over the forecast period.
The global Refrigerated Vehicle market has witnessed a slight decline during the pandemic. The restrictions imposed by various nations to contain COVID had stopped the production, resulting in a disruption across the whole supply chain. However, the global markets are slowly opening to their full potential and there's a surge in demand.
The market would remain lucrative in the upcoming year. The decrease in the global Refrigerated Vehicle market size in 2020 is estimated on the basis of the COVID-19 outbreak and its negative impact on the economies and industries across the globe. Various scenarios have been analyzed on the basis of inputs from various secondary sources and the current data available about the situation.
The refrigerated vehicle market is expected to witness substantial growth within the forecast period. The market is driven by increasing demand for frozen food and ready to eat foods. Moreover, various pharmaceutical and biotech products need protection from heat and sunlight to maintain their formulation, which is positively affecting refrigerated vehicle market. However, the increasing oil prices globally may restrain the growth of this market.
Manufacturers are focusing on expanding customer base geographically or through new services, R&D, and joint venture. For instance, global leader Maersk Line launched new service between Asia and Latin America in Jan 2018 to improve its product offering in the region connecting Asia to Colombia, the Caribbean, and Pecem. This offered greater port coverage and reduced transit time. Moreover, two leading manufacturers Carrier transicold and Singamas Container Holdings Ltd. has developed a new refrigerated shipping container PrimeLINE ONE. Thus, new innovations and launches will leverage the potential of the global refrigerated vehicle market.
|Historic Years||2018 - 2022|
|Forecast Years||2023 - 2030|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2023 to 2030|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
On the basis of the type of product, the global refrigerated vehicle market is segmented into frozen and chilled. As frozen foods are convenient to eat and are also time-saving, the increase in demand for frozen foods is expected to boost growth rate for refrigerated vehicle market. In addition, changing dietary pattern of consumers, increase in cold-chain infrastructure and globalization in food trades is anticipated to affect the market positively.
On the basis of vehicle type, the global refrigerated vehicle market is segmented into an insulated container, refrigerated truck, atmosphere-controlled container, refrigerated transport by air, multimodal temperature container and others. Of which refrigerated container is the fastest growing segment of all.
In 2020, Europe was the largest market for refrigerated vehicles. This growth is mainly due to the busy lifestyle of people, changing food habits and increasing awareness regarding benefits of nutrition value of frozen foods. Moreover, increasing population with high disposable income is expected to boost the demand for refrigerated vehicle in Asia Pacific region. North America is another key regional market and is expected to show significant growth in the near future on account of increasing demand for frozen foods and healthcare products. The Middle East & Africa is expected to be the fastest growing refrigerated vehicle market owing to increasing middle-class population, which is projected to increase demand for frozen foods.
Some of the major players of the global Refrigerated Vehicle market include Carrier Transicold, CMA CGM, GAH Refrigeration, Maersk Line, MSC, Swift Transportation. Other prominent vendors in the market are Continental Air Cargo, Air Canada Cargo, Bay & Bay, Cold Chain Technologies, Culina Group, Agility, FedEx, DB Schenker, Frost Trucking, Biocair, FST Logistics, NYK Line, UPS, Avinex Ukr, Biotec Services among others.
By Vehicle Types
The global Refrigerated Vehicle Market was valued at USD 12.6 Billion in 2020.
The global Refrigerated Vehicle Market is expected to reach USD 19.7 Billion by 2028, growing at a CAGR of 5.4%between 2021 to 2028.
Some of the key factors driving the global Refrigerated Vehicle Market growth are increasing demand for frozen food and ready to eat foods.
Europe was the largest market for refrigerated vehicles. This growth is mainly due to the busy lifestyle of people, changing food habits and increasing awareness regarding benefits of nutrition value of frozen foods.
Some of the major players of global Refrigerated Vehicle market Carrier Transicold, CMA CGM, GAH Refrigeration, Maersk Line, MSC, Swift Transportation. Other prominent vendors in the market are Continental Air Cargo, Air Canada Cargo, Bay & Bay, Cold Chain Technologies, Culina Group, Agility, FedEx, DB Schenker, Frost Trucking, Biocair, FST Logistics, NYK Line, UPS, Avinex Ukr, Biotec Services among others.