Global refrigerated vehicle market expected to reach approximately USD 16.5 billion by 2022, growing at a CAGR of around 5.2% between 2017 and 2022. 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.
The report covers detailed analysis and forecast for the refrigerated vehicle market on a global and regional level from 2014 to 2022. The study offers historic data of 2014, 2015 and 2016 along with a forecast from 2017 to 2022 based on revenue (USD Billion). The study comprises a comprehensive view of the market with the review of market drivers, restraints, and opportunities. It also provides the level of impact of drivers and restraints on the refrigerated vehicle market between 2016 and 2022.
The study included a detailed competitive scenario and product portfolio of key vendors. The report evaluates Porter’s Five Forces model to analyze the different factors affecting the growth of the refrigerated vehicle market. Moreover, the study encompasses a market attractiveness analysis, which provides the most attractive and least attractive market segments information by Vehicle type, product type, and region.
The report includes detailed segmentation of refrigerated vehicle market based on product, Vehicle type, and region. Chilled and frozen are the key product types in the refrigerated vehicle market. On the basis of Vehicle type segment, the market can be classified into an insulated container, refrigerated truck, refrigerated transport by air, multimodal temperature container, atmosphere controlled container. Major regional segment analyzed in this report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa with its further bifurcation into major countries including U.S. Germany, France, UK, China, Japan, India, and Brazil.
The report provides detailed competitive outlook including market share and company profiles of the key players operating in the global market. Some of the key participants in the report 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. This report segments the global refrigerated vehicle market as follows:
Global Refrigerated Vehicle Market: Vehicle Type Segment Analysis
Global Refrigerated Vehicle Market: Product Segment Analysis
Global Refrigerated Vehicle Market: Regional Segment Analysis
The refrigerated vehicle is a temperature sensitive vehicle equipped with a mechanical refrigeration system which is powered by a diesel engine or utilizes carbon dioxide as a cooling agent. Various dairy products, fresh fruits and vegetables, pharmaceutical and healthcare drugs, vaccines, human blood, microbial cultures etc. are required to be maintained at a specific temperature. It is necessary to maintain bio-pharma products at an instructed temperature to maintain their efficiency and yield till it reaches the end user. Refrigerated vehicles help to maintain the safety and quality of food products during transportation. The vehicle can maintain the temperature ranging from -300c to 40oc, hence it can carry frozen as well as chilled products.
Increasing global warming has been a matter of great concern for food producers globally as it affects the shelf life of food products in non-refrigerated condition. Moreover increasing awareness of people regarding the benefits of fresh food products is expected to drive the demand for refrigerated vehicles. In addition, various pharmaceutical and healthcare products need protection from heat and sunlight to maintain their chemical and biological formulation and prevent from degeneration, which is expected to fuel the market growth. Furthermore increasing disposable income on food and healthcare products and rising population is anticipated to drive the global refrigerated vehicle market in near future. However global economic slowdown and increasing oil prices could be restraining factors for the market.
Based on the product type, refrigerated vehicle market is segmented into frozen and chilled. The frozen product segment is fastest growing segment during the forecast period 2017-2022 due to ready to thaw frozen food products. Frozen bakery products market is considered to be one of the fastest growing segments in frozen food category as it is convenient to eat and saves time & efforts which is positively affecting the refrigerated vehicle market. In addition, demand for fresh fruit & vegetable segment is also anticipated to drive the growth for refrigerated vehicle market. Most of the fruits and vegetables are seasonal, their cultivation and harvest period is longer whereas demand is perennial hence to ensure the continuity of supply it requires cold storage which is the key factor to boost up the demand for refrigerated vehicles.
Based on vehicle type, refrigerated vehicle market is segmented into insulated containers, refrigerated trucks, refrigerated transport by air, atmosphere-controlled container, multimodal temperature container and other. Other segment includes a refrigerated container, refrigerated vans, intermodal refrigerated container, refrigerated ships, refrigerated railcars, and refrigerated trailers. Out of these refrigerated containers is anticipated to be the fastest growing segment in the global refrigerated market.
By region, North America accounted for the largest chunk of the market share in terms of revenue. The refrigerated vehicle market in North America is expected increase further due to increasing investment in bio-pharma and R&D sector. In addition, changes in lifestyle and increase in demand for frozen and chilled food is attributed to rapid growth in the refrigerated vehicle market. Europe is also a major market for refrigerated vehicles. Driving factors for the growth is increasing the disposable income of population and efficient public-private partnership which provides significant logistic support for transportation service across Europe. Asia Pacific region is projected to show a boom in the refrigerated vehicle market. Driving factors being increasing population, industrialization, changing lifestyle, increasing awareness regarding health benefits of frozen foods as it is perceived to have high nutrition value and possesses high percent of essential vitamins and minerals, changing the dietary pattern of consumers, increasing a number of pharma and biotech startups in developing countries like India, China. The Middle East is expected to show substantial growth in refrigerated vehicle market due to increasing middle-class population, globalization in food trades, growing food retail sector.
The global refrigerated vehicle market is consolidated. The major key players operating in global refrigerated vehicle market includes 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 and Avinex Ukr, Biotec Services.