The global refrigerated transport market is estimated to be valued
at USD 14.64 billion in 2018 and is projected to reach USD 19.29 billion by
2023, recording a CAGR of 5.67% during the forecast period. The growth
of the refrigerated transport market is
attributed to an increase in the demand for temperature-controlled food
across the globe, rise in globalization,
and technological advancements in the refrigerated transport systems and
equipment.
The bakery products segment is considered to be one of the
fastest-growing segments under the frozen food products category due to the
growing trend of ready-to-bake or ready-to-thaw frozen products. This market is
driven by the rising demand for convenience food products to save time and
effort. Additionally, prolonged shelf-life offers benefits of easy availability
and securing the stocks during seasonal variations.
The LCV subsegment is expected to be the fastest-growing under
the road segment of the mode of transportation segment. The refrigerated LCVs segment
is expected to witness high growth prospects in the emerging Asia Pacific countries
due to a surge in the growth of the cold chain industry. This is expected to
boost the sales of refrigerated LCVs in the region.
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The technology segment consists of vapor compression systems,
which is further segmented into air-blown evaporators and eutectic devices. The
air-blown evaporators segment is estimated to be the largest market in the
technology segment. In this system, the refrigeration unit fan directs the air
to circulate around the internal section of the refrigerated space and remove
the heat. The air is returned to the cooling coil through the floor or space
under the pallets. The air-blown evaporators system is not complicated and has
been used since the past years. This is one of the most used technologies by
any refrigerated truck manufacturer due to the low-cost and easy serviceability.
The temperature segment comprises single temperature and multi
temperature refrigerated transport vehicles. The single temperature segment
will witness the fastest growth during the forecasted period. Improper storage and distribution of the
perishable commodities have led to the increasing need for specialized
refrigerated transport of the temperature-sensitive food products. This has also
increased the demand for the temperature-controlled transport of food products,
which, in turn, will boost the growth of the single
temperature segment.
Asia Pacific is the fastest growing market for refrigerated
transport, recording the highest CAGR during the forecast period. India
and China have been witnessing a change in the eating habits. Consumers seek
fast food and convenience foods, which have fueled the growth of the supermarkets
and quick-service restaurants. This has
led to an increase in the sales of the consumer-ready frozen foods, such as ice
cream & frozen desserts, frozen fruits & vegetables, seafood, and meat.
To maintain the shelf-life of perishable commodities, manufacturers and
retailers of perishable commodities witness
a significant demand for refrigerated transport facilities.
Refrigerated
transport service providers are coming up with innovations to improvise
refrigerated transport systems and equipment. For instance, key players are
focusing on reducing the environmental impact associated with the refrigerated
transport service to function in a more sustainable way in the market. United
Technologies (US), Daikin Industries (Japan), Ingersoll-Rand (Ireland), China
International Marine Containers (China), and Utility Trailer (US) are some of
the key players identified in the market. Other key players include Singamas
Container (China), Hyundai (South Korea), Schmitz Cargobull (Germany),
Fahrzeugwerk Bernard Krone (Germany), and Lamberet
(France).
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