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.
Download PDF Brochure@
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=779494
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.
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.
Speak to Analyst@
https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=779494
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).
