Global refrigerated transport market is anticipated to grow at a considerable CAGR of 5.1% during the forecast period (2024-2031). The market growth is driven by the increasing need to reduce and maintain the temperature of the products to control, reduce, or stop the rate of deterioration and damage of the product. Additionally, the rising trends in personal care products are also enhancing market growth, as the personal care industry also relies on refrigerated transport for the transfer of critical chemical-based products. Thus, it will contribute to market growth during the forecast period. However, stringent government guidelines and regulations are challenging the market growth.
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The global refrigerated transport market is segmented by mode of transportation (road, sea, rail, and air), by application (food & beverages, chemical, pharmaceutical, and others), and by geographies (North America, Europe, Asia-Pacific, and Rest of the World).
Market Dynamics
- The food & beverage segment is likely to hold the major market share during the forecast period, owing to the increased demand for preservation of food and prevent it from deteriorating. Additionally, the changing consumer preferences for frozen food and online shopping are driving the segment growth.
- North America is estimated to hold a significant share during the forecast period owing to the well-developed pharmaceutical sector in the country. In addition, the chemical sector is well-established in the country, and the chemical industry in the region is affected by trade tariffs.
- Asia-Pacific region is projected to register a significant growth rate, attributed to the increased trade in the chemical industry coupled with the investment by the government regarding the improvement of the transportation infrastructure coupled with projects for the development of railways, highways, and airport constructions.
The major players in the global refrigerated transport market include China International Marine Containers Co. Ltd., Daikin Industries Ltd., Klinge Corp., Hyundai Motor Co., Ingersoll-Rand Plc, Schmitz Cargobull AG, and United Technologies Corp. among others. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.
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Recent Development
- In November 2023, Daikin presented its latest solutions for refrigeration in vans, trucks, and trailers at SOLUTRANS. It is a fully electric and plug-in hybrid product range that reduces emissions from internal combustion engines. The transport refrigeration innovations of the company include trailer refrigeration unit Exigo and Daikin Telematics connectivity platform.
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