Refrigerated Vehicle Market Size & Share Expanding Across the Globe by 2016-2024
Zion Market Research has published a new report titled “Refrigerated Vehicle Market by Vehicle Type (Insulated Container, Refrigerated Truck, Refrigerated Transport by Air, Multimodal Temperature Container and Atmosphere Controlled Container), by Product Type (Chilled And Frozen): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 –, 2022”. According to the report, the global refrigerated vehicle market was valued at around USD 11 billion in 2016 and is expected to reach approximately USD 16.5 billion by 2022, growing at a CAGR of around 5.2% between 2017 and 2022.
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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. 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 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.
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 a fastest growing segment of all.
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In 2017, 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 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.
Global refrigerated vehicle market is consolidated with some major players accounting for a significant share of the market in 2016. Some of the leading players are investing in R&D and technological advancement and maintaining quality standard while others are expanding their customer base and geographical reach, in order to retain their dominance. Some of the major companies operating in this market are 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
- Insulated container
- Refrigerated truck
- Refrigerated transport by air
- Multimodal temperature container
- Atmosphere controlled container
Global Refrigerated Vehicle Market: Product Segment Analysis
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Global Refrigerated Vehicle Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa