Refrigerated Road Transportation Market

SKU: DM2178 | Last Updated On: Nov 03 2022 | Available Formats

>Refrigerated Road Transportation Market Expected to reach a high CAGR of 6% By 2029:

Refrigerated Road Transportation Market is segmented By Vehicle Type (Refrigerated trailers, Refrigerated vans), By Application (Chilled food, Frozen food) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.

Refrigerated Road Transportation Market is expected to grow at a CAGR of over 6% during the forecast period (2022-2029).

Refrigerated Road Transportation Market - Strategic Insights

Metrics

Details

Market CAGR

6%

Segments Covered

By Vehicle Type, By Application and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

To Get a Free Sample Click here

Refrigerated road transportation or refrigerator truck is a van or truck designed to carry perishable freight at specific temperatures. Like refrigerator cars, refrigerated trucks differ from simple insulated and ventilated vans, neither of which are fitted with cooling apparatus. Refrigerator trucks can be ice-cooled, equipped with any one of a variety of mechanical refrigeration systems powered by small displacement diesel engines, or utilize carbon dioxide (either as dry ice or in liquid form) as a cooling agent.

Refrigerated Road Transportation Market Dynamics

The global Refrigerated Road Transportation Market is primarily driven by rise in the demand for the perishable packed food in the market globally. The growing population coupled with the rising disposable income is positively impacting the sales and demand of the packed food which are often perishable. And the demand for these perishable packed food in the supermarket is enabling refrigerator truck to deliver them fast in the cities to cater the demand. And the rising shipment of the fresh food is also driving the market.

Increased usage of online shopping due to many efficient and easy to use online shopping platforms has also played a major part in driving the growth of the global refrigerated road transportation market. The prevalence of door-to-door delivery through transportation is rising which is having a positive impact on the growth of the market.

However, increasing fuel prices and the environmental impact of road transportation will be hampering the growth of the Refrigerated Road Transportation market for the forecast period.

COVD-19 Impact Analysis

The COVID-19 pandemic has disrupted the global economy and halted the key processes of almost all companies. Therefore, even the global refrigerated road transportation market suffered due to it. The disturbances in supply chain management and transportation of goods and services had a negative impact on the growth of the market. Many manufacturing and production units were disrupted due to the government enforced lockdowns and curfews across the world which led to losses and wastage of many products. The automobile industry, of which refrigerated road transportation is a part, also faced losses during the pandemic. Halted production of raw materials affected the production of refrigerated trailers and refrigerated vans. The pandemic also significantly changed the consumer demand and behaviour. Consumers refrained from purchasing non-essential products amid the pandemic thereby impacting the sales of refrigerated products. The uncertain and unexpected situation caused by the pandemic significantly impacted the market hence, slowing its growth. However, the post-pandemic scene has improved and the global refrigerated road transportation market has recovered. The market is set to grow at a high rate.

Refrigerated Road Transportation Market Segmentation

By Vehicle Type, the global Refrigerated Road Transportation Market is segmented into Refrigerated trailers, and Refrigerated vans

Refrigerated trailers have higher dominance in the application segment of Refrigerated Road Transportation as the trailers are bigger in size and are used to transfer shipment from ship to warehouses. They are the most popular mode of transporting food and beverages as they have temperature regulation machines. For longer distances of transportation and a greater number of transfer load, the refrigerated trailers are better than refrigerated vans. However, due to rising supermarket and hypermarket in the cities, the requirement of refrigerated vans also becomes convenient to carry frozen food from warehouses to their markets because of the compact sizes. Hence refrigerated vans market will also grow at a high CAGR for the forecasted period.

By Application, the global Refrigerated Road Transportation Market is segmented into Chilled food, and Frozen food

Frozen food has the dominant position in the Refrigerated Road Transportation market of Application Type segment due to rising demand for frozen food such as bakery products, ice cream, processed meat, frozen dairy products, and fish & seafood. Frozen foods are easier to handle and are also in more demand than chilled food. Also, the rising fresh food demand and the shipment item delivery in cities will drive the market for refrigerated road transportation in the forecast period.

Refrigerated Road Transportation Market Regional Analysis

By geography, the global Refrigerated Road Transportation Market is segmented into North America, Asia Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA)

Asia Pacific region holds the largest market share for Refrigerated Road Transportation Market due to rising population coupled with the high demand for packed food. The rising infrastructure in the developing countries like India and China is positively impacting the road transportation. According to the Chinese government data, China’s total fixed asset investment in transport infrastructure hit 2.28 trillion yuan ($327.77 billion) from January to September 2018, up 1.4 percent from a year earlier. According to a briefing by the Ministry of Transport, China’s spending on high-speed highways reached 702.6 billion yuan, up 12 percent on the year, though much of the increase was offset by declines in investment in rural road infrastructure.

However, Europe region is projected grow at a highest CAGR during the forecasted period due to the latest technological advancements and the government norms which favors the cold chain industry coupled with the rise in the sales of heavy-duty trucks. For instance, in 2019, EU demand for heavy-duty trucks went up by 5.3%, despite the slowdown in July, August and September months. The EU market for new vans expanded by 4.4% to reach 1.6 million vehicles registered in total. Each of the EU’s major markets did well during the first nine months of the year 2019.

Refrigerated Road Transportation Market Competitive Analysis

Global Refrigerated Road Transportation Market is a fragmented market with the presence of various global and regional players in the market. The major players include Carrier Transicold, GAH Refrigeration, Culina, Swift Transportation, and Bay and Bay Transportation. Other key players in the market include DB Schenker, CRST International, Frost Trucking, Great Dane, and Hanson Logistics.

The companies enter into collaborations, mergers, strategic partnerships, and acquisitions to increase refrigerated road transportation’s demand and expansion across the globe. Key players are adopting strategies such as investing in R&D, new product launches, expansion in distribution channels to stand out as strong competitors in the market. For instance, in March 2020, CRST International, Inc., one of the largest privately held transportation companies in the USA, announced its acquisition of NAL Group. NAL Group specializes in warehousing services, home delivery of bulky consumer durables and courier services. This acquisition will help the company to expand its horizon and scope and increase its market penetration. In August 2019, Leslie Doggett Industries acquired the privately-held Great Dane Trailer distributor through its acquired Truck Enterprises Group.

Carrier

Overview: Carrier is an American multinational home appliances corporation.

Product Portfolio: The main products of the company are refrigerators, air conditioning, heating and ventilating systems.

Key Developments: In 2020, MCT acquired Carrier Transicold Mid-Atlantic service centers across North Carolina and South Carolina.

**The global Refrigerated Road Transportation market report would provide access to an approx., 53 market data table, 42 figures, and 150 pages.

FAQ

What is the Refrigerated Road Transportation Market growth?

The market is growing at a CAGR of 6%.

Which region controlled the global market during 2022-2029?

North America region Controls theRefrigerated Road Transportation Marketduring 2022-2029.

Which is the fastest growing region in the Refrigerated Road Transportation Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period..

Trending Topics

Smart Transportation Market

Transportation Industry Market

Waterway Transportation Software and Services Market

Did not find what you were looking for?Every 7 out of 10 customers request tailored reports. Get yours today!
We collate your requirements.
Our global research team is put into action.
We deliver, and make sure your endeavour is a success!

Buy This Report

20% Discount Applied*



Note*: For "Bundle/Bulk" Subscription of Reports,
please contact: [email protected]

Get your free sample proposal with a single click!

linkedinpinterest