DUBLIN--(BUSINESS WIRE )--The "Global Refrigerated Transport Market by Application (Chilled Food & Frozen Food), Mode of Transport (Road, Sea, Rail & Air), Vehicle Type (LCV, MHCV & HCV), Temperature (Single & Multi-temperature), Technology, and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global refrigerated transport market is estimated to be valued at USD 113.4 billion in 2022 and is projected to reach USD 160.7 billion by 2027, recording a CAGR of 7.2% during the forecast period in terms of value.
By application, frozen foods segment is estimated to grow at the highest CAGR during the forecasted period
In recent few years, it has been witnessed that frozen foods have gained a significant popularity among the consumers across major economies in the world owing to high degree of convenience and adaption to busy urban lifestyles. These frozen food meals offer meal flexibility and customers can save their time and money from grocery purchase and cooking time. These market trends are promoting the frozen foods market and in turn it will boost the refrigerated trucks market.
By vehicle type, MHCV was the second largest segment in 2021 and anticipated to grow at a significant growth rate over the forecast period
The vehicles that are intended for carrying goods and to have a maximum authorized mass of more than seven tons are considered as trucks. Trucks, also referred to as MHCVs, are prominently used for goods transportation. China, the US, and India are growing rapidly and use trucks to transport their goods; thus, there would be an increase in demand for trucks in countries that witness an increase in demand for refrigerated transport.
By temperature, single temperature segment is estimated to witness the fastest growth rate over the forecast period
Single temperature trucks are widely used to transport a set of perishable food items which requires a specific temperature point during the transit. The single temperature trucks have gained huge popularity with the increasing number of hypermarkets and supermarkets across the globe.
Eutectic devices was the second largest technology available in the refrigerated transport market in 2022
A eutectic system is suitable for short transportation, where there are regular stops and door openings during distribution; LCVs and MHCVs use it. It consists of hollow tubes, beams, or plates filled with a eutectic solution. This solution stores energy and produces a cooling effect when it is necessary to maintain the refrigerated temperature. As eutectic solutions can store energy, there is no need for fuel or energy to charge the eutectic device at the time of delivery.
Asia Pacific is estimated to be the fastest growing region over the forecast period
The Asia Pacific refrigerated transport market has been fragmented and was under-funded until a decade ago. However, the industrial revolution in the region resulted in the rise in population with busier lifestyles inclined toward convenience food products with an extended shelf-life, thereby fueling the use of refrigerated transport in the food industry.
Various emerging economies are attempting to facilitate improvements in refrigerated transport through regulations and subsidies. For instance, in India, the government is providing the Reefer Vehicles Scheme under the National Mission on Food Processing (NMFP). The scheme's objective is to provide financial assistance to purchase standalone reefer vehicles and mobile pre-cooling vans (reefer unit and reefer cabinet permanently mounted on the vehicle) to transport perishable commodities.
The refrigerated transport market is segmented region-wise, with a detailed analysis of each region. These regions include North America, Europe, Asia Pacific, South America, and RoW (Africa and Middle East).
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900