Global Refrigerated Transport Market Size to worth USD 276.9 Billion by 2033: Market Study Report

Global Refrigerated Transport Market Size to worth USD 276.9 Billion by 2033

According to a research report published by Spherical Insights & Consulting, The Global Refrigerated Transport Market Size is Expected to Grow from USD 122.5 Billion in 2023 to USD 276.9 Billion by 2033, at a CAGR of 8.50% during the forecast period 2023-2033.  

Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Refrigerated Transport Market Size, Share, and COVID-19 Impact Analysis, By Technology (Air-Blown Evaporator, Eutectic, Hybrid, and Fully Electrified), By Mode of Transport (Road, Air, Sea, and Railway), By Application (Food & Beverages, Pharmaceuticals, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.        

Refrigerated transport is a method of transporting shipments with specially designed temperature-controlled trucks. Throughout the shipping procedure, the shipments are kept at a consistent temperature due to the transporting trucks' integrated refrigeration system. The incorporation of intermodal transport to save fuel costs and the integration of multi-temperature systems are major factors offering market growth opportunities for refrigerated transport. The growing need for frozen perishable commodities due to their longer shelf life is driving the market demand for refrigerated transport. Further, the rise in pharmaceutical and healthcare needs as well as the growing technological advancements in refrigerated systems are propelling the market growth. On the contrary, the increased energy costs and the need for significant capital investments are restraining the refrigerated transport market.

The air-blown evaporator segment dominated the market with the largest revenue share in 2023.

Based on the technology, the global refrigerated transport market is divided into air-blown evaporator, eutectic, hybrid, and fully electrified. Among these, the air-blown evaporator segment dominated the market with the largest revenue share in 2023. In air-blown technology, cold air is blown through a network of coils or fins. The increasing demand for fast and efficient refrigeration systems with accurate temperature control is driving the market in the air-blown segment.

The road segment held the largest revenue share of the refrigerated transport market in 2023.

Based on the mode of transport, the global refrigerated transport market is divided into road, air, sea, and railway. Among these, the road segment held the largest revenue share of the refrigerated transport market in 2023. Consumer demand for electric road transport refrigeration and frozen perishable commodities is driving the market demand in the road transportation segment.

The food & beverages segment accounted for the largest market share in 2023.

Based on the application, the global refrigerated transport market is divided into food & beverages, pharmaceuticals, and others. Among these, the food & beverages segment accounted for the largest market share in 2023. The increasing demand for frozen ready-to-cook food products especially among working professionals is driving the market growth in the food & beverages segment.

North America is projected to hold the largest share of the global refrigerated transport market over the forecast period.

North America is projected to hold the largest share of the global refrigerated transport market over the forecast period. The escalating import and export of products like fruits, vegetables, seafood, meat, and fresh flowers is driving the market demand. Technological developments such as cryogenics drone delivery and driverless vehicles are propelling the market growth. The improvement in supply chain efficiency and cold storage facilities are contributing to propel the market growth.

Asia-Pacific is predicted to grow at the fastest CAGR in the refrigerated transport market over the forecast period. The increasing need for refrigerated fruits and vegetables with the improving standards of living and sustained economic growth are driving the market. The growing inclination towards outsourcing logistics and implementation of rules & regulations about the transportation of products are promoting the market demand for refrigerated transport.

Company Profiling

Major key players in the refrigerated transport market include C. R. England Inc., J. B. Hunt Transport Services, Inc., Schneider National, Inc., Swift Transportation Co., C.H. Robinson Worldwide, Inc., Kuehne + Nagel, Daikin Industries, Ltd., Wabash National Corporation, Great Dane LLC, Fenagy, SolarFreeze, and Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In September 2023, Mitsubishi Heavy Industries Thermal Systems, Ltd. (MHI Thermal Systems), a part of Mitsubishi Heavy Industries (MHI) Group, launched sales in the domestic market of the TEJ35GAM, an electric-driven transport refrigeration unit exclusively for small and mid-size trucks.

• In April 2023, Kodiak Robotics, Inc., a leading self-driving trucking company, announced a partnership with C.R. England, Inc., one of the nation’s leading truckload carriers. Together, they are initiating a pilot program aimed at autonomously transporting Tyson Foods in refrigerated trailer products from Dallas to San Antonio, Texas.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global refrigerated transport market based on the below-mentioned segments:

Global Refrigerated Transport Market, By Technology

• Air-Blown Evaporator
• Eutectic
• Hybrid
• Fully Electrified

Global Refrigerated Transport Market, By Mode of Transport

• Road
• Air
• Sea
• Railway

Global Refrigerated Transport Market, By Application  

• Food & Beverages
• Pharmaceuticals
• Others

Global Refrigerated Transport Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa