USD 92.32 billion
Refrigerated Transport Market Size, Share, and Growth Analysis
Refrigerated Transport Market By Technology (Vapor Compression Systems, Cryogenic Systems), By Mode of Transport (Road, Rail), By Temperature Range (Single Temperature, Multi-Temperature), By Application (Food and Beverages, Pharmaceuticals), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG20X2006 |
Region:
Global |
Published Date: March, 2025
Pages:
202
|Tables:
115
|Figures:
72
Format -
Refrigerated Transport Market Insights
Refrigerated Transport Market size was valued at USD 92.32 billion in 2023 and is poised to grow from USD 104.88 billion in 2024 to USD 290.87 billion by 2032, growing at a CAGR of 13.6% during the forecast period (2025-2032).
Increasing consumer awareness about healthy eating habits, along with the wide availability of various products, is increasing the demand for the use of these transportation vehicles. These trucks are also important for economic progress. Local governments and businesses find it incredibly useful to use this refrigerated transport as it helps to provide higher revenue when supplies are fresh. The use of a medium for transport is important for companies. The products available in the market determine the success of every organization. Products in refrigerated trucks or vans can be checked and temperatures adjusted as needed. It also facilitates delivery at the end user's location. All these factors are expected to drive growth in the refrigerated transport market during the forecast period.
However, climate change is affecting the transport infrastructure and trained resources in developed regions, which is hampering the market growth. Maintaining product integrity during the transportation of perishable products, as well as a lack of standards & protocols, are hampering the growth of the global market. But technological developments in refrigerated systems and equipment, intermodal transportation to reduce fuel costs, and the integration of multi-temperature systems in trucks and trailers have significant growth potential.
US Refrigerated Transport Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Chilled Food
Fastest Growth
Chilled Food
Growth Rate
13.6% CAGR
Global refrigerated transport market, 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
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Refrigerated Transport Market Segments Analysis
Global Refrigerated Transport Market is segmented by Technology, Mode of Transport, Temperature Range, Application and region. Based on Technology, the market is segmented into Vapor Compression Systems, Cryogenic Systems and Eutectic Devices. Based on Mode of Transport, the market is segmented into Road, Rail, Sea and Air. Based on Temperature Range, the market is segmented into Single Temperature and Multi-Temperature. Based on Application, the market is segmented into Food and Beverages, Pharmaceuticals, Chemicals and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Refrigerated Transport Market Analysis by Product
On the basis of product, global refrigerated transport market is segmented into chilled food and frozen food. The chilled products segment accounted for the largest share of the market and is expected to grow over the forecast period due to increased demand for dairy products, beverages, fresh fruits, and bakery and confectionery products. While this market has reached saturation in rich countries, it is expanding rapidly in underdeveloped countries. In emerging markets, the demand for chilled foods is increasing. Other factors contributing to the growth of the chilled food products segment include the growth of supermarkets worldwide, which is providing new opportunities for the segment.
The frozen food product segment is expected to gain significant market share. Due to the high demand for various plant-based and animal-based perishable products, the frozen food category is expected to witness growth during the forecast period. The working class prefers to cook food available in frozen form because it saves time and is easy to prepare. Transport this frozen food product from one place to another demand the use of refrigerated transport. Frozen food products in the market can be particularly perishable if the temperature changes and they can also be unsuitable for consumption. As a result, the demand for chilled products is increasing.
Refrigerated Transport Market Analysis by Temperature
On the basis of temperature, global refrigerated transport market is segmented into multiple temperature and single temperature. The single temperature segment maintained nearly 30% market share. The temperature of the refrigerator truck or van used for transportation is set simultaneously for all the perishable items being transported in the truck. It is suitable for a wide range of refrigerated transport products at the same temperature. Single temperature segments are expected to grow as they are used in the transportation of dairy products, pharmaceuticals, fruits and vegetables, meat, and fish.
The multi temperature segment is expected to grow as it allows the transportation of frozen food products in the same refrigerator transport that also serves as a freezer for these products. The multiple temperature segments will dominate the market during the forecast period.
Global refrigerated transport market size by product type, 2022 (%)
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Refrigerated Transport Market Regional Insights
On the basis of region, global refrigerated transport market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. Asia-Pacific accounts for around 38% of the global market and is expected to continue its dominance during the forecast period. A primary factor driving refrigerated transport consumption in the Asia-Pacific region is the region's strong economic growth. Also, increasing government investment in transport infrastructure development projects in key countries such as Japan, India, and China, as well as expansion of the construction, automotive, and transport industries, are driving the growth of refrigerated transport in the region.
Europe is expected to witness significant growth in the global refrigerated transport market during the forecast period due to increasing demand for chilled and frozen foods, increasing population, and increasing need for refrigerated transport in the region. The market is expanding due to the growing demand for chilled and frozen meals. Germany is one of the world's top consumer countries in this market.
North America is expected to witness significant growth in the global refrigerated transport market due to increasing technological innovations in refrigerated systems, increasing disposable income, and the growing retail and e-commerce industry in the region. For example, on July 23, 2020, Lineage Logistics announced the opening of a Canadian platform through the acquisition of Ontario refrigerated service Inc.
Global refrigerated transport market size by geography, 2022-2030
- Largest
- Fastest
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Refrigerated Transport Market Dynamics
Refrigerated Transport Market Driver
Rising demand for frozen perishable products
- Globally increased female employment, the rapid impact of the pandemic and increasingly frantic lifestyles along with a work-from-home culture is changing consumer perception of frozen meals. Growth forecasts for frozen foods are encouraging, with opportunities emerging from emerging regions such as Asia Pacific, South America, and Eastern Europe. When weather conditions hamper agricultural productivity, frozen meals are preferred because they have a longer shelf life. Food manufacturers try to provide consumers with cost-effective frozen, processed, and packaged foods. Freezing techniques are an excellent way to transfer food from farmer's markets to supermarkets while increasing affordability and accessibility and reducing food waste. The growth of service sectors such as fast-food chains, quick-service restaurants, and supermarkets is driving the demand for frozen foods.
Refrigerated Transport Market Restraint
High energy costs and the need for significant capital investments
- Preventing premature expiration, decay and spoilage is a major goal of food producers, traders, and consumers in the food sector. Service providers must now invest in new cold storage facilities, advanced vehicles, and system technology. On the other hand, high energy costs are a major problem for cold chain suppliers. Rising fuel costs and effective fuel consumption management are two key challenges for cold chain suppliers, as the need for refrigerated trucks in the cold chain has increased in recent years, especially in North America and Europe.
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Refrigerated Transport Market Competitive Landscape
Global refrigerated transport market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global refrigerated transport market.
For example, in January 2021, Daimler India launched a refrigerated truck for Covid-19 vaccination. Apart from Tata Motors, Daimler India also launched a range of vehicles that are highly useful for transporting vaccines during the pandemic.
Top Players in Refrigerated Transport Market
- China International Marine Containers (Group) Ltd. (China)
- Daikin Industries, Ltd. (Japan)
- Great Dane Trailers, Inc. (USA)
- Hyundai Translead (South Korea)
- Lamberet SAS (France)
- Mitsubishi Heavy Industries, Ltd. (Japan)
- Wabash National Corporation (USA)
- Schmitz Cargobull AG (Germany)
- Utility Trailer Manufacturing Company (USA)
- Thermo King Corporation (USA)
- Carrier Transicold (USA)
- Singamas Container Holdings Limited (Hong Kong)
- Kogel Trailer GmbH & Co. KG (Germany)
- Krone Commercial Vehicle Group (Germany)
- Ingersoll Rand Inc. (USA)
- GAH Refrigeration Ltd. (UK)
- Hwasung Thermo Co., Ltd. (South Korea)
- Zanotti S.p.A. (Italy)
Refrigerated Transport Market Recent Developments
- A part of the Mitsubishi Heavy Industries (MHI) Group, Mitsubishi Heavy Industries Thermal Systems, Ltd. introduced the TEJ35GAM, an electric-driven transport refrigeration unit made especially for small and mid-size trucks, in September 2023. Depending on the vehicle's operating condition, the system can automatically transition between battery operation and plug-in charging while the car is being used. With the introduction of the TEJ35GAM, the firm hopes to solve issues facing the distribution sector by emphasizing increased environmental performance, workstyle reform, and transportation efficiency to guarantee the safe and secure transportation of food.
- DALLAS—On May 20, 2023, Hirschbach Motor Lines, Inc., a developing refrigerated trucking company, and Aurora Innovation, Inc., a U.S.-based self-driving car technology company, announced plans to launch a commercial pilot in May 2023 to test and safely implement autonomous trucking for refrigerated cargo between Dallas and Houston.
- Kodiak Robotics and freight carrier C.R. England partnered in April 2023. They are working together to launch a test project that will see Tyson Foods' chilled trailer goods transported autonomously from Dallas to San Antonio, Texas. Human safety drivers will be on the trucks to guarantee safety during the pilot's early phases. Moreover, C.R. England has joined Kodiak's Partner Deployment Program, an effort to help carriers set up autonomous freight operations and smoothly incorporate Kodiak Driver—the company's autonomous system—into their current fleets.
Refrigerated Transport Key Market Trends
- Service providers are exploring new strategies for selecting transportation modes to reduce costs and improve supply chain efficiency. Intermodal transport is increasingly employed in the food and beverage industry. Intermodal transportation relies heavily on rail shipments and carries perishable goods through multiple modes of transportation (trucks, ships, and air). Intermodal transport also uses reefer containers. Due to rising fuel costs, refrigerated rail transport is becoming more popular. According to the Association of American Railroads (AAR) in Washington, companies have made significant investments in rail infrastructure and related technology. For example, Union Pacific Corporation, one of North America's leading transportation companies, has invested more than USD 30 billion in its rail network since 2000, allowing for the construction or modernization of intermodal facilities as well as the development of track infrastructure that serves the truck's competitive delivery service.
Refrigerated Transport Market SkyQuest Analysis
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our global refrigerated transport market analysis, by product segmentation, the chilled products segment accounted for the largest share of the market and is expected to grow over the forecast period due to increased demand for dairy products, beverages, fresh fruits, and bakery and confectionery products. By region, Asia-Pacific accounts for around 38% of the global market and is expected to continue its dominance during the forecast period. However, climate change is affecting the transport infrastructure and trained resources in developed regions, which is hampering the market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 92.32 billion |
| Market size value in 2032 | USD 290.87 billion |
| Growth Rate | 13.6% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Refrigerated Transport Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Refrigerated Transport Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Refrigerated Transport Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Refrigerated Transport Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Refrigerated Transport Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Refrigerated Transport Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Refrigerated Transport Market Report Snapshots
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