Refrigerated Transport Market Size, Share & Trends Analysis Report By Technology, By Mode Of Transport, By Temperature Range, By Application, By Region, And Segment Forecasts, 2024 - 2030
The global refrigerated transport market size is anticipated to reach USD 216.07 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 8.6% from 2024 to 2030. Stringent regulations and standards regulating the transportation of perishable goods influence the refrigerated transport market. Regulatory bodies mandate strict adherence to temperature control and monitoring measures to ensure the safety and quality of transported goods. Companies operating in this market must invest in advanced refrigerated transport technologies that can maintain precise temperature conditions and provide real-time monitoring capabilities. Adherence to these regulations not only ensure compliance but also contribute to the overall reliability and efficiency of the distribution chain.
Additionally, the rise of the pharmaceutical and healthcare industries positively influences the specialized refrigerated transport industry. With a growing need of transportation for temperature-sensitive medications, vaccines, and biotechnological products, the pharmaceutical sector heavily relies on refrigerated transport industry to maintain the efficacy and safety of these products. As advancements in healthcare sector continue, the demand for specialized refrigerated logistics is expected to grow further while fueling the growth of the refrigerated transport market.
Moreover, overwhelming response to e-commerce is driving the refrigerated transport market. The increasing prevalence of online grocery shopping and the demand for quick and reliable delivery of perishable goods has accelerated the need for efficient refrigerated transport services. With consumers ordering fresh produce, frozen foods, and temperature-sensitive items online, businesses are inclined to invest in refrigerated logistics to fulfill these e-commerce orders, contributing to the expansion of the refrigerated transport market.
Furthermore, the growing trend towards globalization and international trade is promoting the growth of the market. With the expansion of the global economy, businesses are looking to expand their reach to new markets, which often involves the transportation of temperature-sensitive products across borders. The growth of international trade has increased the demand for refrigerated transport services, which is expected to continue in the coming years.
Refrigerated Transport Market Report Highlights:
Based on technology, the air-blown segment accounted for the highest revenue share of 40.22% in 2023 and is expected to retain its position over the forecast period. This can be attributed to the rising need for precise temperature control. The fully electrified segment is expected to witness the fastest growth, led by the emerging demand for sustainable refrigeration solutions.
Based on mode of transport, the road segment dominated the market with in 2023 and is expected to grow at a significant CAGR over the forecast period. This can be attributed to the emergence of small and medium-sized enterprises.
Based on temperature range, the frozen segment is expected dominate the market and witness the fastest CAGR owing to the increasing demand for ready-to-cook frozen food products.
Key companies of the market include B. Hunt Transport Services, Inc., Schneider National, Inc., Knight-Swift Transportation Holdings Inc., C.H. Robinson Worldwide, Inc. and Kuehne + Nagel.
In September 2022, Celcius Logistics, India's fastest-growing cold chain, launched a smart last-mile delivery platform to address challenges in the country's fragile cold supply chains. The platform integrates with a network of reefer vehicles through a unique Inventory Management System (IMS) in collaboration with vehicle owners and automotive manufacturers. The company has secured contracts from major clients like Zepto, Maersk, Jubilant FoodWorks, and others, and also manages distribution for Zomato, Rebel Foods, and various Cloud kitchens and local businesses, providing instant access to inventory through Celcius's delivery platform.
Table of Contents
Chapter 1. Methodology and Scope
1.1. Market Segmentation and Scope
1.2. Market Definitions
1.3. Research Methodology
1.3.1. Information Procurement
1.3.2. Information or Data Analysis
1.3.3. Market Formulation & Data Visualization
1.3.4. Data Validation & Publishing
1.4. Research Scope and Assumptions
1.4.1. List of Data Sources
Chapter 2. Executive Summary
2.1. Market Outlook
2.1.1. Technology Outlook
2.1.2. Mode of Transport Outlook
2.1.3. Temperature Range Outlook
2.1.4. Application Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. Refrigerated Transport Market Variables, Trends, & Scope
3.1. Market Lineage Outlook
3.1.1. Parent market outlook
3.1.2. Related/ancillary market outlook
3.2. Market Dynamics
3.2.1. Market drivers analysis
3.2.1.1. Increasing demand for perishable goods
3.2.1.2. Development of advanced refrigeration technologies
3.2.1.3. Growth of the e-commerce sector
3.2.2. Market restraints analysis
3.2.2.1. High cost of installation and maintenance of refrigeration systems
3.2.3. Industry opportunities
3.2.3.1. Big data fueling AI and machine learning profoundly
3.2.4. Industry challenges
3.3. Refrigerated Transport Market Analysis Tools
3.3.1. Porter's Analysis
3.3.1.1. Bargaining power of the suppliers
3.3.1.2. Bargaining power of the buyers
3.3.1.3. Threats of substitution
3.3.1.4. Threats from new entrants
3.3.1.5. Competitive rivalry
3.3.2. PESTEL Analysis
3.3.2.1. Political landscape
3.3.2.2. Economic and social landscape
3.3.2.3. Technological landscape
3.3.2.4. Environmental landscape
3.3.2.5. Legal landscape
Chapter 4. Refrigerated Transport Market: Technology Estimates & Trend Analysis
4.1. Segment Dashboard
4.2. Refrigerated Transport Market: Technology Movement Analysis, USD Million, 2023 & 2030