Refrigerated Goods Trucking Global Market Report 2024

The refrigerated goods trucking market size has grown rapidly in recent years. It will grow from $69.94 billion in 2023 to $77.02 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth observed in the historical period can be ascribed to a rising demand for perishable foods, robust economic expansion in emerging markets, low oil prices, and changes in taxation.

The refrigerated goods trucking market size is expected to see strong growth in the next few years. It will grow to $110.36 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The forecasted growth in the upcoming period is linked to several factors, including the expansion of food exports, advancements in technology, the rise of organic foods, swift urbanization, and heightened demand from the healthcare industry. Notable trends in the forecast period encompass the adoption of connected trucking, investments in technological innovations, utilization of advanced robots for tasks such as picking, loading, unloading, and packing shipments, implementation of collision mitigation systems for safer travel, the application of demand pricing strategies to optimize asset utilization and manage capacities, and the integration of big data and artificial intelligence.

The anticipated rise in demand for perishable foods, including ready-to-eat items, dairy products, and fruits and vegetables, is expected to contribute to the expansion of the refrigerated goods trucking market. Suppliers are responding to the heightened demand for frozen food products by enhancing their refrigerated units with multi-temperature systems, computer controls, and thermal liners to maintain the required temperature for food storage. According to the National Dairy Development Board (NDDB), the Indian market's demand for milk is projected to reach 180 million tons by 2022. Consequently, the increasing need for refrigerated food items is anticipated to propel the refrigerated goods trucking market's growth in the forecast period.

The continuous growth of international trade is poised to drive the refrigerated goods trucking market forward. International trade involves the exchange of goods and services across countries, encompassing imports and exports to foster mutual economic benefits and global economic interdependence. Refrigerated goods trucking plays a crucial role in facilitating the global transportation of perishable commodities, ensuring the preservation of temperature-sensitive products during international trade. In February 2022, the United Nations Conference on Trade and Development (UNCTAD) reported that the value of global trade reached a record $28.5 trillion in 2021, marking a 25% increase over 2020. In the fourth quarter of 2021 alone, trade in goods rose by nearly $200 billion, reaching around $5.8 trillion, setting a new record. Thus, the continuous growth of international trade is fostering the expansion of the refrigerated goods trucking market.

Leading companies in this market are consistently investing in the introduction of new technologies, such as cloud computing and IoT solutions, to enable real-time tracking for enhanced accountability, visibility, and performance in refrigerated storage and transport. Real-time tracking involves monitoring the location and movement of people, vehicles, or assets in real-time using GPS or other tracking technologies. For example, in August 2021, Geotab Inc., a Canada-based telematics company, introduced a Cold Chain solution specifically designed for transport, aiming to optimize last-mile delivery. This solution assists fleet managers in controlling temperature conditions during transportation, providing crucial support for maintaining the cold chain in various industries, including food and beverage, healthcare, and pharmaceuticals.

Major players in the refrigerated goods trucking market are concentrating on establishing strategic partnerships to drive revenues. Strategic partnerships enable refrigerated goods trucking companies to optimize their logistics, expand market reach, and enhance fleet efficiency through collaborative agreements with suppliers, distributors, or technology providers. In May 2023, Aurora Innovation Inc., a US-based self-driving vehicle technology company, formed a partnership with Hirschbach Motor Lines Inc., a US-based provider of trucking transportation services, to expand commercial operations and test autonomous trucking for refrigerated cargo. The partnership's objective is to autonomously transport perishable goods between Dallas and Houston, introducing a new trailer type into Aurora's operations. This collaboration allows Aurora to contribute to the transportation of crucial, time-sensitive refrigerated products and expand its network of carriers and shippers benefiting from its autonomous trucking service.

In June 2021, Worldwide Express LLC, a US-based logistics provider, merged with GlobalTranz Enterprises LLC, for an undisclosed amount. The merger positions the companies to drive technology adoption, strengthen carrier partnerships, and offer a more comprehensive range of services to their customers. GlobalTranz Enterprises LLC is a US-based provider of logistics services and supply chain management solutions, including refrigerated goods trucking.


Major companies operating in the refrigerated goods trucking market report are Prime Inc., Stevens Transport, Knight-Swift Transportation Holdings Inc., C.R. England, Marten Transport Ltd., China International Marine Containers, Great Dane, Schmitz Cargobull AG, Shaffer Trucking, KLLM Transport Services, Deutsche Post DHL, Nippon Express, Yamato Transport Co. Ltd (Japan), Yusen Logistics & TASCO, Sinchai Cold Storage, Tiong Nam Logistics, Jentec Storage Inc., Kogel Trailer GmbH & Co, SNCF Deodis, GERCO S.A, STEF, HSF Logistics, Algarverpania Refrigeration, Krone, Gibon Logistics, CEE Logistics, GEFCO, Kuehne-Nagel, Hyundai Translead Inc., Wabash National, JSL S. A, Transportes Bertolini Ltda, Braspress Logistics, DHL Global Forwarding, CEVA logistics, ATS Dubai, Mashaweer, ADSO, HST Logistics LLC, Carrier Global Corporation, Daikin Industries, Ltd., Denso Corporation, Klinge Corporation, Mitsubishi Heavy Industries, Ltd., Subros Limited, Songz Automobile Air Conditioning Co., Ltd., Thermo King (Trane Technologies), Webasto Thermo & Comfort.

North America was the largest region in the refrigerated goods trucking market in 2023. Western Europe was the second largest region in the global refrigerated goods trucking market share. The regions covered in the refrigerated goods trucking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the refrigerated goods trucking market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The primary vehicle types in the refrigerated goods trucking market include light commercial vehicles, medium-heavy commercial vehicles, and heavy commercial vehicles. Light commercial vehicles, defined as those with a gross vehicle weight exceeding 7,500 kilograms, are utilized for transporting various items such as fruits, vegetables, white goods, beverages, and more. The market is further segmented based on temperature control into single temperature and multi-temperature categories. Additionally, applications in the refrigerated goods trucking market include transporting food products, poultry, meat, seafood, dairy and beverages, bakery and confectionery items, pharmaceuticals, and other related goods.

The refrigerated goods trucking market research report is one of a series of new reports that provides refrigerated goods trucking market statistics, including refrigerated goods trucking industry global market size, regional shares, competitors with a refrigerated goods trucking market share, detailed refrigerated goods trucking market segments, market trends and opportunities, and any further data you may need to thrive in the refrigerated goods trucking industry. This refrigerated goods trucking market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The refrigerated goods trucking market includes revenue generated by entities that provide transportation services for products that must be kept at a specific temperature in order to maintain product shelf life and reduce the possibility of degradation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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