Refrigerated Transport Market Report 2025

The refrigerated transport market size has grown strongly in recent years. It will grow from $121.46 billion in 2024 to $130.95 billion in 2025 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to international trade expansion, growing health-conscious consumers, stringent food safety regulations, expansion of the food and beverage industry, global population growth.

The refrigerated transport market size is expected to see strong growth in the next few years. It will grow to $180.16 billion in 2029 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to global food demand increase, healthcare logistics growth, sustainable transport initiatives, rise in e-commerce and online grocery shopping, demand for pharmaceutical. Major trends in the forecast period include remote monitoring solutions, collaborative partnerships, emergence of blockchain technology, customized refrigerated solutions, shift towards green energy sources.

The growth of the refrigerated transport market is being fueled by the increasing demand for frozen food products. Frozen variants involve pre-treatment processes such as blanching, heat treatments, dipping treatments, and cryoprotection, depending on the specific items being frozen. The widespread adoption of frozen versions of various fresh products is rising as they provide easier access and are often more affordable, contributing to higher vegetable consumption. For example, as reported by WahUstad, an India-based fresh frozen food manufacturer and supplier, the global frozen food market was valued at USD 392.4 billion in 2022 and is anticipated to reach USD 612.3 billion by 2032, according to Frozen Food Europe, a UK-based magazine covering the European frozen food industry. In 2022, Europe accounted for approximately 37% of the global frozen food market. Thus, the increase in frozen food products is propelling the growth of the refrigerated transport market.

The expected rise in global meat consumption is likely to drive the growth of the refrigerated transport market in the future. Meat refers to the flesh of animals consumed as food. Refrigerated transport for meat utilizes specialized vehicles with temperature-controlled systems to maintain a consistently cold environment, ensuring the safe and hygienic transportation of perishable meat products from production facilities to distribution centers and retail outlets. For instance, the OECD-FAO Agricultural Outlook 2023-2032, published by OECD-Ilibrary, a France-based international intergovernmental economic organization, indicated that global meat production was estimated at 347 million tonnes (Mt) in 2022, reflecting a 1% increase from the previous year. It is projected that global meat consumption will rise by approximately 15% for poultry, 11% for pigmeat, 10% for beef, and 15% for sheepmeat by 2032, with poultry expected to constitute 41% of total protein consumed from meat sources by that time. Therefore, the surge in global meat consumption is driving the growth of the refrigerated transport market.

Technological innovations are emerging as significant trends in the refrigerated transport market. Leading companies in the sector are concentrating on the introduction of new technologies to maintain their competitive edge. For example, in June 2024, Mitsubishi Heavy Industries Thermal Systems, a Japan-based manufacturer specializing in air-conditioning and refrigeration, unveiled the new 'TEK Series' of Electric-Driven Transport Refrigeration Units designed for small and mid-size trucks. The TEK series is intended to address the increasing demand for constant-temperature transport solutions, which is being driven by the rise in home deliveries from supermarkets and the need for the safe transport of pharmaceuticals.

Major companies in the refrigerated transport market are actively developing new products, such as electric-driven transport refrigeration units. These units, powered by electricity, represent a significant advancement. Mitsubishi Heavy Industries Thermal Systems, Ltd., a Japan-based thermal solutions company, exemplifies this trend by launching the TEJ35GAM in September 2023. This electric-driven transport refrigeration unit is designed for small and mid-size trucks and features a plug-in hybrid system. This system seamlessly transitions between plug-in charging and battery operation during various vehicle operations, ensuring continuous refrigeration even during parking or idling, thus optimizing cargo temperature control. The unit employs a heat-pump system for simultaneous cooling and heating of two cargo rooms, addressing specific temperature requirements and enhancing stability in temperature maintenance throughout the seasons. This introduction aligns with Mitsubishi Heavy Industries' commitment to advancing electric-driven transport refrigeration technology, aiming for improved energy efficiency and reduced CO2 emissions in the distribution industry.

In March 2022, Lineage Logistics, a company based in the United States specializing in temperature-controlled logistics, completed the acquisition of MTC Logistics for an undisclosed amount. This strategic move is set to significantly augment Lineage's operational capabilities, providing access to over 38 million cubic feet of additional capacity and more than 113,000 pallet positions through the acquisition of four facilities located in the United States. The expansion resulting from this acquisition will further strengthen Lineage's extensive network, which already encompasses over 400 strategically positioned facilities across 19 countries, totaling over 2 billion cubic feet of capacity. MTC Logistics, a US-based company focused on refrigerated and frozen warehousing and transportation, is expected to contribute to Lineage's growth and prominence in the temperature-controlled logistics sector.

Major companies operating in the refrigerated transport market include Carrier Transicold, Thermo King Corporation, Daikin Industries Ltd., Trane Technologies plc, Mitsubishi Heavy Industries Ltd., GAH Refrigeration Ltd., Great Dane LLC, Wabash National Corporation, Ingersoll Rand Inc., Schmitz Cargobull AG, Lamberet SAS, Hwasung Thermo Co. Ltd., China International Marine Containers (Group) Ltd., Hyundai Translead, Singamas Container Holdings Ltd., Utility Trailer Manufacturing Company, Klinge Corporation, Kingtec Group Company Ltd., Morgan Corporation, DENSO Corporation, Daikin Reefer, Frigoblock GmbH, Carrier Corporation, Polar Leasing Inc., Sanden Holdings Corporation, Zanotti S.p.A, Hubbard Products Ltd., MHI Thermal Systems.

Europe was the largest region in the refrigerated transport market in 2024. Asia-Pacific is expected to be the fastest-growing region in the refrigerated transport market report forecast period. The regions covered in the refrigerated transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the refrigerated transport market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Refrigerated transport is a method of shipping utilizing specially designed temperature-controlled trucks. These trucks feature a built-in refrigeration system that maintains regulated temperatures throughout the shipping process. They are commonly employed for transporting perishable items such as meats, vegetables, fruits, sausages, and pharmaceutical products.

In the refrigerated transport market, transport types include refrigerated road transport, refrigerated medium & heavy commercial vehicles (MHCV), refrigerated light commercial vehicles (LCV), refrigerated heavy commercial vehicles (HCV), refrigerated sea transport, refrigerated rail transport, and refrigerated air transport. Refrigerated LCVs use specially designed temperature-controlled trucks, while refrigerated road transport employs temperature-controlled trucks with single or multi-temperature options for chilled and frozen food applications.

The refrigerated transport market report is one of a series of new reports that provides refrigerated transport market statistics, including refrigerated transport industry global market size, regional shares, competitors with a refrigerated transport market share, detailed refrigerated transport market segments, market trends and opportunities, and any further data you may need to thrive in the refrigerated transport industry. This refrigerated transport 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 transport market includes revenues earned by providing transportation services such as insulation vans, chiller conversion vans, semi-freezer vans, and full-freezer vans. 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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