The refrigerated transport market size is estimated to be valued at USD 113.4 billion in 2022 and is projected to reach USD 160.7 billion by 2027, recording a CAGR of 7.2% during the forecast period in terms of value. As the urbanizations is sigificantly growing in emerging economies including China and India, the demand for refrigerated transport is substantially increasing.
Key players in this market United Technologies Corporation (Carrier Corporation) (US), DAIKIN INDUSTRIES Ltd.(Japan), Ingersoll Rand (Ireland), China International Shipping Containers (Group) Co., Ltd (China), Utility Trailer Manufacturing Company (US), Singamas Container Holdings Limited (China), Hyundai (Korea), Schmitz Cargobull (Germany), KRONE (Germany), LAMBERET SAS (France), Tata Motors (India), VE Commercial Vehicles Limited (India), Shaanxi Tianhui Inlong Trading Co. Ltd (China), Wabash National Corporation (US) and Great Dane LLC (US).
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The existing players in the refrigerated transport market are focused in introducing innovative technologies in order to cope up with the governments’ stringent policies on use of Internal Combustion Engines (ICE) vehicle. In addition, the companies are making efforts to reduce their contribution to the green house gas (GHG) by adding more hybrid and electric powered refrigerated vehicle in the global market. The refrigerated vehicle market is consolidated in nature and top seven players in the industry have the majority of the market share. Furthermore, for new entranats, the entry barrier is too high as, this industry is capital intensive and requires advanced technology in order to stand out in the global market.
Carrier Corporation, a subsidiary company of United Technologies Corporation, is into high-technology heating, air conditioning, and refrigeration solutions. Carrier Transicold, a subsidiary of Carrier Corporation, provides refrigeration solutions for vans, trucks, trailers, intermodal containers, and other applications. The refrigeration van design solutions allow to transport all types of fresh food from farms to markets and maintain it until it reaches the consumer. The company is focused in introducing new products in the market. For instance, in March 2022, United Technologies Corporation has equipped its new Scania plug-in hybrid truck, the first of its kind in France, with an all-electric refrigeration solution from Carrier Transicold.
Ingersoll Rand is one of the leading US companies specialized in broad range of innovative and mission-critical air, fluid, energy and medical technologies, providing services and solutions to increase industrial productivity and efficiency. The company is currently focused in expantion across the globe. For instance, in March 2022, Trane Technologies, a subsidiary of Ingersoll Rand announced the expansion of one of its most popular refrigerated transport manufacturing company ThermoKing in Greenville County South Carolina, US. The company announced an investment of USD 30 million which will create 220 new jobs and add nearly 300,000 square feet of manufacturing capacity designed to enable and sustain the company’s future growth.
Refrigerated Transport Market by Application (Chilled food & Frozen food), Mode of Transport (Road, Sea, Rail & Air), Vehicle Type (LCV, MHCV & HCV), Temperature (Single & Multi-temperature), Technology and Region - Global Forecast to 2027
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