NEW YORK, Feb. 22, 2023 /PRNewswire/ — Major players in the refrigerated goods trucking market are Schmitz Cargobull AG, Great Dane LLC, China International Marine Containers, Kogel Trailer GmbH & Co, Hyundai Translead Inc, Wabash National Corporation, KRONE, GRW Tankers, and Trailers.
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The global refrigerated goods trucking market will grow from $62.41 billion in 2022 to $68.31 billion in 2023 at a compound annual growth rate (CAGR) of 9.5%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The refrigerated goods trucking market is expected to grow to $95.15 billion in 2027 at a CAGR of 8.6%.
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.
Refrigerated goods trucking refers to a type of shipping that uses temperature-controlled trucks with special equipment in which the cargoes are kept at a controlled temperature throughout the shipping process by an integrated refrigeration system in the transport trucks to provide over-the-road transportation of refrigerated goods.
North America was the largest region in the refrigerated goods trucking market in 2022. Western Europe was the second largest region in the refrigerated goods trucking market.
The regions covered in refrigerated goods trucking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main vehicle types in the refrigerated goods trucking market are light commercial vehicles, medium-heavy commercial vehicles, and heavy commercial vehicles.A light commercial vehicle is any vehicle with a gross vehicle weight exceeding 7,500 kilogrammes that is used to courier and parcel fruits, vegetables, white goods, beverages, and many more.
It is also segmented by temperature into single temperature and multi-temperature and by application into food products, poultry, meat, and seafood, dairy and beverages, bakery and confectionery, pharmaceuticals, and others.
Increasing demand for perishable foods such as ready-to-eat food items, milk and dairy products, and fruits and vegetables is predicted to contribute to the growth of the refrigerated goods trucking market. The surging demand for frozen food items is propelling suppliers to equip their refrigerated units with multi-temperature systems, computer controls, and thermal liners to keep the food at the required temperature.
According to the National Dairy Development Board (NDDB), the demand for milk in the Indian market is expected to reach 180 million tonnes by 2022. Therefore, increasing demand for refrigerated food products is expected to drive the market for refrigerated goods trucking during the forecast period.
Lack of infrastructure for cold storage in developing countries is anticipated to limit the growth of the refrigerated goods trucking market over the forecast period. Cold chain management (CCM) is a recently adopted concept in supply chain management.
A CCM is a network of cold stores, refrigerators, freezers, refrigerated trucks, and cold boxes that are organised to maintain the temperature of the food items during storage, transportation, and distribution from the factory. Lack of proper cold chain management leads to losses in food and money.
According to the Food and Agriculture Organization of the United Nations (FAO)’s report on 16 countries from sub-Saharan Africa showed that cold chains are very poorly developed or inexistent in most subsectors in the region. Moreover, the International Institute of Refrigeration (IIR) estimated that in developed countries, cold storage capacity in urban areas is about 200 litres per capita (where 70% of the population is urban), whereas in developing countries it is about 19 litres per capita (where 50% of the population is urban).
Thus, the lack of cold chain infrastructure, especially in developing economies, will result in low demand for refrigerated goods trucking services, which is likely to act as a major restraint for the growth of the market.
Major companies operating in this market are continuously investing in introducing new technologies such as cloud computing, IoT solutions, solar-powered systems, and communication technologies such as machine learning, GPS, and 5G for greater accountability, visibility, and performance in refrigerated storage and transport.It is estimated that investments in this field are likely to reach $40 billion by the end of 2020.
Moreover, in April 2020, Carrier Transicold launched a solar charging system for transport refrigeration unit batteries that has an innovative design that conveniently fits on top of the unit. The innovative solar charging system is capable of delivering 2.0-amp power delivery by combining ultrapure silicon cells with a high-performance charge controller.
In January 2020, Nolan Transportation Group (NTG), a truckload brokerage and third-party logistics services provider, acquired Eagle Transportation LLC, a cold chain logistics specialist, for an undisclosed amount.With the acquisition of Eagle Transportation LLC, Nolan Transportation Group (NTG) plans to expand its nationwide supply chain solutions offerings with enhanced temperature-controlled capabilities and expertise.
Eagle Transportation LLC is a Mississippi-based brokerage and transportation company engaged in providing on-time temperature-controlled shipping services.
The countries covered in the refrigerated goods trucking market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
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.
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