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Refrigerated Vehicle Market: Segmented By Frozen Food Type (Bakery Products, Ice Cream, Processed Meat, Frozen Dairy Products, and Fish & Seafood), By Vehicle Type (LCV, MHCV, and HCV), And Region - Global Analysis Of Market Size, Share & Trends For 2019-2020 And Forecasts To 2031
[ 170 + Pages Research Report ] Refrigerated Vehicle Market to surpass USD 4708.5 billion by 2031 from USD 35.4 billion in 2021 at a CAGR of 63.08%in the coming years, i.e., 2021-31.
Refrigerated vehicles are used for the transportation of vulnerable and perishable food, pharmaceutical, and healthcare products. The growing population and consumer spending on food products has increased their production globally. Among food products, dairy products and fresh fruits and vegetables need cold storage and transportation for their sustainability.
Global Refrigerated Vehicle market is expected to project a notable CAGR of 63.08% in 2031.
The surge of the refrigerated transport market is credited to the increasing trade of perishable products at global level, as lower tariffs allow ease of cross-border movement of perishable products. Additionally, technological advancements in refrigerated systems, mainly technological services introduced by refrigerated transport service providers for reducing the environmental affects, are predictable to allow their ease of operations. Integration of multi-temperature systems is further projected to create growth opportunities for refrigerated transport solution providers and frozen & chilled food product producers.
Fish & Seafood segment to grow with the highest CAGR during 2021-31
Global Refrigerated Vehicle market is classified on the basis of Type into Bakery Products, Ice Cream, Processed Meat, Frozen Dairy Products, and Fish & Seafood. Fish & Seafood segment dominates the market share globally. The market is predictable to witness high growth prospects in the fish & seafood segment during the forecast years. Manufacturers are offering frozen and canned food options that encourage longer shelf life. Fast-paced lifestyles have led to a growing preference for home delivery services, as it significantly decreases the cooking time. These aspects are predictable to create profitable opportunities for frozen fish & seafood manufacturers and refrigerated transport service providers in the coming years.
LCV segment to grow with the highest CAGR during 2021-31
Based on Vehicle Type, global Refrigerated Vehicle Market fragmented into LCV, MHCV, and HCV. LCV segment dominates the market share globally. The development of the LCV sector is driven by aspects such as high demand for home delivery services and developments in the foodservice industry and food processing sector. The demand for refrigerated LCV is further boosted by the increase in delivery of dairy products and pharmaceuticals by vans for short-distance transportation. Additionally, components such as the availability of easy finance options for fully built vehicles will contribute to the surge in the sales of refrigerated LCVs.
Increasing demand for perishable foods
Increasing demand for perishable commodities such as ready-to-eat food items, milk and dairy products, and fruits and vegetables are projected to contribute to the growth of the refrigerated goods trucking market. The increasing demand for frozen food items is propelling suppliers to prepare their refrigerated units with multi-temperature systems, computer controls, and thermal liners to save the food at the required temperature.
Lack of warehouse
Lack of warehouses for cold storage in developing economies is likely to hinder the growth of the refrigerated goods trucking market over the forecast years. Cold chain management (CCM) is a recently accepted idea in supply chain management. CCM is a grid of cold stores, refrigerators, freezers, refrigerated trucks, and cold boxes that are prepared to keep the temperature of the food products during storage, transportation, and supply from the factory. Lack of proper cold chain management cause damage of food and losses.
General Mills (US)
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Refrigerated Vehicle market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific dominates the Refrigerated Vehicle market. The growing population, rise in disposable incomes, swift urbanization in the Asia Pacific region, and a rise in demand for high-quality food & beverage products are the key features that have encouraged the demand for essential oils. Substantial growth has been observed in countries, such as China, India, and Japan, owing to the increase in the purchasing power of the population and demand for protein-rich meat diets. Additionally, consumers prefer choosing for products that have high nutritional content and deliver health benefits and exotic taste.
Global Refrigerated Vehicle is further segmented by region into:
Refrigerated Vehicle Segments:
| Report Attribute | Details |
| Market size value in 2021 | USD 35.4 billion |
| Revenue forecast in 2031 | USD 4708.5 billion |
| Growth Rate | CAGR of 63.08% from 2021 to 2031 |
| Base year for estimation | 2020 |
| Quantitative units | Revenue in USD million and CAGR from 2021 to 2030 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Frozen Food Type, Vehicle Type, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Key companies profiled | General Mills (US), Conagra Foods (US), Kraft Heinz Company (US), Nestle (Switzerland), Associated British Foods (UK), Kerry Group (Ireland), Unilever (UK), Mccain Foods Limited (Canada), Samworth Brothers Limited (UK), and Iceland Foods Ltd. (UK) and Other Prominent Players |
The Refrigerated Vehicle Market size was estimated at USD 35.4 billion in 2021 and is expected to reach 4708.5 billion by 2031.
Key players: General Mills (US), Conagra Foods (US), Kraft Heinz Company (US), Nestle (Switzerland), Associated British Foods (UK), Kerry Group (Ireland), Unilever (UK), Mccain Foods Limited (Canada), Samworth Brothers Limited (UK), and Iceland Foods Ltd. (UK) and Other Prominent Players
Fish & Seafood segment and LCV segment are anticipated to hold the largest Refrigerated Vehicle Market.
Drivers: Increasing demand for perishable foods
Refrigerated vehicles are used for the transportation of vulnerable and perishable food, pharmaceutical, and healthcare products. The growing population and consumer spending on food products has increased their production globally. Among food products, dairy products and fresh fruits and vegetables need cold storage and transportation for their sustainability.
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