Author: Himanshu Patni
13 July 2023
The Refrigerated Vehicle Market is expected to grow at a CAGR of around 6.3% from 2022-2028. A refrigerated vehicle is a transportation unit used for the long-distance transport of temperature-sensitive cargo. The cooling system on this type of vehicle provides added protection and security to maintain optimum internal conditions and preserve quality throughout transport, without any pre-chilling or ice packs required. The refrigerated vehicle market is catering to considerable demand across the globe. Factors that are supporting the growth of the market are mainly owing to the rising cold chain sector which is fast growing with key industries such as fruits and vegetables, meat, fish, poultry, dairy products, confectionery, and pharmaceuticals, among others, being critically dependent on it.
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Moreover, refrigerated vehicle manufacturers are working on designing technologies to minimize their environmental impacts, such as carbon footprint and noise pollution are the key factors driving the market. In addition, rising global warming has a major impact on the food producers globally which is reducing the shelf life of these products in non-refrigerated conditions. Most pharmaceutical and healthcare products need protection from heat and light to maintain their chemical and biological formulation escalating the adoption of refrigerated vehicles.
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Based on vehicle type, the refrigerated vehicle market is segmented into the LCV, MHCV, and HCV. Open hole category to witness higher CAGR during the forecast period. Among vehicle types, MHCV caters to an extensive share of the refrigerated vehicle market. Refrigerated MHCVs are used for medium-distance transportation from one city to another to deliver perishable goods such as fish, meat, milk, and dairy products. The increase in the use of multi-temperature refrigerated systems provides an option to transport more than one perishable item at a time, improving transportation efficiency via trucks.
Based on application, the refrigerated vehicle market is classified into chilled food and frozen food. Among these, the chilled food segment to hold a significant share in the market in 2020. The growing consumption of convenience food in emerging economies is escalating its market share. In addition, the expansion of fast-food chains and supermarkets is expected to create lucrative opportunities for chilled food product manufacturers and refrigerated transport service providers in the coming years.
For a detailed analysis of the Global Refrigerated Vehicle Market browse through –https://univdatos.com/report/refrigerated-vehicle-market/
For a better understanding of the market adoption of the refrigerated vehicle industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Europe is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to due to the development of network-focused technological solutions, technological up-gradation in refrigerated systems & transport, and the focus on the implementation of quality standards set by the public and private sector.
Some of the major players operating in the market include United Technologies Corporation, DAIKIN INDUSTRIES Ltd., Ingersoll Rand, Utility Trailer Manufacturing Company, Tata Motors, Nabors Industries Ltd., Hyundai, Singamas Container Holdings Limited, LAMBERET SAS, KRONE.
Global Refrigerated Vehicle Market Segmentation
Market Insight, by Vehicle Types
· LCV
· MHCV
· HCV
Market Insight, by Application
· Chilled Food
· Frozen Food
Market Insight, by Temperature
· Single temperature
· Multi-temperature
Market Insight, by Technology
· Air-blown Evaporators
· Eutectic Devices
· Hybrid
· Fully Electrified
Market Insight, by Region
· North America
o United States
o Canada
o Rest of North America
· Europe
o Germany
o The United Kingdom
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Australia
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· United Technologies Corporation
· DAIKIN INDUSTRIES Ltd.
· Ingersoll Rand
· Utility Trailer Manufacturing Company
· Tata Motors
· Nabors Industries Ltd.
· Hyundai
· Singamas Container Holdings Limited
· LAMBERET SAS
· KRONE
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