The refrigerated transportation market size is set to grow by USD34,68bn between 2022 and 2027 and register a CAGR of 7.46%, according to Technavio’s latest market research report estimates.
The market share growth by the land segment will be significant during the forecast period. This segment is widely used to carry perishable commodities such as food and medications under temperature control.
Some of the main drivers for growth are the rising consumption of frozen food drives the growth of the refrigerated transportation market, and the rising consumption of refrigerated foods such as dairy products and frozen foods.
Furthermore, consumers perceive frozen food as an alternative option to fresh, home-cooked, canned food, and the convenience offered by ready-to-eat meals increases the consumption of frozen food.
Hence, such factors boost the growth of the refrigerated transportation market during the forecast period.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Some of the major vendors of the refrigerated transportation market include Allen Lund Co., Bernard KRONE Holding SE and Co. KG, Birkett Freight Solutions, Carrier Global Corp., COSCO SHIPPING Holdings Co. Ltd., Daikin Industries Ltd., Envirotainer AB, Great Dane LLC, Hapag Lloyd AG, Hyundai Motor Co., Knight Swift Transportation Holdings Inc., LAMBERET SAS, Rinac India Ltd., Sartorius AG, Schmitz Cargobull AG, Sdiptech AB, Singamas Container Holdings Ltd., Tata Motors Ltd., Utility Trailer Manufacturing Co., and Wabash National Corp.
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