Refrigerated Transport Market is set to emerge with a CAGR of 6.81% over the forecast period 2020-2026. Increasing trade of perishable commodities at a global level along with lower tariffs of cross-border of perishable goods triggers the growth of the refrigerated transport market size.
Emerging market growth drivers including technological innovations in refrigerated equipment and systems as well as rising use of vapor compression refrigeration is set to endorse a positive impact on refrigerated transport market growth.
Further, ongoing R&D investments on refrigeration technology funded by both key market OEMs and government channels of developed regions significantly promote market growth opportunities.
In addition, urban infrastructure development such as smart cities and smart transportation in developing countries is set to provide growth opportunities for the refrigerated transport market players.
Request Sample @ https://www.oganalysis.com/sample/213258
Adoption of fuel cells in refrigerated transport is an emerging market key trend as a result of ongoing technological evolution, energy crisis, and shift towards renewables.
Conversely, maintenance of products during transportation, lack of infrastructure in emerging countries, and fluctuating prices of fuel are amidst key challenges to the refrigerated transport market growth.
Key refrigerated transport market findings and market scopes and during the forecast period
Refrigerated transport market in emerged and emerging countries is currently gaining momentum with the need to cater to the growing demand for perishable commodities. Among single -temperature and multi-temperature refrigerated vehicles, single- temperature segment share is set to be higher during the forecast period.
Browse Refrigerated Transport Market Research Report @ https://www.oganalysis.com/industry-reports/213258/refrigerated-transport-market
By technology, the market is analyzed across vapor compression systems, eutectic devices, and air-blown evaporators. With the potential to maintain appropriate temperature conditions while importing and exporting freezing and chilled products, vapor-compression refrigeration and cryogenic system in equipment to preserve the frozen products are set to fuel the refrigerate transport market growth.
Among key modes of transport, road sector emerges with strong market share driven by high demand for home delivery services and developments in the foodservice and food processing sector. Further, demand for refrigerated LCV (light commercial vehicle) is driven by increase in delivery of dairy products and pharmaceuticals by vans for short-distance transportation.
Moreover, the availability of easy finance options for fully built vehicles will contribute to the increase in the sales of refrigerated LCVs.
On the basis of application, Frozen Food Products continues to hold major refrigerated transport market share driven by growth in home-delivery services along with upcoming market trend of purchasing ready-to-eat and convenience food.
Request for Special Discount on Refrigerated Transport Market report @ https://www.oganalysis.com/discount/213258
Further, emergence of key food producers offering frozen and canned food as well as the presence of frozen fish & seafood vendors creates lucrative opportunities for refrigerated transport service providers in the coming years.
Asia Pacific emerges with high revenue market share for the refrigerated transport market characterized by lucrative automotive sector
China and India are the countries contributing to generate high revenue across Asia Pacific driven by presence of large consumer base and growing demand for the frozen and the chilled products. Accordingly, key manufacturers and suppliers of chilled food products witness high growth prospects in emerging countries and creates positive impact on refrigerated transport market growth.
Further, government investments channelized to enhance the transportation infrastructure related to highways and airport construction projects long term market growth opportunities in Asian countries. For instance, China invested $328 billion on transport infrastructure during 2018.
In addition, ongoing focus to speed up the construction of logistics hubs for transport and storage across emerging economies is set to boost the refrigerated transport market growth during the forecast period.
Key players are participating in growth strategies to entice the refrigerated transport market value over the forecast period
Transportation training program, strategic partnerships, and mergers across key market players are observed across the refrigerated transport market.
To expand their regional market share, key players are entering into mergers with major transporting companies. For instance, in 2019, Cold storage warehousing company Cloverleaf Cold Storage has entered into an agreement to merge with Zero Mountain Inc. to become the fifth largest cold storage warehouse in the United States.
Further, market growth is driven by training programs initiated by global forums to aid the associates of refrigerated transport and temperature-controlled warehouse operators. For example, the International Refrigerated Transportation Association (IRTA) a core partner of the global cold chain alliance (GCCA) recently developed a training program for drivers to become compliant with FDA Sanitary Transportation of Food (STF) rule and improve energy efficiency at their facilities.
In addition, key players are signing partnerships to enhance their production and marketing capabilities. The 2019, Krone and Liebherr partnership to manufacture and supply refrigeration units for temperature-controlled road transport is an example of such strategic partnerships.
Key companies to operate in refrigerated transport market include Associated British Foods, Conagra Foods, General Mills, Iceland Foods Ltd, Kerry Group, Kraft Heinz Company, Mccain Foods Limited, Nestle, Samworth Brothers Limited, and Unilever among others.
Global Oil and gas industry annual subscription from OG ANALYSIS provides access to 11 databases including Exploration, Production, Refinery, LNG, Oil and Chemicals Storage, Pipelines, Market Intelligence, CAPEX, Tankers, small LNG and Trade.
About OG Analysis:
OG Analysis has been a trusted research partner for 10+ years delivering most reliable analysis, information and innovative solutions. OG Analysis is one of the leading players in market research industry serving 980+ companies across multiple industry verticals. Our core client centric approach comprehends client requirements and provides actionable insights that enable users to take informed decisions.
Phone: +91-7337 01 3757
Follow Us on LinkedIn: https://www.linkedin.com/company/og-analysis/