Global Refrigerated Road Transport Market to Surpass US$ 21.78 Billion by 2025
The refrigerated road transport market was valued at US$ 12.81 billion in 2016 and is projected to reach US$ 21.78 billion by 2025, exhibiting a CAGR of 6.11% over the forecast period, according to Global Refrigerated Road Transport Market, by Transportation Modes (Light Commercial Vehicles (LCV), Medium & Heavy Commercial Vehicles (MHCV), and Heavy Commercial Vehicles (HCV), by Cooling Type (Chilled and Frozen), by Technology (Cryogenic Systems and Vapor Compression Systems), published by Coherent Market Insights.
These freight transportation prominently caters to the growing demands for perishable food products that mainly include the dairy, confectioneries, ice creams, groceries, poultry and frozen meat. Requirement to provide high quality edible products, without the impact of the ambient temperatures in different stages of its distribution processes is expected to be among the chief factor that will drive the refrigerated road transport market growth over the forecast period.
Key Trends and Analysis of the Global Refrigerated Road Transport Market:HCV accounted for the largest revenue source in 2016 contributing to around 45% of the global industry size, primarily owing to its requirement for bulk products shipping at longer distances. Major manufacturing locations of food businesses are constrained to specific locations owing to requirement of affordable manufacturing spaces, ease of raw material availability, and cost of workforce and maintenance among other factors. This necessitates the utilization of transportation means for bulk transport at affordable rates driving the demand for HCVs.
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Chilled systems accounted for the largest share of the global refrigerated road transport, owing to their utilization in groceries, dairy products among other items which are required on a daily basis, and account for a significant share of the food & beverage industry segment sales. Frozen segment is expected to witness the highest growth over the forecast period, primarily owing to the significant paradigm shift of the urban population towards packaged seafood, meat and ice creams, which requires the utilization temperatures below 00C to maintain its freshness.
In conjunction with the growth of frozen systems, requirement of cryogenic cooling systems are expected to find substantial demands over the next few years. However, high cost of these systems in comparison to the other alternatives means that can be utilized to cater similar requirements is expected to consistently hamper the segment growth.
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