New York, NY, April 18, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Refrigerated Vehicle Market by Vehicle Type (Insulated Container, Refrigerated Truck, Refrigerated Transport by Air, Multimodal Temperature Container and Atmosphere Controlled Container), by Product Type (Chilled and Frozen): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 –, 2022”. According to the report, the global refrigerated vehicle market was valued at around USD 11 billion in 2016 and is expected to reach approximately USD 16.5 billion by 2022, growing at a CAGR of around 5.2% between 2017 and 2022.
The refrigerated vehicle is temperature maintained vehicles carrying the products which get affected by outside temperature. It maintains the temperature ranges from -30oc to 400c. It is necessary to increase the shelf life of the product and protect it from external environmental conditions and maintain their chemical and biological properties. It is helpful for transport of vegetable, food products, pharmaceutical and healthcare products. Owing to which, the refrigerated vehicle has huge demand worldwide. Thus it is expected to spurt the growth of refrigerated vehicle market over the forecast period.
Browse through 27 Tables & 14 Figures spread over 110 Pages and in-depth TOC on "Global Refrigerated Vehicle Market: Industry Size, Share, Trends, Demand, Growth and Forecast, 2016 – 2022”.
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The refrigerated vehicle market is expected to witness substantial growth within the forecast period. The market is driven by increasing demand for frozen food and ready to eat foods. Moreover, various pharmaceutical and biotech products need protection from heat and sunlight to maintain their formulation which is positively affecting refrigerated vehicle market. However, the increasing oil prices globally may restrain the growth of this market.
Manufacturers are focusing on expanding customer base geographically or through new services, R&D, and joint venture. For instance, global leader Maersk line launched new service between Asia and Latin America in Jan 2018 to improve its product offering in the region connecting Asia to Colombia, the Caribbean, and Pecem. This offered greater port coverage and reduced transit time. Moreover, two leading manufacturers Carrier transicold and Singamas Container Holdings Ltd. has developed a new refrigerated shipping container PrimeLINE ONE. Thus new innovations and launches will leverage the potential of the global refrigerated vehicle market.
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On the basis of the type of product, the global refrigerated vehicle market is segmented into frozen and chilled. As frozen foods are convenient to eat and are also time-saving the increase in demand for frozen foods is expected to boost growth rate for refrigerated vehicle market. In addition, changing dietary pattern of consumers, increase in cold-chain infrastructure and globalization in food trades is anticipated to affect the market positively.
On the basis of vehicle type, the global refrigerated vehicle market is segmented into an insulated container, refrigerated truck, atmosphere-controlled container, refrigerated transport by air, multimodal temperature container and others. Of which refrigerated container is a fastest growing segment of all?
Browse the full "Refrigerated Vehicle Market by Vehicle Type (Insulated Container, Refrigerated Truck, Refrigerated Transport by Air, Multimodal Temperature Container, and Atmosphere Controlled Container), by Product Type (Chilled And Frozen): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022" report at https://www.zionmarketresearch.com/report/refrigerated-vehicle-market
The Asia Pacific is expected to experience the fastest growth in refrigerated vehicle market during the forecast period. Key factors being increasing population, high growth in industrialization in developing countries such as China, Japan, India. High growth in confectionery and bakery segment, increasing disposable income of population and changing food habits are some of the key drivers encouraging global companies to invest in these industries in the Asia Pacific region. This, in turn, is expected to spurt the growth of refrigerated vehicle market in this region.
Europe was leading regional market and is projected to lead the market till 2022. This is mainly due to a busy lifestyle and increasing awareness regarding health benefits of frozen food and continuous investment in cold chain infrastructure which is positively affecting the growth of refrigerated vehicle market.
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North America is expected to witness significant growth in the coming years. This is mainly due to increasing demand for ready to thaw food, increasing growth of pharmaceutical and biotech industries in North America owing to increasing market for a refrigerated vehicle in the region.
The Middle East and Africa are expected to show considerable growth in near future. This growth is mainly due to increasing middle-class population and rising disposable income. Latin America is another important regional market and is expected to experience noticeable growth over the forecast period. This growth is mainly attributed to growing economy due to tourism growth. Thus all aforementioned parameters are expected to propel the market growth globally.
Global refrigerated vehicle market is consolidated with some major players accounting for a significant share of the market in 2016. Some of the leading players are investing in R&D and technological advancement and maintaining quality standard while others are expanding their customer base and geographical reach, in order to retain their dominance. Some of the major companies operating in this market are Carrier Transicold, CMA CGM, GAH Refrigeration, Maersk Line, MSC, Swift Transportation. Other prominent vendors in the market are Continental Air Cargo, Air Canada Cargo, Bay & Bay, Cold Chain Technologies, Culina Group, Agility, FedEx, DB Schenker, Frost Trucking, Biocair, FST Logistics, NYK Line, UPS, Avinex Ukr, Biotec Services.
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This report segments the global refrigerated vehicle market as follows:
Global Refrigerated Vehicle Market: Vehicle Type Segment Analysis
- Insulated container
- Refrigerated truck
- Refrigerated transport by air
- Multimodal temperature container
- Atmosphere controlled container
Global Refrigerated Vehicle Market: Product Segment Analysis
- Frozen
- Chilled
Global Refrigerated Vehicle Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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