Globel Refrigerated Vehicles market was valued at USD 21374.05 million in 2022 and is projected to reach USD 37758.88 million by 2030, at a CAGR of 4.35% from 2022 to 2030.

Global Refrigerated Vehicles Market Overview:

Refrigerated vehicles are used for the transportation of fragile foods, pharmaceuticals and health care products. Growing population and increasing consumer spending on food has led to a surge in production worldwide. Among foods, dairy products and fresh fruits and vegetables require refrigeration and transport for sustainability.

Increasing global warming is becoming a major concern for food producers worldwide, who are reducing the shelf life of these products under unrefrigerated conditions. Most pharmaceutical and health care products must be protected from heat and light to maintain their chemical and biological formulations. All of these concerns have been driving the market for refrigerated vehicles globally and are projected to increase in terms of growth rate during 2022-2030.

Refrigerated vehicles include large types of vehicles used for different transportation needs depending on the loading requirements. Some types include refrigerated vans, refrigerated trucks, refrigerated trailers, refrigerated rail cars, refrigerated vessels, air refrigerated transport, refrigerated containers, atmosphere controlled containers, intermodal refrigerated containers, insulated containers, integral refrigerated containers, and multimode temperature containers. Growing consumer awareness towards fresh products is one of the significant factors driving the demand for refrigerated vehicles across the globe.

Developing and underdeveloped countries have underdeveloped cold supply chain infrastructure, resulting in large amounts of food being destroyed each year. This also increases storage costs for food manufacturers and distributors as they must maintain regional distribution points in demand areas.

A refrigerated vehicle is a vehicle that is designed to maintain a specific temperature range for the transportation of temperature-sensitive goods. Refrigerated vehicles are typically used to transport food, pharmaceuticals, and flowers.

Major Market Segments Covered in Refrigerated Vehicles Market Research:

Market Key Players:

• Great Dane Trailers
• Ingersol Rand
• Mitsubishi Heavy Industries
• Schmitz Cargobull
• Thermo King
• Carrier Transicold
• Others.

Key Vendors:

1. Great Dane Trailers: Great Dane is a leading manufacturer of commercial transportation equipment, including refrigerated trailers. They specialize in producing high-quality refrigerated trailers that offer advanced temperature control and insulation features. Great Dane's refrigerated trailers are widely used for the transportation of perishable goods across various industries.

2. Ingersoll Rand: Ingersoll Rand is a diversified industrial company that operates in various sectors, including refrigerated transportation. They are known for their subsidiary Thermo King, which is a leading manufacturer of transport refrigeration systems. Thermo King produces refrigeration units and temperature control systems for a wide range of vehicles, including trucks, trailers, and shipping containers.

3. Mitsubishi Heavy Industries: Mitsubishi Heavy Industries (MHI) is a global industrial conglomerate with diverse business operations, including the production of refrigerated transport solutions. MHI manufactures refrigerated trucks and trailers that are known for their efficiency, reliability, and advanced cooling technologies. They offer a range of refrigeration units and systems designed to maintain precise temperature control during transportation.

4. Schmitz Cargobull: Schmitz Cargobull is a prominent manufacturer of trailers and semi-trailers, including refrigerated trailers. They are known for their innovative and technologically advanced solutions in the field of transport refrigeration. Schmitz Cargobull's refrigerated trailers feature efficient insulation, temperature control systems, and telematics solutions to ensure the safe and reliable transportation of perishable goods.

5. Thermo King: Thermo King, as mentioned earlier, is a subsidiary of Ingersoll Rand. It is a renowned brand in the field of transport refrigeration. Thermo King specializes in manufacturing refrigeration units and systems for a wide range of applications, including trucks, trailers, vans, and shipping containers. Their products are known for their industry-leading performance, reliability, and advanced features such as temperature monitoring and control, data connectivity, and energy efficiency.

By Type:

• Refrigerated Vans
• Refrigerated Trucks
• Refrigerated Trailers
• Refrigerated Railcars
• Refrigerated Ships
• Other

Refrigerated vans are small, enclosed vehicles that are used to transport temperature-sensitive goods over short distances. They are often used by florists, bakeries, and other businesses that need to transport fresh products.
Refrigerated trucks are larger vehicles that are used to transport temperature-sensitive goods over longer distances. They are often used by food manufacturers, distributors, and retailers.
Refrigerated trailers are large, open vehicles that are used to transport temperature-sensitive goods over long distances. They are often used by trucking companies and freight forwarders.
Refrigerated railcars are specialized railcars that are used to transport temperature-sensitive goods over long distances. They are often used by food manufacturers and distributors.
Refrigerated ships are specialized ships that are used to transport temperature-sensitive goods over long distances. They are often used by food manufacturers and distributors.
Other types of refrigerated vehicles include refrigerated containers, refrigerated air cargo, and refrigerated intermodal containers.

By Application:

• Vulnerable Food Transportation
• Pharmaceutical Products Transportation
• Healthcare Products Transportation
• Other

Vulnerable food: Vulnerable food is food that is easily damaged or spoiled. This includes fresh produce, dairy products, and meat products. The transportation of vulnerable food requires careful temperature control and short transit times.
Pharmaceutical products: Pharmaceutical products are medications that are used to treat or prevent diseases. They are often sensitive to temperature and humidity, so they need to be transported in a controlled environment.
Healthcare products: Healthcare products are used to diagnose, treat, or prevent diseases. They include medical devices, diagnostic equipment, and blood products. The transportation of healthcare products requires careful handling and security.

Based on Region:

North America: North America is the largest market for refrigerated vehicles, accounting for about 30% of the global market. The growth of the market in North America is being driven by the increasing demand for temperature-controlled transportation of food and pharmaceutical products.
Europe: Europe is the second largest market for refrigerated vehicles, accounting for about 25% of the global market. The growth of the market in Europe is being driven by similar factors as in North America, as well as the increasing urbanization and e-commerce industry in the region.
Asia-Pacific: Asia-Pacific is the third largest market for refrigerated vehicles, accounting for about 20% of the global market. The growth of the market in Asia-Pacific is being driven by the growing population and economy in the region, as well as the increasing demand for temperature-controlled transportation of food and pharmaceutical products.
South America: South America is the fourth largest market for refrigerated vehicles, accounting for about 10% of the global market. The growth of the market in South America is being driven by the increasing demand for temperature-controlled transportation of food and pharmaceutical products, as well as the growing e-commerce industry in the region.
Middle East & Africa: Middle East & Africa is the smallest market for refrigerated vehicles, accounting for about 5% of the global market. The growth of the market in Middle East & Africa is being driven by the increasing demand for temperature-controlled transportation of food and pharmaceutical products, as well as the growing urbanization in the region.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
  • Denmark
  • Finland
  • Iceland
  • Sweden
  • Norway
  • Belgium
  • The Netherlands
  • Luxembourg
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Benelux Union
• Rest of Europe
• Asia-Pacific
  • Indonesia
  • Thailand
  • Malaysia
  • Singapore
  • Rest of Southeast Asia
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Significant Market Dynamics:

Dynamics

• Technological advancements: The development of new technologies, such as telematics and GPS tracking, is helping to improve the efficiency and security of refrigerated vehicles.
• Regulatory changes: The introduction of new regulations, such as those governing food safety and emissions, is also having an impact on the refrigerated vehicles market.
• Changing consumer preferences: The increasing demand for fresh and healthy foods is driving the demand for refrigerated vehicles.

Restraints

• High cost: The high cost of refrigerated vehicles can be a barrier to entry for some businesses.
• Lack of awareness: Some businesses may not be aware of the benefits of using refrigerated vehicles.
• Inefficient infrastructure: In some regions, the infrastructure for refrigerated vehicles may be inefficient, which can make it difficult to transport temperature-sensitive goods.

Drivers

• Increasing demand for temperature-controlled transportation: The growing demand for temperature-controlled transportation of food and pharmaceutical products is a major driver of the refrigerated vehicles market.
• Growing e-commerce industry: The growth of the e-commerce industry is also driving the demand for refrigerated vehicles, as e-commerce retailers need to transport temperature-sensitive goods to their customers.
• Changing climate: The changing climate is also having an impact on the refrigerated vehicles market, as businesses are increasingly looking for ways to transport temperature-sensitive goods in a more sustainable way.

Trends

• Increase in demand for electric and hybrid refrigerated vehicles: There is a growing demand for electric and hybrid refrigerated vehicles, as businesses look for ways to reduce their carbon footprint.
• Development of new technologies: There is a continuous development of new technologies for refrigerated vehicles, such as telematics and GPS tracking, which are helping to improve the efficiency and security of these vehicles.
• Growing importance of sustainability: The importance of sustainability is growing in the refrigerated vehicles market, as businesses are looking for ways to reduce their environmental impact.

Challenges

• High cost of investment: The high cost of investment in refrigerated vehicles can be a challenge for some businesses.
• Lack of skilled labor: There is a shortage of skilled labor in the refrigerated vehicles market, which can make it difficult to find qualified technicians to maintain and repair these vehicles.
• Compliance with regulations: Businesses need to comply with a variety of regulations when transporting temperature-sensitive goods, which can be a challenge.

Opportunities

• Growing demand in emerging markets: The demand for refrigerated vehicles is growing in emerging markets, such as Asia-Pacific and South America.
• Development of new technologies: The development of new technologies, such as electric and hybrid refrigerated vehicles, is creating new opportunities in the market.
• Growing importance of sustainability: The growing importance of sustainability is creating new opportunities for businesses that can offer environmentally friendly refrigerated vehicles.

Scope of Reports:

Report Attribute	Details
Study Period	2017-2030
Base Year	2022
Estimated year	2023
Forecast period	2023-2030
Historic Period	2017-2022
Units	USD 37758.88 million
Growth Rate	CAGR of 4.35% from 2022 to 2030
By Type	Refrigerated Vans Refrigerated Trucks Refrigerated Trailers Refrigerated Railcars Refrigerated Ships Other
By Application	Vulnerable Food Transportation Pharmaceutical Products Transportation Healthcare Products Transportation Other
By Companies	Great Dane Trailers Ingersol Rand Mitsubishi Heavy Industries Schmitz Cargobull Thermo King Carrier Transicold Others.
Regional Scope	North America Europe Asia-Pacific The Middle East & Africa Latin America
Reasons to Purchase this Report and Customization Scope	6-month post-sale analyst assistance. 10% Free Customization and 15 Company Profiles in addition to the ones specified

Crucial Points from this Refrigerated Vehicles Market Report

• Estimate Refrigerated Vehicles market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
• Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
• Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
• Get a quick viewpoint on the Refrigerated Vehicles market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
• Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
• Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
• Study the sales and distribution channels over key geographies to improve top-line revenues.