With the rise in demand for perishable products, our industry is endeavoring to provide both fresh and specialty products on the shelf. In doing so, MarketsandMarkets has noticed an increase in the refrigerated transport market. In its latest research report on the refrigerated transport market, the research organization revealed the market’s size is estimated to be valued at $113.4 billion USD in 2022 and is projected to reach $160.7 billion USD by 2027, recording a CAGR of 7.2 percent during the forecast period in terms of value.
As noted in the release, the refrigerated transport market is primarily driven by the growing demand for perishable products such as fresh fruits and vegetables across the globe.
Chilled food was also the largest application segment in the global refrigerated transport market, continued the release, and it is expected to maintain its dominance over the forecast period, as refrigerated vehicles move a wide range of food products including chilled and frozen food products.
Moreover, the sudden outbreak of the pandemic has significantly changed the retail supply chain of these perishable products. Many retail players have shifted to home delivery services, which in turn promotes the demand for refrigerated vehicles across the globe.
In addition, the growth of refrigerated transport is supported by the substantial growth of supermarkets and hypermarkets across emerging economies including China and India. Among various technologies, fully electrified refrigerated transport is anticipated to witness the highest growth rate over the forecast period, noted the release. Stringent policies for reducing the carbon footprint by various governments are being introduced to promote electric refrigerated transport across the globe.
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