Refrigerated Vehicle Market by Product Analysis, Product Revenue Forecast by Types and Trends 2022

Refrigerated vehicles market is expected to witness significant growth over the forecast period owing to the rising demand of cold chain logistics. The cold chain logistics is projected to see growth of more than 25% CAGR over the forecast period particularly due to the strong consumer demand for pharmaceuticals and perishable foods. The cold chain logistic is primarily defined as the transportation of temperature sensitive goods in a thermal packaging through an uninterrupted distribution and storage supply chain. These goods need logistical planning so that integrity of shipments can be maintained. Vehicles through which temperature sensitive products are transported include refrigerated trucks and railcars.

Refrigerated vehicles have enabled the cold chain logistics to impact globally, regionally, and locally. Globally, transportation of temperature sensitive products to distant markets has allowed many pharmaceutical companies to distribute vaccines and other biological products from one country to various other countries. Regionally, refrigerated vehicle has positively impacted the demand of temperature sensitive food products as companies are able to deliver large cargos to distant places from one large cold storage facility through economies of scale and efficient distribution network. Locally, the market is primarily benefitted through timely distribution of perishable goods to the end user such as restaurants and grocery stores.

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Rising perishable food market is one of the key drivers expected to bolster the market growth over the next seven years owing to increasing consumer disposable income, growing quality requirement for healthcare products, food products, and pharmaceutical products. Few indirect dynamics, which are projected to bolster the refrigerated vehicle market over the next seven years, are increasing demand for convenience food products, rising temperature sensitive pharmaceutical products, and growing government initiatives in giving subsidies. Fuel cell technological advancement in refrigeration, transportation, and storage is also expected to drive the market growth, as it allows cargos to make several goods deliveries without interrupting the proper temperature.

Growing demand for dairy products, frozen foods, and increasing shelf life preservation are the key drivers expected to propel the market growth over the forecast period. Reduction in energy consumption, food waste, and environmental impact are few other factors anticipated to drive market growth by 2022. Rising concerns for food security is also expected to spur the market growth of refrigerated vehicles over the next seven years owing to the growing demand of temperature sensitive products, population, and awareness.

Key restraints that are likely to challenge the refrigerated vehicle market over the forecast period include the rising logistical constraints in delivering temperature sensitive dairy products, food products and pharmaceutical products, increasing operational cost in greener packaging and growing environmental concerns regarding GHG (Green House Gas) emissions during refrigeration. However, companies are addressing the roadblocks through continuous R&D endeavors, and developing technology that could minimize the food waste issues.

The market is segmented by vehicle type into refrigerated van bodies, and refrigerated semi-trailers. Refrigerated semi-trailer market is more concentrated as very few companies are accounted for more than 90% of the total production, whereas half of the refrigerated van bodies companies are accounted for less than 80% of the total production. The market of refrigerated vehicle body manufactures is much more stable than the other regular vehicle body manufactures primarily due to the specific and few basic requirements for the transportation of healthcare, food and pharmaceutical products.

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North American and European regions are projected to have high market share over the forecast period owing to the growing economic development, rising demand for convenience goods, increasing health consciousness thus instigating the pharmaceutical companies. The region is also highly responsive to technological advancement in refrigeration, storage and distribution. Particularly the US, the US, France, Germany, Italy, and Canada countries are anticipated to account for major market share due to the presence of large companies dedicated in cold chain logistics such as Swire Cold Storage Pty. Americold Logistics, Interstate Cold Storage Inc., Nichirei Logistics Group, Inc., Trenton Cold Storage, Lineage Logistics, Burris Logistics, Henningsen Cold Storage Co., and Hanson Logistics.

Asia Pacific region is expected to witness fastest growth over the forecast period owing to the rising population, end user demand, per capita income, investments, and stringent emission norms. Particularly India, China, Japan and Singapore are projected to account for largest market share in the region due to growing consumer awareness to healthcare, increasing temperature sensitive food products accessibility, and rising demand of various vaccines that needed movable cold storage facility.

Middle East & African region is a high potential market to witness significant growth rate by 2022 owing to the growing awareness for cold chain logistics, rising purchasing power parity, and increasing penetration of foreign companies delivering refrigerated vehicles. Key player in the market are Freightliner, Volvo, Navistar, Hino, Kenworth, Mack, Peterbilt, and Western Star.