Industry

Refrigerated Goods Trucking Market Growth Trajectory Through 2024-2033|Prime Inc., Stevens Transport, Knight-Swift Transportation Holdings Inc., C.R. England, Marten Transport Ltd.

The Refrigerated Goods Trucking by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Refrigerated Goods Trucking, The refrigerated goods trucking market size has grown rapidly in recent years. It will grow from $69.94 billion in 2023 to $77.02 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to increasing demand for perishable foods, strong economic growth in emerging markets, low oil prices and taxation.

The refrigerated goods trucking market size is expected to see strong growth in the next few years. It will grow to $110.36 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to growth in the forecast period resulted from increase in food export, technological advances, growth in organic foods, rapid urbanization and increasing demand from healthcare industry. Major trends in the forecast period include adopting connected trucking, investments in technological innovations, advanced robots for picking, loading, unloading, and packing of shipments, collision mitigation systems for safer travel, demand pricing strategy to make better use of assets and handle capacities, big data and artificial intelligence.

Increasing demand for perishable foods such as ready-to-eat food items, milk and dairy products, and fruits and vegetables is predicted to contribute to the growth of the refrigerated goods trucking market. The surging demand for frozen food items is propelling suppliers to equip their refrigerated units with multi-temperature systems, computer controls, and thermal liners to keep the food at the required temperature. According to the National Dairy Development Board (NDDB), the demand for milk in the Indian market is expected to reach 180 million tonnes by 2022. Therefore, increasing demand for refrigerated food products is expected to drive the growth of the refrigerated goods trucking market during the forecast period.

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The refrigerated goods trucking market covered in this report is segmented –

1) By Vehicle Type: Light Commercial Vehicle, Medium Heavy Commercial Vehicles, Heavy Commercial Vehicles
2) By Temperature: Single Temperature, Multi-Temperature
3) By Application: Food Products, Poultry, Meat, and Seafood, Dairy and Beverages, Bakery And Confectionery, Pharmaceutical, Other Applications

Major companies operating in this market are continuously investing in introducing new technologies such as cloud computing, IoT solutions, that enables real-time tracking for greater accountability, visibility, and performance in refrigerated storage and transport. Real-time tracking refers to the ability to monitor the location and movement of people, vehicles, or assets in real-time using GPS or other tracking technologies. For instance, in August 2021, Geotab Inc., a Canada-based telematics company, launched a Cold Chain solution for transport, specifically designed to optimize last mile delivery. This solution aids fleet managers in controlling temperature conditions during transportation, providing crucial support for maintaining the cold chain in various industries. These industries include food and beverage, healthcare, and pharmaceuticals.

The refrigerated goods trucking market report table of contents includes: