The Global Refrigerated Vehicle Market is Growing
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.
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
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.
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.
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