Major players in the refrigerated goods trucking market are Schmitz Cargobull AG; Great Dane LLC; China International Marine Containers; Kogel Trailer GmbH & Co; Hyundai Translead Inc.; Wabash National Corporation; KRONE; GRW Tankers and Trailers.
The global refrigerated goods market is expected to grow from $47.54 billion in 2020 to $50.02 billion in 2021 at a compound annual growth rate (CAGR) of 5.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $59.27 billion in 2025 at a CAGR of 4.3%.
The refrigerated goods trucking market consists of sales of refrigerated goods trucking services and related goods by entities (organizations, sole traders, and partnerships) that provide over-the-road transportation of refrigerated goods. Only goods and services traded between entities or sold to end consumers are included.
Major companies operating in this market are continuously investing in introducing new technologies such as cloud computing, IoT solutions, solar-powered systems, and communication technologies such as machine learning, GPS, 5G for greater accountability, visibility, and performance in refrigerated storage and transport.It is estimated that the investments in this field are likely to cross $40 billion by the end of 2020.
Moreover, in April 2020, Carrier Transicold launched a solar charging system for transport refrigeration unit batteries which has an innovative design that conveniently fits on top of the unit. The innovative solar charging system is capable of delivering 2.0-amp power delivery by combining ultrapure silicon cells with a high-performance charge controller.
The refrigerated goods trucking market covered in this report is segmented by vehicle type into the light commercial vehicle; medium heavy commercial vehicles; heavy commercial vehicles. It is also segmented by temperature into single temperature; multi-temperature and by application into food products; poultry, meat, and seafood; dairy and beverages; bakery and confectionery; pharmaceutical; others.
In January 2020, Nolan Transportation Group (NTG), truckload brokerage and third-party logistics services provider, acquired Eagle Transportation LLC, a cold chain logistics specialist for an undisclosed amount.With the acquisition of Eagle Transportation LLC, Nolan Transportation Group (NTG) plans to expand nationwide supply chain solutions offerings with enhanced temperature-controlled capabilities and expertise of the company.
Eagle Transportation LLC is a Mississippi-based brokerage and transportation company engaged in providing on-time temperature-controlled shipping services.
Increasing demand for perishable foods such as ready-to-eat food items, milk and dairy products, and fruits and vegetables are 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 Dairy Global’s statistics published in June 2018, the global milk production was about 876 million tons in 2018 and is projected to reach 1,168 million tons by the end of 2030, recording a growth of 35% during the period.Moreover, according to the National Dairy Development Board (NDDB), the demand for milk in the Indian market is expected to reach 180 million tons by 2022.
Therefore, increasing demand for refrigerated food products is expected to drive the market for refrigerated goods trucking market during the forecast period.
Lack of infrastructure for cold storage in developing countries is anticipated to limit the growth of the refrigerated goods trucking market over the forecast period.Cold chain management (CCM) is a recently adopted concept in supply chain management.
CCM is a network of cold stores, refrigerators, freezers, refrigerated trucks, and cold boxes that are organized to maintain the temperature of the food items during storage, transportation, and distribution from the factory.Lack of proper cold chain management leads to loss of food and losses.
According to the Food and Agriculture Organization of the United Nations (FAO)’s report on 16 countries from sub-Saharan Africa showed that cold chains are very poorly developed or inexistent in most subsectors in the region.Moreover, the International Institute of Refrigeration (IIR) estimated that in developed countries cold storage capacity in urban areas is about 200 liters per capita (where 70% of the population is urban) whereas in developing countries it is about 19 liters per capita (where 50% of the population is urban).
Thus, lack of cold chain infrastructure especially in developing economies will result in low demand for refrigerated goods trucking services which is likely to act as a major restraint for the growth of the market.
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Logistics And Freight
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