Refrigerated vehicles are used for transportation of vulnerable food, pharmaceutical and healthcare products. The increasing population and consumer spending on food products has surged their production globally. Among food products, dairy products and fresh fruits and vegetables require cold storage and transportation for their sustainability.According to AMA, the market for Refrigerated Vehicle is expected to register a CAGR of 5.9% during the forecast period to 2024. This growth is primarily driven by Increasing International Trade of Perishable Commodities, Technological Innovations in Refrigerated Systems and Equipment and Increase in the Use of Advanced Cold Rooms.
Globally, a noticeable market trend is evident The Growth in Demand for Frozen Perishable Commodities. Major Manufacturers, such as Carrier Corporation (France), CMA CGM (France), GAH (Refrigeration) Ltd. (United Kingdom), Maersk Line (Denmark), Daikin Industries (Japan), Ingersoll-Rand (Ireland), China International Marine Containers (China), Utility Trailer (United States), Singamas Container (China), Hyundai (South Korea), Schmitz Cargobull (Germany), Fahrzeugwerk Bernard Krone (Germany), Kögel Trailer (Germany) and Great Dane (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
- Increasing International Trade of Perishable Commodities
- Technological Innovations in Refrigerated Systems and Equipment
- Increase in the Use of Advanced Cold Rooms
- The Growth in Demand for Frozen Perishable Commodities
- Lack of Transport Infrastructure Connectivity and Skilled Manpower in Developing Economies
The High Growth of Connected Logistics to Save Fuel Costs and Integration of Multi-Temperature Systems in Trucks and Trailers
Maintaining Product Integrity During Transportation of Perishable Commodities and Rising Fuel Costs and High Capital Investment Requirement
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