Refrigerated transport is designed for transportation of perishable goods, such as fish, meat, vegetable, fruits, dairy products, etc. Major factor driving growth of the global refrigerated transport market is increasing trade of perishable food products across borders. However, requirement of high capital investment and increasing volatility in fuel prices may affect growth of the target market.
The global refrigerated transport market has been segmented on the basis of mode of transportation, temperature, application, and region. On the basis of mode of transportation, the market is segmented into road, rail, sea, and air. Road segment is sub-segmented into light commercial vehicle (LCV), heavy commercial vehicle (HCV), and medium, and heavy commercial vehicle (MHCV). Light commercial vehicle (LCV) segment dominates the global market in terms of revenue and is expected to maintain its dominance in the near future.
On the basis of temperature, the market is segmented into multi temperature and single temperature. Multi temperature segment is expected to witness lucrative growth over the forecast period, due to increasing use for transportation of various types of products. On the basis of application, the market is segmented into frozen and chilled. Chilled segment accounts for major share in terms of revenue and is anticipated to witness growth in terms of revenue, especially in developing countries such as China and India, due to increasing transportation of fresh vegetables and fruits in this region.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Market in Asia Pacific dominates the global market in terms of revenue and is expected to witness high growth over the forecast period, owing to a developing retail sector and supply chain. Rising disposable income and growing demand for food products from this region from international markets are factors expected fuel growth of the refrigerated transports market in Asia Pacific region.
Key players operating in the global refrigerated transport market include United Technologies Corporation (Carrier Corporation), Daikin Industries, Ltd., Ingersoll-Rand plc (Thermo King Corporation), China International Marine Containers (Group) Co., Ltd., Utility Trailer Manufacturing Company, Singamas Container Holdings Limited, Hyundai Motor Company, Schmitz Cargobull AG, Krone Fahrzeugwerk Bernard Krone GmbH, and Lamberet SAS