pune, Maharashtra -- (SBWIRE) -- 12/12/2023 -- The refrigerated transport market, as analyzed by MarketsandMarkets in their report titled "Refrigerated Transport Market by Application (Chilled food & Frozen food), Mode of Transport (Road, Sea, Rail & Air), Vehicle Type (LCV, MHCV & HCV), Temperature (Single & Multi-temperature), Technology and Region - Global Forecast to 2027," is poised for substantial growth. The market, valued at USD 113.4 billion in 2022, is projected to reach USD 160.7 billion by 2027, demonstrating a notable CAGR of 7.2%. This growth is attributed to the escalating global demand for preventing the spoilage of perishable food products and agricultural commodities.

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Market Dynamics:

Application Dominance:

Chilled Food Leading the Way: Chilled food emerges as the largest application segment in the global refrigerated transport market. Encompassing a diverse range of products, from dairy and bakery items to beverages and fresh produce, the chilled food segment is expected to sustain its dominance, particularly in emerging markets.

Mode of Transport Trends:

LCV's Rapid Rise: Among the mode of transport segments, Refrigerated Light Commercial Vehicles (LCV) are anticipated to witness the fastest growth. The surge is fueled by the increasing demand for home and door-step delivery services in the ecommerce and retail sectors, making LCVs the preferred choice for secondary transportation.

Temperature Dynamics:

Multi-temperature Leading the Pack: Multi-temperature refrigeration holds the largest share in the temperature segment. Its ability to maintain different temperatures within the same vehicle allows operators to transport assorted products efficiently, contributing to energy savings and operational flexibility.

Technology Trends:

Hybrid Vehicles on the Rise: Hybrid refrigeration systems emerge as the second fastest-growing technology segment. These systems offer a combination of components in both series and parallel circuits, enhancing the Coefficient of Performance (COP) and providing economical solutions for various industrial applications.

Regional Analysis:

Europe's Market Dominance: In 2022, Europe claimed the largest share in the refrigerated transport market. With a mature market and stable demand for fresh produce, Europe's dependence on external suppliers is fueled by the need for year-round availability and interest in exotic produce.

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Key Players:

This report profiles leading companies shaping the refrigerated transport market, including United Technologies Corporation (Carrier Corporation), DAIKIN INDUSTRIES Ltd., Ingersoll Rand, China International Shipping Containers (Group) Co., Ltd, Utility Trailer Manufacturing Company, Singamas Container Holdings Limited, Hyundai, Schmitz Cargobull, KRONE, LAMBERET SAS, Tata Motors, VE Commercial Vehicles Limited, Shaanxi Tianhui Inlong Trading Co. Ltd, Wabash National Corporation, and Great Dane LLC.

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