Refrigerated transport market projected to be worth $19.29 billion by 2023

According to a research report published by MarketsandMarkets, the refrigerated transport market is estimated to account for $14.64 billion in 2018 and is projected to reach $19.29 billion by 2023, growing at a compound annual growth rate (CAGR) of 5.67% from 2018 to 2023.

Growth of the refrigerated transport market is attributed to growth of the cold chain industry due to globalization, consumer demand for frozen perishable commodities, increasing demand for cold chain technology solutions, demand for advanced automated systems in commercial vehicles, and rising trend of engine downsizing in the automotive industry.

This report, “Refrigerated Transport Market by Application (Chilled, Frozen), Mode of Transportation (Road, Sea, Rail, Air), Vehicle Type (LCV, MHCV, HCV), Temperature (Single Temperature, Multi Temperature), Technology, and Region—Global Forecast to 2023,” says the fresh fruits and vegetables segment is projected to dominate the refrigerated transport market throughout the forecast period.

Improved technology, lower transportation costs, and international trade agreements have fueled demand for fresh fruits and vegetables, both in terms of value and volume. China is one of the key markets for the export of fresh fruits and vegetables in the Asia Pacific market.

The LCV segment accounted for the largest share in the refrigerated transport market in terms of value in 2017. There has been an upsurge in the cold chain industry in countries such as China and India, which has resulted in an increase in the sale of refrigerated LCVs in the Asia Pacific.

The chilled products segment accounted for the largest share in the refrigerated transport market in terms of volume in 2017. Demand for chilled products is on the rise in developing countries of South America and the Asia Pacific due to greater demand for the on-the-go food products.

The Asia Pacific market accounted for the largest share in the refrigerated transport market in terms of value in 2017. This region consists of key revenue pocket countries such as China and India. That is mainly due to the growth in the trend of consuming chilled and frozen food products in these countries.

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