LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the refrigerated transportation market in the US to post a CAGR of over 13% during 2018-2022. The EPA regulations and the introduction of autonomous vehicles is a key trend, which is expected to impact the growth of the market.
The environmental protection agency (EPA) of the US has detailed a plan to reduce greenhouse emissions by transport vehicles in the US. Regulators believe that increased costs will be offset by the savings on fuel which are estimated to be in the range of USD 165-175 billion each year.
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In this report, Technavio researchers identify growing end-user segments as one of the key factors contributing to the refrigerated transportation market in the US:
Growing end-user segments
The American food and healthcare industries, which are the primary users of refrigerated transportation in the US have been growing steadily since 2012. This has resulted in a growing demand for refrigerated transportation in the US. For instance, meat and poultry production have increased from 93 billion pounds in 2012 to close to 100 billion pounds in 2017. The increased production has led to increased demand for transportation.
“Similarly, drug sales in the US have been rising at an annual growth rate of 5%-6%. Biologics is the fastest growing segment of drugs in the US. Biologics are products that need to be maintained at a certain temperature. Therefore, the increasing development and sale of biologics are expected to boost the refrigerated transportation market in the US in the coming years,” says a senior analyst at Technavio for transportation and distribution research.
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Refrigerated transportation market in the US - segmentation and analysis
This market research report segments the refrigerated transportation market in the US by end-users such as food and beverages, healthcare, and others.
The food and beverages segment led the market in 2017, with a market share of more than 58%, followed by the healthcare industry. The healthcare segment is expected to exhibit more than 4% increase in its market share over the forecast period, while the food and beverage and the others segment will witness a decline in their market share.
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