DUBLIN--(BUSINESS WIRE)--The "Refrigerated Goods Trucking Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global refrigerated goods market is expected to grow from $47.54 billion in 2020 to $50.02 billion in 2021 at a compound annual growth rate (CAGR) of 5.2%.
Refrigerated Goods Trucking Global Market Report 2021: COVID-19 Impact and Recovery to 2030 provides the strategists, marketers and senior management with the critical information they need to assess the global refrigerated goods trucking market as it emerges from the COVID-19 shut down.
Major players in the refrigerated goods trucking market are Schmitz Cargobull AG; Great Dane LLC; China International Marine Containers; Kogel Trailer GmbH & Co; Hyundai Translead Inc.; Wabash National Corporation; KRONE; GRW Tankers and Trailers.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $59.27 billion in 2025 at a CAGR of 4.3%.
The refrigerated goods trucking market consists of sales of refrigerated goods trucking services and related goods by entities (organizations, sole traders, and partnerships) that provide over-the-road transportation of refrigerated goods. Only goods and services traded between entities or sold to end consumers are included.
Major companies operating in this market are continuously investing in introducing new technologies such as cloud computing, IoT solutions, solar-powered systems, and communication technologies such as machine learning, GPS, 5G for greater accountability, visibility, and performance in refrigerated storage and transport. It is estimated that the investments in this field are likely to cross $40 billion by the end of 2020.
Increasing demand for perishable foods such as ready-to-eat food items, milk and dairy products, and fruits and vegetables are predicted to contribute to the growth of the refrigerated goods trucking market. The surging demand for frozen food items is propelling suppliers to equip their refrigerated units with multi-temperature systems, computer controls, and thermal liners to keep the food at the required temperature.
Lack of infrastructure for cold storage in developing countries is anticipated to limit the growth of the refrigerated goods trucking market over the forecast period. Cold chain management (CCM) is a recently adopted concept in supply chain management. CCM is a network of cold stores, refrigerators, freezers, refrigerated trucks, and cold boxes that are organized to maintain the temperature of the food items during storage, transportation, and distribution from the factory.
Lack of proper cold chain management leads to loss of food and losses. According to the Food and Agriculture Organization of the United Nations (FAO)'s report on 16 countries from sub-Saharan Africa showed that cold chains are very poorly developed or inexistent in most subsectors in the region.
Moreover, the International Institute of Refrigeration (IIR) estimated that in developed countries cold storage capacity in urban areas is about 200 liters per capita (where 70% of the population is urban) whereas in developing countries it is about 19 liters per capita (where 50% of the population is urban). Thus, lack of cold chain infrastructure especially in developing economies will result in low demand for refrigerated goods trucking services which is likely to act as a major restraint for the growth of the market.
Key Topics Covered:
1. Executive Summary
2. Refrigerated Goods Trucking Market Characteristics
3. Refrigerated Goods Trucking Market Trends and Strategies
4. Impact of COVID-19 on Refrigerated Goods Trucking
5. Refrigerated Goods Trucking Market Size and Growth
5.1. Global Refrigerated Goods Trucking Historic Market, 2015-2020, $ Billion
5.2. Global Refrigerated Goods Trucking Forecast Market, 2020-2025F, 2030F, $ Billion
6. Refrigerated Goods Trucking Market Segmentation
6.1. Global Refrigerated Goods Trucking Market, Segmentation by Vehicle Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Light Commercial Vehicle
- Medium Heavy Commercial Vehicles
- Heavy Commercial Vehicles
6.2. Global Refrigerated Goods Trucking Market, Segmentation by Temperature, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Single Temperature
- Multi-Temperature
6.3. Global Refrigerated Goods Trucking Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Food Products
- Poultry, Meat, and Seafood
- Dairy and Beverages
- Bakery and Confectionery
- Pharmaceutical
- Others
7. Refrigerated Goods Trucking Market Regional and Country Analysis
7.1. Global Refrigerated Goods Trucking Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Refrigerated Goods Trucking Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Companies Mentioned
- Schmitz Cargobull AG
- Great Dane LLC
- China International Marine Containers
- Kogel Trailer GmbH & Co
- Hyundai Translead Inc.
- Wabash National Corporation
- KRONE
- GRW Tankers and Trailers
For more information about this report visit https://www.researchandmarkets.com/r/nizht5
