Refrigerated Vehicle Market Size, Share, Growth, Trend, Opportunity, Analysis And Forecast 2022-2028
Refrigerated Vehicle Market is expected to grow at a CAGR of around 6.3% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the Refrigerated Vehicle Market is expected to grow at a CAGR of around 6.3% from 2022-2028. The analysis has been segmented into Vehicle Type (LCV, MHCV, HCV); Application (Chilled Food, Frozen Food); Temperature (Single temperature, Multi-temperature); Technology (Air-blown Evaporators, Eutectic Devices, Hybrid, Fully Electrified); Region/Country.
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The Refrigerated Vehicle market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the refrigerated vehicle market. The Refrigerated Vehicle market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Refrigerated Vehicle market at the global and regional levels.
Market Overview
A refrigerated vehicle is a transportation unit used for the long-distance transport of temperature-sensitive cargo. The cooling system on this type of vehicle provides added protection and security to maintain optimum internal conditions and preserve quality throughout transport, without any pre-chilling or ice packs required. The refrigerated vehicle market is catering to considerable demand across the globe. Factors that are supporting the growth of the market are mainly owing to the rising cold chain sector which is fast growing with key industries such as fruits and vegetables, meat, fish, poultry, dairy products, confectionery, and pharmaceuticals, among others, being critically dependent on it.
Moreover, refrigerated vehicle manufacturers are working on designing technologies to minimize their environmental impacts, such as carbon footprint and noise pollution are the key factors driving the market. In addition, rising global warming has a major impact on the food producers globally which is reducing the shelf life of these products in non-refrigerated conditions. Most pharmaceutical and healthcare products need protection from heat and light to maintain their chemical and biological formulation escalating the adoption of refrigerated vehicles.
Some of the major players operating in the market include United Technologies Corporation, DAIKIN INDUSTRIES Ltd., Ingersoll Rand, Utility Trailer Manufacturing Company, Tata Motors, Nabors Industries Ltd., Hyundai, Singamas Container Holdings Limited, LAMBERET SAS, KRONE.
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COVID-19 Impact
Due to lockdown restrictions schools closed across the globe coupled with the closure of borders, stringent lockdowns, and supply chain issues act as restraining factors for the Refrigerated Vehicle. Moreover, the companies had to face supply-chain disruptions in delivering a service or manufacturing a product due to the lack of workforce which impacted the market size of the refrigerated vehicle. In addition, manufacturing facilities were closed for some part of the year which reduced the availability of the new refrigerated vehicle in the market after the lifting of covid-19 restrictions. Therefore, refrigerated vehicle market demand was severely disrupted during covid-19.
The global Refrigerated Vehicle market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on temperature, the refrigerated vehicle market is bifurcated into single temperature and multi-temperature. Among these, the multi-temperature segment to hold a significant share in the market in 2020. The rising growth of the food service industry required a fleet of multi-temperature refrigerator trailers that are equipped with evaporators and host unit controls that provide different temperatures in one trailer.
· Based on technology, the refrigerated vehicle market is segmented into air-blown evaporators, eutectic devices, hybrid, and fully electrified. Among these, the fully electrified segment to hold a significant share in the market in 2020. It is mainly owing to its potentially lower operating costs, zero tailpipe emissions, significantly quieter drive at low speeds, and provide higher energy efficiency.
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Refrigerated Vehicle Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, Australia, and the Rest of Asia-Pacific)
· Rest of the World
Europe is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to due to the development of network-focused technological solutions, technological up-gradation in refrigerated systems & transport, and the focus on the implementation of quality standards set by the public and private sector.
The major players targeting the market include
· United Technologies Corporation
· DAIKIN INDUSTRIES Ltd.
· Ingersoll Rand
· Utility Trailer Manufacturing Company
· Tata Motors
· Nabors Industries Ltd.
· Hyundai
· Singamas Container Holdings Limited
· LAMBERET SAS
· KRONE
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Refrigerated Vehicle market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Refrigerated Vehicle market?
• Which factors are influencing the refrigerated vehicle market over the forecast period?
• What are the global challenges, threats, and risks in the refrigerated vehicle market?
• Which factors are propelling and restraining the refrigerated vehicle market?
• What are the demanding global regions of the refrigerated vehicle market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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About UnivDatos Market Insights (UMI)
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