LONDON--(BUSINESS WIRE)--The global refrigerated road transportation market is expected to grow by USD 2.40 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of about 5%.
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The refrigerated road transportation market is driven by the rising initiatives to promote the cold chain. In addition, the growth in demand for reefer containers from pharmaceutical industry is anticipated to boost the growth of the refrigerated road transportation market.
Many governments and international regulatory bodies across the world are introducing various regulations to ensure the safe transportation of food products and drugs. For instance, the WHO has formulated several guidelines for maintaining and managing international packaging and shipping of vaccines. Similarly, the United States Food and Drug Administration has formulated certain guidelines known as the Drug Supply Chain Security Act Implementation for the transportation of pharmaceutical products. Such guidelines have necessitated F&B and pharmaceutical companies to shift their focus toward the use of cold chain solutions such as refrigerated road transportation to maintain the purity of their products. Therefore, the introduction of various initiatives to promote cold chain logistics is expected to fuel the growth of the global refrigerated road transportation market during the forecast period.
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Major Five Refrigerated Road Transportation Companies:
Bay and Bay Transportation
Bay and Bay Transportation operates its business through segments such as Shippers, Drivers, and Carriers. The company offers refrigerated trucking solutions in its portfolio.
C.H. Robinson Worldwide Inc.
C.H. Robinson Worldwide Inc. operates its business through segments such as North American Surface Transportation, Global Forwarding, and All Other and Corporate. The company offers shipping of perishable and temperature-sensitive products in temperature-controlled refrigerated trucks.
Carrier Global Corp.
Carrier Global Corp. operates its business through segments such as HVAC, Refrigeration, and Fire & Security. The company offers trailer and truck refrigeration solutions under its subsidiary Carrier Transicold.
CRST International Inc.
CRST International Inc. operates its business through a unified segment. The company provides a wide range of refrigerated road transportation services.
Schenker AG operates its business through segments such as Integrated rail system, DB Schenker, and DB Arriva. The company offers transportation services for transporting temperature-sensitive goods such as pharmaceuticals, meat and dairy products, fruits and vegetables, and general refrigerated perishable products.
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Refrigerated Road Transportation Market Type Outlook (Revenue, USD Billion, 2020-2024)
- Refrigerated trailers
- Refrigerated vans
Refrigerated Road Transportation Market Geography Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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