The global refrigerated road transport market will reportedly grow to $95.15 billion in 2027 at a compound annual growth rate of of 8.6 per cent.
This follows a release of The Business Research Company’s ‘Refrigerated Goods Trucking Global Market Report 2023’ which is touted to be a comprehensive source of information that covers every facet of the refrigerated goods trucking market.
“Increasing demand for perishable foods such as ready-to-eat food items, milk and dairy products, and fruits and vegetables is predicted to contribute to the growth of the refrigerated goods trucking market,” Business Research Company said in a statement.
North America, according to the report, is expected to hold the largest refrigerated goods trucking market share.
Some of the major trailer manufacturers competing in this space include Schmitz Cargobull, Great Dane, CIMC, Kögel and Hyundai Translead.
Major companies operating in this market are said to be continuously investing in introducing new technologies such as cloud computing, IoT solutions, solar-powered systems and communication technologies such as machine learning, GPS, and 5G for greater accountability, visibility and performance in refrigerated storage and transport.
The Business Research Company has estimated that investments in this field are likely to reach $40 billion by the end of 2020.
Meanwhile, in Australia, the untimely fall of national cold chain carrier, Scott’s Refrigerated Logistics, has disrupted the country’s food supply.