Refrigerated Transport Market Revenue to Attain USD 339.04 Bn by 2033


16 Apr 2025

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The global refrigerated transport market revenue reached USD 50.45 billion in 2025 and is predicted to attain around USD 339.04 billion by 2033 with a CAGR of 26.05%. The demand for refrigerated transport is increasing due to growing awareness among consumers about healthy food habits.

Refrigerated Transport Market Revenue Statistics

Market Overview

Refrigerated transport is the movement of perishable goods through logistics. The refrigerated transport market ensures that products like pharmaceuticals, food, and chemicals are transported at specific temperatures to retain safety and quality. It also needs specialized refrigerated vehicles, containers, and ships with advanced cooling systems. This sector promotes global trade by allowing for the long-distance travel of perishable goods, lengthening their overall shelf life.

Report Highlights

  • By product, the chilled products segment dominated the refrigerated transport market in 2024 and is expected to grow at the fastest rate over the forecast period. This is due to a preference for dairy products, fresh fruits, beverages, and confectionery items. The frozen food products segment is also expected to grow rapidly. This can be attributed to the rise in the demand for frozen items like meat desserts, etc.
  • By technology, the vapor compression segment led the market in 2024. The dominance of the segment can be credited to its usefulness in storing frozen food products. The cryogenic liquid segment is expected to grow at the fastest rate over the forecast period. The growth of the segment can be linked to the raised demand for frozen and chilled foods globally.
  • By temperature, the single temperature segment held the largest market share in 2024. The growth of the segment is due to the role it plays in different biological processes. The multiple temperature segment is anticipated to grow at the fastest rate over the forecast period. The dominance of the segment is driven by its usage in the transport of pharmaceuticals, fruits, and dairy products.
  • By vehicle used, the lightweight commercial vehicle segment led the market in 2024 by holding the largest market share. The dominance of the segment can be linked to the increasing demand for home delivery services across the globe. The heavy commercial vehicle segment is expected to grow at the fastest rate during the projected period. The growth of the segment is owing to the rapid industrialization and infrastructure development in logistics.

Increasing Demand for Perishable Goods

The growing consumption of perishable and fresh items like vegetables, dairy products, fruits, and medications is boosting the demand for refrigerated transport. Also, the surge in global trade and e-commerce is propelling this trend as consumers demand rapid delivery of fresh products. The pharma sector demands accurate temperature control for critical drugs and vaccines, which results in a market expansion.

Technological Innovations in Refrigeration Systems

Due to innovative technologies that are quickly evolving, the market is now reaching greater heights.  The development of solar-powered and electric-powered refrigerators is the emerging trends in the market, which cause relatively less waste of energy. Moreover, the application of advanced technologies enables you to monitor the humidity, temperature, and location of the vehicle in real time.

Increasing Quality Standards

The surge in consumer awareness of food quality and safety issues intensifies the demand for a compliance system in transporting perishable goods. Furthermore, authorities at many levels need to create tight laws on temperature-sensitive items like food and pharmaceutical products because they are transported, stored, and handled. Adherence to these policies protects against loss due to spoilage.

Regional Outlooks

Asia Pacific dominated the refrigerated transport market in 2024. The dominance of the region can be attributed to the increasing population and rapid industrialization in developing countries such as China and India. Moreover, logistical and technological breakthroughs are boosting the region's expansion. The utilization of the latest refrigeration technology, like real-time monitoring and energy-efficient cooling systems, enhances the efficiency and reliability of refrigerated transport.

Europe is expected to grow at the fastest rate in the refrigerated transport market over the forecast period. The growth of the region can be credited to the developed transport infrastructure in the region, coupled with the technical innovation in logistics. Furthermore, these advancements enhance the dependability and efficiency of refrigerated transportation to meet increasing customer and regulatory demands for safety and quality, impacting positive market growth soon.

Refrigerated Transport Market Coverage                        

Report Attribute Key Statistics
Market Revenue in 2025 USD 50.45 Billion
Market Revenue by 2033 USD 339.04 Billion
CAGR 26.05%
Quantitative Units Revenue in USD million/billion, Volume in units
Largest Market North America
Base Year 2024
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Market News

  • In November 2024, Carrier Transicold showcased its latest digital and electric refrigeration solutions at Intermodal Europe 2024 in Rotterdam. Visitors explored innovations that enhanced cold chain efficiency, sustainability, and reliability at booth C30. Willy Yeo, Director of Sales Marketing and Strategy, delivered a keynote on sustainability and fleet futureproofing.
  • In December 2024, SeaCube and Greensee launched Green and Net-Zero Reefer Leases, integrating AI-driven CO2 emissions reporting for sustainable refrigerated transport. Partnering with Thermo King and CMA CGM, SeaCube field-tested the E-COOLPAC electric genset, a zero-emission battery-powered solution.
  • In June 2024, MHI Thermal Systems launched the TEK series of electric-driven transport refrigeration units for small and mid-size trucks. The compact units feature a plug-in hybrid system for maintaining cargo temperature during parking and idling. With enhanced cooling and heating capacity, the TEK series expanded on the TE20/30 series's capabilities.

Refrigerated Transport Market Companies

  • United Technologies Corporation (Carrier Corporation) (US)
  • DAIKIN INDUSTRIES Ltd.(Japan)
  • Utility Trailer Manufacturing Company (US)
  • Singamas Container Holdings Limited (China)
  • Hyundai (Korea)
  • VE Commercial Vehicles Limited (India)
  • Shaanxi Tianhui Inlong Trading Co. Ltd (China)
  • Wabash National Corporation (US)
  • Great Dane LLC (US
  • Schmitz Cargobull (Germany)
  • KRONE (Germany)
  • LAMBERET SAS (France)
  • Ingersoll Rand (Ireland)
  • China International Shipping Containers (Group) Co.
  • Ltd (China) Tata Motors (India)

Market Segmentation

By Product

  • Chilled Food
    • Milk
    • Bakery & confectionery products
    • Dairy products
    • Beverages
    • Fresh fruits & vegetables
  • Frozen Food
    • Ice cream
    • Frozen dairy products
    • Meat-processed
    • Fish & sea food
    • Bakery products

By Temperature

  • Multiple Temperature
  • Single Temperature

By Technology

  • Vapor Compression Systems
  • Air Blown Evaporators
  • Eutectic Devices

By Vehicle Used

  • Heavy Commercial Vehicle
  • Light Commercial Vehicle
  • Medium Commercial Vehicle

By Mode of Transport (Road)

  • LCV
  • MHCV
  • HCV

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