The global Refrigerated Vans market is expected to witness a market value of US$ 34.64 Billion in 2023 and is expected to accumulate a market value of US$ 477.61 Billion by registering a CAGR of 30.0% in the forecast period 2023 to 2033. The market for Refrigerated Vans market registered a CAGR of 16.2% in the historical period 2018 to 2022. An upsurge in the growth of the consumer demand across the globe is one of the major factors that is expected to propel the market growth.
As per Future Market Insights - market research and competitive intelligence provider, the global market value for Refrigerated Vans has been augmented, owing to the factors such as the rapid growth in the pharmaceutical and medical industries, as well as growing per capita consumer spending on frozen food globally.
Globally, governments have been investing heavily in order to develop an efficient healthcare infrastructure, which in turn is anticipated to accelerate the market growth. Also, a surge in transportation of live-saving medical drugs, increase in eCommerce portals are other factors that are likely to stimulate the market growth over the analysis period.
Additionally, factors including increase in the demand for packaged food is also expected to propel the demand for refrigerated vans in the forthcoming years. Also, the growing per capita consumer spending on frozen food across several developed countries is anticipated to escalate the sales of refrigerated vans.
Furthermore, the continuously growing awareness among the consumers regarding healthy food habits as well as good availability of various products are some major factors that are expected to create lucrative opportunities for the growth of the refrigerated vans market during the forecast period. In addition, these vans are important for the growth of the economy. The transport trucks have an extremely important function of transporting various products to every corner of the country.
Moreover, the local government and the companies find it extremely beneficial to use these refrigerated vans, as they deliver fresh products. These vans also offer ease of delivery to the locations of the end user. All the aforementioned factors are anticipated to boost the growth of the market in the near future.
On the regional end, the refrigerated van market in Asia-Pacific is projected to account for the highest share during the forecast period, owing to the major growth contributor countries including India, Japan and China. The major factors such as the rising need for processed food and beverages across the region, expanding pharmaceutical industry, as well as the growing demand for the processed meat and seafood industry in Asia Pacific are anticipated to fuel the growth of the regional market in the coming time.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Refrigerated Vans are expected to create lucrative opportunities for the market growth over the analysis period.
For instance, in March 2022, Phillips Connect and United Technologies Corporation formed a partnership to launch utility connect. The system shall be compatible with the Philips connect smart 7 nosebox, which will include light out detection, GPS trailer tracking, intelligent ABS fault code reporting, an ability to connect to additional sensors (sold separately) including door open/closed, ultrasonic cargo detection, and interior cargo cameras, among others.
Subsequently, in February 2021, Ingersoll Rand manufactured e200, a fully electric refrigeration unit. e200 Units are customized for trucks as well as vans of the medium sizes. The low weight product is extremely useful for urban setups for the end user deliveries, as it offers benefits such as convenience and reliability.
Various start-ups are entering the market and contributing to the fostering growth of the market. One such start-up is Electric Last Mile Solutions, which in July 2021, launched a first all-electric Class 1 refrigerated van using cooling technology developed by Thermo King.
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The refrigerated vans are equipped with refrigeration unit and cooling bay with temperature controlled features. The refrigerated vans are designed to transport the perishable goods, healthcare products, and other medical products.
The public health departments have outlined the stringent requirements for various transportation of medicines and vaccines which further increases the need for refrigerated vans. These vans provide adequate temperature controlled features which is used in various businesses such as food, cosmetics, and pharmaceuticals that requires specific temperature to avoid from spoilage or contamination.
The refrigerated vans are mostly preferred than refer trucks due to its smaller size, enhanced floor size with smooth easy in and out, better fuel efficiency. The main advantage of refrigerated vans are it protects the product from worsening and down their value during the transportation process.
The growing demand for long distance transportation systems and increase in demand for perishable food items such as sea food, fresh meat, and dairy products further rise the demand for refrigerated vans. The food directory agencies across various countries are mandating the temperature control and safety features inside the vehicle for transporters of food products.
For instance, in 2015, Food and Drug Administration (FDA’s) Food Safety Modernization Act (FSMA) mandates the refrigerator vans transporters to implement the procedures for complying with provisions for temperature control. Growing usage of refrigerated vans in dairy product suppliers, pizza, cake, and fast food delivery suppliers is estimated to drive the demand for the refrigerated vans market globally.
The growing consumer focus towards fresh and hygienic foods, increase in number of customized refrigerated vans manufacturers, growing cold-supply chain infrastructure, and increase in demand for chilled and frozen products is expected to rise the demand for refrigerated vans market. Refrigerated van manufacturers are emphasizing on development of technology advanced solutions which reduces the environmental impact and growing advancement in multi-temperature systems in vans.
The focus of manufacturers on these factors is projected to create lucrative opportunities for further growth of refrigerated vans market during the forecast years. Changing climate affects the vans transport, high cost of the customized vans, and increase in global warming, which is expected to obstruct the refrigerated vans market growth.
Principal Consultant
COVID-19 pandemic continues to hamper transport activities across the globe, as some of the most affected countries are having stopped the transport activities. The COVID-19 outbreak is likely to decrease consumer demand in the short term, probably primarily to reducing consumption of food items, which is expected to hamper the growth of the refrigerated vans market.
Although, the impact of COVID-19 is expected to last past the current year, the market demand for refrigerated vans is expected to recover by the end of the year and witness a rather slow growth as the transport activities resume.
The Asia Pacific is estimated to have a substantial share in the refrigerated vans market, as growing e-commerce industry and increase in disposable income among the India and china. Moreover increase in demand for chilled and frozen food products, growing number of customized refrigerated vans manufacturers further expected to rise the demand for refrigerated vans.
North America is expected to have a prominent market share in the refrigerated vans market due to increase in demand for fresh fruits and vegetables, increase in usage of refrigerated vans from fast food delivery providers such as Pizza Hut, KFC, Burger King, and Subway. Europe is expected to have a prominent market share in the refrigerated vans market due to increase in preference for on-the-go food products and growing demand for frozen food products in the region.
Middle East & Africa region is expected to grow at a robust pace in the refrigerated vans market, driven by food and pharmaceutical industries in the Middle East and growing investments in agriculture sector in various parts of Africa. Latin America refrigerated vans market is expected to be mainly driven by Mexico and Brazil, while other countries are expected to grow at a moderate rate.
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List of some of the key player in the refrigerated vans market are:
The research report on refrigerated vans market presents a comprehensive assessment of the market and contain thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
The refrigerated vans market report also contains projections using a suitable set of assumptions and methodologies. The research report on refrigerated vans market provides analysis and information according to market segments such as vehicle type and application.
The refrigerated vans market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The refrigerated vans market report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The refrigerated vans market report also maps the qualitative impact of various market factors on market segments and geographies.
The refrigerated vans market can be segmented on the basis of, vehicle type and application.
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