Market Definition
Refrigerated goods (RFG) is short for “refrigerated freight.” The term RFG refers to the transportation of any goods that require cooling, including but not limited to perishable goods such as meat, poultry and seafood. Refrigerated goods (RFG) is at the forefront of global commerce. Cold-chain healthcare products, perishable and frozen food, pharmaceuticals and laboratory products to name a few have in recent years become more important to global trading.
Market Size Analysis:
According to a report by Altus Market Research titled, “Refrigerated Goods Trucking Global Market 2022 Share And Strategies To 2030: COVID-19 Impact And Recovery Including: By Vehicle Type: (Light Commercial Vehicle; Medium Heavy Commercial Vehicles; Heavy Commercial Vehicles); By Temperature; By Application” the global refrigerated goods trucking market is expected to grow from $ 46,204.3 million in 2015 to $ 55,939.5 million in 2020 at a growth rate of 3.9%. The market is expected to grow at a CAGR of 4.3% from 2020 to reach $ 69,131.6 million in 2025. The global refrigerated goods trucking market is expected to reach $ 80,618.3 million in 2030, at a CAGR of 3.1%.
Market Growth by Key Players:
The global refrigerated goods trucking market is highly fragmented, with large number of small players in the market. The top ten competitors in the market made up to 6.24% of the total market in 2020. Major players in the market include Prime Inc, Stevens Transport, Knight-Swift Transportation Holdings Inc., C.R. England and Marten Transport Ltd.
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Market Growth Drivers:
Growth in the historic period resulted from increasing demand for perishable foods, strong economic growth in emerging markets, low oil prices and taxation. Factors that negatively affected growth in the historic period were stringent regulations and political uncertainties. Going forward, growth in the forecast period resulted from increase in food export, technological advances, growth in organic foods, rapid urbanization and increasing demand from healthcare industry. Factors that could hinder the growth of the refrigerated goods trucking market in the future include fuel price volatility, coronavirus pandemic and skilled workforce shortage.
Market Growth by Segments:
The refrigerated goods trucking market is segmented by vehicle type into light commercial vehicles, medium commercial vehicles, and heavy commercial vehicles.
The light commercial vehicles market was the largest segment of the refrigerated goods trucking market segmented by vehicle type, accounting for 41.0% of the total in 2020 and is expected to be the fastest growing segment going forward, at a CAGR of 4.4% during 2020-2025.
The refrigerated goods trucking market is segmented by temperature into single temperature and multi-temperature. The single temperature market was the largest segment of the refrigerated goods trucking market segmented by temperature, accounting for 64.0% of the total in 2020 and is expected to be the fastest growing segment going forward, at a CAGR of 4.4% during 2020-2025.
Market Growth by Applications:
The refrigerated goods trucking market is segmented by application into other food products, poultry, meat, and seafood, dairy and beverages, bakery and confectionery, pharmaceutical and others. The poultry, meat, and seafood market was the largest segment of the refrigerated goods trucking market segmented by application, accounting for 34.1% of the total in 2020. Dairy and beverages is expected to be the fastest growing segment going forward, at a CAGR of 4.6% during 2020-2025.
Market Growth by Region:
North America was the largest region in the global refrigerated goods trucking market, accounting for 30.8% of the total in 2020. It was followed by Western Europe, Asia Pacific, Eastern Europe and then the other regions. Going forward, the fastest-growing regions in the refrigerated goods trucking market will be Eastern Europe, Africa where growth will be at CAGRs of 6.93% and 4.52% respectively. These will be followed by Middle East, North America where the markets are expected to grow at CAGRs of 4.50% and 4.39% respectively, during 2020-2025.
Market: Trend-based Strategies
Market-trend-based strategies for the refrigerated goods trucking market include adopting connected trucking, investments in technological innovations, advanced robots for picking, loading, unloading, and packing of shipments, collision mitigation systems for safer travel, demand pricing strategy to make better use of assets and handle capacities, big data and artificial intelligence. Player-adopted strategies in the refrigerated goods trucking market include expanding manufacturing facilities, enhancing transportation services, improving sustainability, improving safety standards and reducing costs.
Other Players
Future Investment Opportunities:
The top opportunities in the refrigerated goods trucking market segmented by vehicle type will arise in the light commercial vehicles segment, which will gain $ 5,454.2 million of global annual sales by 2025. The top opportunities in the refrigerated goods trucking market segmented by temperature will arise in the single temperature segment, which will gain $8,581.1 million of global annual sales by 2025. The top opportunities in the refrigerated goods trucking market segmented by application will arise in the poultry, meat, and seafood, which will gain $ 4,462.7 million of global annual sales by 2025. The refrigerated goods trucking market size will gain the most in the USA at $ 3,418.4 million.
Growth Strategies by Altus Market Research for Companies in the Market:
To take advantage of the opportunities, The AMR recommends the refrigerated goods trucking companies to increase the use of lightweight trailers, incorporate telematics in trailers, focus on adopting collision mitigation systems, expand in emerging markets, offer competitive pricing in low-income countries, leverage social media to maximize reach, increase visibility through a high-performance website, and partnerships with end-users.
Conclusions And Recommendations – This section includes conclusions and recommendations based on findings of the Refrigerated Goods Trucking Global Market research. This section also gives recommendations for refrigerated goods trucking companies in terms of product offerings, geographic expansion, marketing strategies and target groups.
