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Europe Refrigerated Vehicle Market: Segmented: By Product Type (Less than 10 Tons, 10 to 20 Tons, more than 20 Tons), By Application (Foods and Beverages, Pharmaceuticals, Chemicals, Hybrid Operability), By Size (Light Commercial Vehicles, Medium Commercial Vehicles, Heavy Commercial Vehicles), By Architecture Type (Hybrid Propulsion Vehicle, BEV, PHEV, Fuel Cell, Conventional Fuel Vehicle), And Region -Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
Europe Refrigerated Vehicle Market to surpass USD 3,676.9 million by 2031 from USD 2,712.3 million in 2021 at a CAGR of 2.5% in the coming years, i.e., 2021-31.
Refrigerated Vehicle are temperature-controlled automobiles used to deliver perishable food, pharmaceuticals, and medical supplies. Due to the population growth, there is increase in food production as well as household consumption. Rising temperature is main concern for food suppliers worldwide since it is shortening the lifespan of these items in non-refrigerated environments.
Europe Refrigerated Vehicle market is expected to project a notable CAGR of 2.5% in 2031.
Due to expanding population along with rising global warming increase concern for food producers across the world, since the shelf life of items in non-refrigerated circumstances is decreasing which, in turn, is expected to increase the refrigerated vehicle demand over the coming years. Furthermore, an increasing number of initiatives implemented by governments in both developed and developing countries to encourage the use of modern technology are expected to accelerate the industry growth during the forecast period.
Europe Refrigerated Vehicle: SegmentsLight Commercial Vehicles segment to grow with the highest CAGR during 2021-31
Europe Refrigerated Vehicle market is classified based on size into Light Commercial Vehicles, Medium Commercial Vehicles, and Heavy Commercial Vehicles. The light Commercial Vehicles segment accounted for the largest market share of the Europe Refrigerated Vehicle market. The Light Commercial Vehicles meet the demand for safely transporting delicate items while also giving complete control over timing, scheduling flexibility, temperature control, and cargo care as well as providing complete control over the delivery. When carrying everything from produce and perishable goods to medications light commercial vehicles are ideal for small enterprises or temporary use.
Foods and Beverages segment to grow with the highest CAGR during 2021-31
Based on Application, Europe Refrigerated Vehicle Market is fragmented into Foods and Beverages, Pharmaceuticals, Chemicals, and Hybrid Operability. The foods and Beverages segment accounted for the largest market share of the Europe Refrigerated Vehicle market. The major factor contributing to the growth of this segment is the increasing demand for different varieties of food and beverage among the consumers. The demand for cold chains is due to the growth in the organized food retail industry, demand for processed food, and increased health expenditure.
Market DynamicsExpansion of cold chain capacity
An increase in cold chain capacity boosts the refrigerated trailer market. Refrigerated trailers are most prominently used in the transport of frozen and cooling products throughout the world. Cold chain systems are fundamental to the growth of global trade in fresh products and the worldwide availability of food and health supplies. Currently. the majority of the sea, meat, and dairy product are transported by refrigerated trailer predominant transport of frozen and chilled products throughout the world.
Increase in demand for package meat and seafood
Growth in the demand for frozen food drives the refrigerated trailer market. Most of the transportation refrigeration systems are used to carry package meat and seafood products. Chilled, frozen, and deep-frozen are the different temperature ranges through which products are stored and transported. Food & beverage products are transported at two temperature levels 1: Medium temperature (MT) for chilled products held at between 0°C and +8°C Low temperature (LT) for frozen products held at between -18°C and -25°C. Food eating patterns have changed worldwide, and people prefer expediency foods, which require efficient logistics services.
Lack of government legislation
The lack of government legislation in developing economies for the transportation of perishable items is projected to pose some challenges to the growth of the world refrigerated trailer market. Also, various standards such as fuel consumption, and GHG emission are not stringent in developing economies such as India as compared to the standards and compliances of the developed region.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Europe Refrigerated Vehicle market is segmented based on regional analysis into seven major regions: Germany, the UK, France, Italy, Spain, Russia, and RoEU. Germany market is expected to see remarkable growth during the forecasted period The regulatory updates in the country are expected to push the demand for refrigerated logistics in terms of huge transportation, development of expanded and modern storage spaces to complement the changes
While much of Europe has been in lockdown, many countries' cold storage firms have remained open since the industry is considered crucial. As countries witnessed panic buying of food products and a surge in online food retail, the food supply chain was bound to be affected.
| Report Attribute |
Details |
| Market size value in 2021 | USD 2,712.3 million |
| The revenue forecast in 2031 | USD 3,676.9 million |
|
Growth Rate |
CAGR of 2.5% from 2021 to 2031 |
| Base year for estimation | 2020 |
| Quantitative units | Revenue in USD million and CAGR from 2021 to 2031 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered product |
Product Type, Application, Size, Architecture Type, and Region |
| Regional scope |
United Kingdom, France, Italy, Spain, Russia |
| Key companies profiled | FrigorTec, Guntner, Johnson Control, Cappa Cooling, Deutherm cooling GmbH, Acovent srl, Capital Cooling, Ceilite Airconditioning, Continental Industrie S.A.S., Cosaf Environments, Elektrovent Srl and Other Prominent Players. |
The Europe Refrigerated Vehicle Market size was estimated at USD 2,712.3 million in 2021 and is expected to reach USD 3,676.9 million by 2031
FrigorTec, Guntner, Johnson Control, Cappa Cooling, Deutherm cooling GmbH, Acovent srl, Capital Cooling, Ceilite Airconditioning, Continental Industrie S.A.S., Cosaf Environments, Elektrovent Srl and Other Prominent Players.
Light Commercial Vehicles segment and Foods and Beverages segment are anticipated to hold the Europe Refrigerated Vehicle Market
Drivers Expansion of cold chain capacity
Refrigerated Vehicle are temperature-controlled automobiles used to deliver perishable food, pharmaceuticals, and medical supplies. Due to the population growth, there is increase in food production as well as household consumption. Rising temperature is main concern for food suppliers worldwide since it is shortening the lifespan of these items in non-refrigerated environments.
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