The global refrigerated vehicle market size was US$ 34.1 billion in 2021. The global refrigerated vehicle market is forecast to grow to US$ 4701.1 billion by 2030, registering a compound annual growth rate (CAGR) of 62% during the forecast period from 2022 to 2030. 

Factors Influencing the Market

• Rising demand for perishable food is fueling the growth of the global refrigerated foods market. In addition, the growing number of food product launches is another factor propelling the market growth. 
• Moreover, the growing urban population and the increasing number of the working population are driving the growth of the global refrigerated vehicle market. Furthermore, increasing product promotions, advertisements are gaining rapid popularity. All of these factors are expected to contribute to market growth. 
• The growing demand for frozen food and changing lifestyles are increasing the demand for refrigerator units having multi-temperature systems, computer controls, and thermal liners. All of these factors will contribute to the market growth during the forecast period. 
• Companies are continuously entering into partnerships and expanding their production in order to cater to public demands. In 2019, Nestlé introduced its YES! snack bars having advanced recyclable paper wrappers. In addition, the company also launched its new R&D center in Beijing and system technology hub in Shenzhen. 
• Kraft Heinz also signed a pact with Indo Nissin Foods (India) in 2019 in order to offer Cup Noodles and Top Ramen Instant Noodles. 
• Lack of warehouses may limit the growth of the global refrigerated vehicle market. 

Regional Analysis

Asia-Pacific refrigerated vehicle market is forecast to hold dominance, owing to the growing population, increasing disposable incomes, and growing urbanization in emerging countries. In addition, increasing demand for fresh, high-quality food & beverage products will contribute to increasing the demand for essential oils. Thus, it will propel the growth of the global refrigerated vehicle market during the study period. The market will witness substantial growth in the countries like China, India, and Japan, due to the growing employment and increasing purchasing power. 

COVID-19 Impact Analysis

The demand for refrigerated vehicles increased during the pandemic all because of the outstanding demand for frozen food. During the pandemic, people avoided visiting places with high crowds. In addition, it was extremely mandatory to avoid contact to stay safe during the pandemic. Thus, the demand for frozen food products and packed items increased drastically. Thus, it fueled the growth of the global refrigerated vehicle market. 

Competitors in the Market

• Conagra Foods 
• Kraft Heinz Company 
• Nestle 
• Associated British Foods 
• Kerry Group (Ireland), Unilever 
• Mccain Foods Limited 
• Samworth Brothers Limited
• Iceland Foods Ltd.
• Other Prominent Players

Market Segmentation

The global refrigerated vehicle market segmentation focuses on Frozen Food, Vehicle, and Region. 

By Frozen Food Type

• Bakery Products
• Ice Cream
• Processed Meat
• Frozen Dairy Products
• Fish & Seafood

By Vehicle Type

• LCV
• MHCV
• HCV

By Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America