Although in the current global situation, it is very difficult to comment on the next turns of the geopolitical dynamics, considering the emerging needs of all the nations, it can be unambiguously said that in the coming days the need for various kinds of cold (supply) chains will grow unimaginably, and application of emerging technologies will continue to increase to make them more and more efficient.
The cold chain community across the world is now engaged in improving the industry’s capability to handle more loads in more economic and environment-friendly ways. If we browse along the webpages, every day we find addition of new pages – describing innovative plans and programmes announced by governments or others to expand or improve their transportation & distribution systems of perishable goods.
It is wise to keep eyes open to the man-made (recent political) changes across the globe, however, none of us can turn face from the harsh reality that global warming has been necessitating creation of more robust cold chains for preserving perishable goods and ensuring food security, particularly as extreme weather events become more frequent and disrupt traditional supply chains. The increasing demand for refrigeration and cooling technologies, coupled with the need to adapt to rising temperatures, will drive the development of more advanced cold chain infrastructures.
With this backdrop, let us now concentrate on a few findings of the recently conducted surveys that will help us in determining the future course of the cold chain industry.
Refrigerated transport market size
According to the recent report titled ’The Refrigerated Transport Market Size…,’ by The Business Research Company, the (global) market has grown strongly in recent years. It will grow further from $121.46 billion in 2024 to $130.95 billion in 2025 at a Compound Annual Growth Rate (CAGR) of 7.8%. The growth in the historic period can be attributed to international trade expansion, growing health-conscious consumers, stringent food safety regulations, expansion of the food and beverage industry, and global population growth.
Growth forecast
The same report states that the refrigerated transport market size is expected to see strong growth in the next few years. It will grow to $180.16 billion in 2029 at a CAGR of 8.3%. The growth in the forecast period can be attributed to global food demand increase, healthcare logistics growth, sustainable transport initiatives, rise in E-Commerce and online grocery shopping, demand for pharmaceutical.
Major trends
Major trends in the forecast period include remote monitoring solutions, collaborative partnerships, adoption of blockchain technology, customized refrigerated solutions, and shift towards green energy sources.
Major market boosters
The Business Research Company’s finding indicates that the rise in frozen food products is driving the growth of the refrigerated transport market. Frozen variants refer to pre-treatment and include processes such as blanching, heat treatments, dipping treatments, and cryoprotection, depending on the items being frozen.
Widespread usage of frozen variants of various fresh products is increasing – as it can increase vegetable intake because they are easily accessible and cheaper. For instance, in December 2023, Frozen Food Europe, a UK-based magazine that provides information about the frozen food industry in Europe, reported that the global frozen food market was estimated at USD 392.4 billion in 2022 and is projected to reach USD 612.3 billion by 2032. In 2022, Europe dominated the global frozen food market, with a market share of around 37%. Therefore, the rise in frozen food products is driving the growth of the refrigerated transport market.
Also, the research report indicates that the surge in global meat consumption is expected to propel the growth of refrigerated transport market going forward. Meat refers to the flesh of animals that is consumed as food. Refrigerated transport for meat involves the use of specialized vehicles equipped with temperature-controlled systems to maintain a consistent and cold environment, ensuring the safe and hygienic transportation of perishable meat products from production facilities to distribution centers and retail outlets.
For instance, in July 2023, according to OECD-FAO Agricultural Outlook 2023-2032, Published by OECD-ilibrary, a France-based international intergovernmental economic organization, in 2022, global meat production was estimated at 347 Million Tonnes (Mt), reflecting a growth of 1% from the previous year. Global meat consumption is projected to grow by approximately 15% for poultry, 11% for pigmeat, 10% for beef, and 15% for sheepmeat by 2032. Notably, poultry is expected to account for 41% of total protein consumed from meat sources by that year. Therefore, the surge in global meat consumption is driving the growth of refrigerated transport market.
Effect of technological advancements
Technological innovations are the key trends gaining popularity in the refrigerated transport market observes the research of The Business Research Company. Major companies operating in the market are focused on introducing new technologies to sustain their position in the market.
Rapid innovation is transforming the industry
Major companies operating in the refrigerated transport market are developing new products such as electric-driven transport refrigeration units to gain a competitive edge in the market. An electric-driven transport refrigeration vehicle refers to a type of transport vehicle equipped with a refrigeration system powered by electricity.
For example, in September 2023, Mitsubishi Heavy Industries Thermal Systems, Ltd., a Japan-based thermal solutions company, launched the TEJ35GAM, an electric-driven transport refrigeration unit designed for small and mid-size trucks. Featuring a plug-in hybrid system that seamlessly switches between plug-in charging and battery operation during various vehicle operations, the TEJ35GAM ensures continuous refrigeration, even while the truck is parked or idling, providing efficient cargo temperature control.
Additionally, the unit employs a heat-pump system for heating, allowing simultaneous cooling and heating of two cargo rooms, addressing specific temperature requirements and enhancing stability in temperature maintenance throughout the seasons. The introduction aligns with Mitsubishi Heavy Industries’ commitment to advancing electric-driven transport refrigeration technology for improved energy efficiency and reduced CO2 emissions in the distribution industry.
Once again in June 2024, the same company launched a New ‘TEK Series’ of electric-driven transport refrigeration units for small and mid-size trucks. The TEK series aims to meet the growing demand for constant-temperature transport solutions driven by the rise in home deliveries by supermarkets and the safe transport of pharmaceuticals.
Yet another very recent example is – showcasing the most advanced electrified and connected solutions by Thermo King at ACT Expo 2025, held between April 28 – May 1 in Anaheim, California. At the Expo, the company exhibited innovations designed to help fleets meet evolving regulatory, operational and environmental demands while driving profitable results and long-term value. The exhibits included: i) Sustainability: to cut emissions and lower fuel costs with electrified transport refrigeration solutions built for a greener, more efficient future; ii) Digital connectivity: to take control of the fleet with intelligent telematics and real-time monitoring that deliver smarter decisions and streamlined operations; and iii) Lifecycle support: to maximize uptime, performance and overall Transport Refrigeration Unit (TRU) value with comprehensive service and support that keeps the fleet moving – before, during and after it hits the road.
At the booth, precisely Thermo King displayed a range of environmentally-friendly transport refrigeration technologies, including: i) A-500e: Thermo King announced that it is working to bring this proven engineless all-electric trailer TRU solution from Europe to North America; ii) Precedent S-750i: A hybrid-electric trailer TRU designed for fuel savings and emissions reduction; iii) e200 and e300: All-electric TRUs for small- to mid-size vehicles (Class 1-4 trucks and Class 2-4 trucks, respectively); iv) e1000: A zero-emission TRU solution for Class 5-7 trucks; and TriPac Envidia: The industry-leading, all-electric Auxiliary Power Unit (APU) delivering zero-emission driver comfort.
In addition to products, Thermo King also highlighted their services designed to optimise fleet operations and lifecycle management. Commenting on the target of the company, Adam Wittwer, President, Thermo King Americas, informed, “Thermo King is driving the future of fleet technology. Our focus is on giving fleets the tools they need to meet their sustainability goals head-on, helping them run greener, smarter and more efficiently.”
Indian context
The latest survey report of TechSci Research states that the Indian refrigerated truck market was valued at USD 635.7 Million in 2024 and is expected to reach USD 738.1 Million by 2030 with a CAGR of 7.55% during the forecast period. India’s refrigerated truck market is growing due to the increased demand for perishable products in industries like food, pharmaceuticals, and chemicals.
A significant factor driving this expansion is the improvement of cold chain infrastructure, which ensures the safe transport of temperature-sensitive products over long distances. This growth is also supported by the enhanced refrigeration systems that maintain optimal temperatures during transit, providing better protection for goods in transit.
According to TechSci Research, the major companies serving the industry in India include: Mahindra & Mahindra; Tata Motors; Ashok Leyland; Volvo Group India; Eicher Motors; Daimler India Commercial Vehicles; SML Isuzu; Scania Commercial Vehicles India; Isuzu Motors India; and Force Motors. However, today there are other players too.
As infrastructure development continues, there is a growing need for advanced trucks that can meet the demands of both short and long-distance transportation. With the rising focus on sustainability and environmental concerns, manufacturers are innovating by introducing trucks with enhanced fuel efficiency, lower emissions, and the integration of alternative fuel technologies like electric and CNG-powered trucks. As urbanization accelerates and supply chain demands evolve, there is a shift towards smaller, more agile trucks for last-mile delivery.
Furthermore, stricter environmental regulations and a growing emphasis on road safety and driver comfort are shaping the design and performance of trucks. These factors, along with a growing demand for logistics and transportation services, are driving the market’s growth.
However, we need to overcome some challenges including: the high operational costs of refrigerated trucks, escalating fuel prices, and a shortage of trained personnel to handle temperature-sensitive cargo. Managing these concerns and maintaining an efficient cold chain are vital for the growth of the refrigerated truck market, as businesses are continuing to invest in technologies that will enhance fleet performance and reduce costs in the coming days.
By P. K. Chatterjee (PK)
