The global refrigerated vehicle market is forecasted to reach USD 15.6 billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027. Refrigerated vehicles, or reefers, are used for the transportation of perishable goods such as food products, pharmaceuticals, and chemicals that require a controlled temperature environment to maintain their safety and quality.

Refrigerated trucks, vans, and trailers are equipped with specialized refrigeration systems that enable the transportation of temperature-sensitive goods throughout the supply chain. Various types of refrigeration systems are used, including vapor compression, evaporative cooling, and cryogenic cooling systems. These systems use different mechanisms to control temperatures, and the type of system used depends on the cargo being transported.

One of the major drivers of the refrigerated vehicle market is the increasing demand for temperature-controlled transportation services for perishable goods. With the growth of the food and pharmaceutical industries, there is an increasing need for temperature-sensitive transportation, leading to a rise in demand for refrigerated vehicles.

Moreover, the growth of e-commerce has also led to an increase in demand for refrigerated vehicles for home delivery of perishable items such as groceries and prepared meals. The COVID-19 pandemic has further accelerated this trend, with many consumers preferring to shop online and have groceries and meals delivered to their doorstep.

North America and Europe are expected to be the largest markets for refrigerated vehicles due to the maturity of their food and pharmaceutical industries. These regions also have stringent regulations regarding the transportation of perishable goods, leading to increased demand for refrigerated transportation services.

Asia Pacific is expected to exhibit the highest growth rate in the refrigerated vehicle market due to the rapid growth of the food and pharmaceutical industries and the increasing demand for temperature-controlled transportation services in emerging economies such as China and India.

The refrigerated vehicle market is highly competitive, with several players operating at a global and regional level. The key players in the market include Thermo King, Carrier Transicold, Daikin Industries, Mitsubishi Heavy Industries, and Schmitz Cargobull.

These companies are investing in new technologies and expanding their product portfolios to meet the growing demand for refrigerated transportation services. For instance, in June 2021, Thermo King introduced a new refrigeration unit called the T-90 Series that is designed for use in large trucks and trailers.

In conclusion, the refrigerated vehicle market is expected to grow rapidly due to the increasing demand for temperature-controlled transportation services for perishable goods. With the growth of the food and pharmaceutical industries and the rise of e-commerce, there is a huge potential for the market to expand in the coming years. As such, industry players are investing heavily in new technologies and expanding their product portfolios to meet these growing demands.