Technavio market research analysts forecast the refrigerated transportation market in the United States to post a CAGR of more than 13% during 2018-2022. Regulations and the introduction of autonomous vehicles are key trends expected to impact market growth.
The US Environmental Protection Agency (EPA) has detailed a plan to reduce greenhouse emissions by transport vehicles nationwide. Regulators believe increased costs will be offset by the savings on fuel, which are estimated to be in the range of $165 billion to $175 billion each year.
In this report, Technavio researchers identify growing end-user segments as one of the key factors contributing to the US refrigerated transportation market situation.
The American food and healthcare industries, which are the primary users of refrigerated transportation, have been growing steadily since 2012. This has resulted in a higher demand for refrigerated transportation. For instance, meat and poultry production have risen from 93 billion pounds in 2012 to close to 100 billion pounds in 2017. The increased production has led to greater demand for transportation.
“Similarly, drug sales in the United States have been rising at an annual growth rate of 5% to 6%,” said a senior analyst for transportation and distribution research at Technavio. “Biologics is the fastest-growing segment of drugs in the United States. Biologics are products that need to be maintained at a certain temperature. Therefore, the increasing development and sale of biologics are expected to boost the refrigerated transportation market in the United States in the coming years.”
Technavio’s sample reports are free of charge and contain multiple sections of the report such as market size and forecast, drivers, challenges and trends.
One market research report segments the US refrigerated transportation market by end-users including food and beverages, as well as healthcare.
The food and beverages segment led the market in 2017, with a market share of more than 58%, followed by the healthcare industry. The healthcare segment is expected to exhibit more than 4% gain in its market share over the forecast period, while the food and beverage and the others segment will witness a decline in market share.
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