Global Refrigerated Road Transportation Market 2018-2022| Penetration of Blockchain Technology Drives Growth | Technavio
LONDON--(BUSINESS WIRE)--Dec 31, 2018--The global refrigerated road transportation market research report by predicts the market to post a CAGR of close to 7% during the period 2018-2022.
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Technavio predicts the global refrigerated road transportation market to post a CAGR of close to 7% by 2022. (Graphic: Business Wire)
A key driver for the global refrigerated road transportation market is the global rise in the consumption of fresh meat. In 2017, the global volume of fresh meat consumption reached around 320 million tons. The growth is anticipated to continue at a rate of 1.25%-1.5% annually owing to the increase in the production of bovine and poultry meats. The rise in fresh meat consumption is likely to increase the market opportunities of global refrigerated road transportation service providers.
This research report also provides an analysis of the most important trends expected to impact the market outlook during the period 2018-2022. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the penetration of blockchain technology in logistic services as one of the key trends in the global refrigerated road transportation market:
Global refrigerated road transportation market: Penetration of blockchain technology in logistic services
The blockchain technology assists in increasing transparency and reducing the possibilities of data corruption or data alteration. The technology is attaining the growth stage in developed countries. But, the blockchain technology is still in its introduction stage in developing regions such as APAC and the Middle East. The countries such as China and Japan have adopted this technique in different industries such as the pharmaceutical industry and service industries such as information technology and transportation.
“To improve efficiency and data security in the supply chain, various cold chain logistics and retail companies are implementing the blockchain technology in their cold supply chain, which will streamline operations and expedite the sharing of information and data. This will create secure documentation of storage temperatures at every point in the product supply chain,” says a senior analyst at Technavio for research on transportation and distribution.
Global refrigerated road transportation market: Segmentation analysis
This refrigerated road transportation market analysis report segments the market by vehicle type (refrigerated trailers and refrigerated vans) and geography (the Americas, APAC, and EMEA).
The refrigerated trailers segment held the largest refrigerated road transportation market share in 2017, accounting for nearly 52% of the market. This vehicle type segment is expected to dominate the global market throughout the forecast period.
The APAC region led the market in 2017 with approximately 40% of the market share, followed by the Americas and EMEA respectively. The APAC region is expected to dominate the market throughout the period 2018-2022.
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Some of the key topics covered in the report include:
Five Forces Analysis
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SOURCE: Technavio Research
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