New Energy Refrigerated Vehicle Market By Vehicle Type (Fully Electric Vehicles, Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles), By Refrigeration System (Direct Drive Systems, Engine Driven Systems, Electric Standby Systems), By End-Use Application (Food & Beverages, Pharmaceuticals, Chemicals), By Refrigeration Capacity (Small Capacity, Medium Capacity, Large Capacity), By Range (Short Range, Medium Range, Long Range), By Power Source (Battery Powered, Fuel Cell Powered, Hybrid Powered); Global Insights & Forecast (2023 – 2030)

As per Intent Market Research, the New Energy Refrigerated Vehicle Market was valued at USD 2.3 Billion in 2024-e and will surpass USD 6.1 Billion by 2030; growing at a CAGR of 17.7% during 2025-2030.

The New Energy Refrigerated Vehicle Market is rapidly evolving, driven by a combination of environmental concerns, technological advancements, and the increasing demand for sustainable logistics solutions. These vehicles, which include electric and hybrid refrigerated trucks, are crucial for transporting perishable goods in a more eco-friendly and cost-effective manner. As businesses and governments focus on reducing carbon emissions, the market for energy-efficient refrigerated transportation systems is poised for substantial growth. With innovations in refrigeration technology and the push towards zero-emissions transportation, the market is seeing expansion across various sectors, including food and beverages, pharmaceuticals, and chemicals.

Vehicle Type Segment is Fastest Growing Owing to Fully Electric Vehicles

Among the various vehicle types, Fully Electric Vehicles (EVs) are experiencing the fastest growth in the New Energy Refrigerated Vehicle Market. This growth can be attributed to the increasing demand for sustainability in logistics, driven by stricter emission regulations and an urgent need to reduce the carbon footprint of transport fleets. Fully electric refrigerated vehicles offer significant advantages, including zero emissions, lower operating costs due to fewer moving parts, and reduced maintenance requirements. Moreover, as battery technology improves and charging infrastructure expands, the adoption of electric vehicles in refrigerated transport is becoming more viable.

The fully electric refrigerated vehicle subsegment is particularly gaining traction in regions with strong regulatory frameworks supporting green technologies. Additionally, advancements in battery capacity are increasing the range and efficiency of these vehicles, making them a feasible option for long-distance cold-chain transport. This shift is further supported by the growing consumer demand for environmentally responsible products, pushing businesses to adopt electric vehicles for their transportation needs. As a result, electric vehicles are expected to dominate the market in the coming years.

Refrigeration System Segment is Largest Owing to Direct Drive Systems

The Direct Drive Systems within the refrigeration system segment currently represent the largest subsegment of the New Energy Refrigerated Vehicle Market. Direct drive systems are powered by the vehicle's engine, providing a reliable and efficient solution for refrigeration needs. These systems are preferred for their ability to provide continuous cooling without requiring a separate fuel source or additional energy inputs, leading to lower overall operating costs. As the demand for efficient refrigerated transport rises, direct drive systems are increasingly becoming the go-to option for fleet operators.

This subsegment’s dominance is also linked to the convenience and reliability they offer. As direct drive systems are directly linked to the engine, they ensure uninterrupted refrigeration during vehicle operation, which is crucial for maintaining the integrity of temperature-sensitive goods. Furthermore, they require less maintenance compared to other types of refrigeration systems, enhancing the overall cost-effectiveness and appeal to fleet owners. As the market for refrigerated vehicles grows, the demand for direct drive systems is expected to continue its upward trajectory.

End-Use Application Segment is Largest Owing to Food & Beverages

In the End-Use Application segment, the Food & Beverages industry is the largest contributor to the growth of the New Energy Refrigerated Vehicle Market. The transportation of temperature-sensitive food products, such as dairy, meat, fruits, and vegetables, requires reliable and energy-efficient refrigeration systems to maintain product quality and safety. With the global demand for fresh and frozen foods increasing, the need for sustainable refrigerated transport solutions has also risen. The food and beverage sector is highly focused on reducing its environmental impact, making the adoption of energy-efficient, low-emission refrigerated vehicles an essential part of logistics strategies.

The ongoing expansion of global supply chains, coupled with an increasing consumer preference for sustainably sourced food, has further propelled the demand for eco-friendly refrigerated transport. Governments are also playing a crucial role by implementing stricter emission standards, driving the food and beverage sector to invest in cleaner technologies. As a result, food and beverages will continue to lead the market in terms of demand for new energy refrigerated vehicles.

Refrigeration Capacity Segment is Largest Owing to Medium Capacity

The Medium Capacity subsegment within the Refrigeration Capacity segment holds the largest share in the New Energy Refrigerated Vehicle Market. Medium capacity refrigerated vehicles are optimal for transporting a wide range of perishable goods, striking a balance between size and load. These vehicles are favored by logistics providers because they offer sufficient storage capacity for a variety of goods while remaining maneuverable enough for urban and regional transport. Their versatility makes them a preferred choice for both large-scale food retailers and smaller distributors.

The demand for medium capacity vehicles is increasing as businesses look to optimize their cold chain operations and reduce delivery costs while ensuring product integrity. Additionally, medium-sized vehicles offer greater energy efficiency compared to their larger counterparts, making them ideal for the expanding focus on reducing energy consumption in transportation. As the market for new energy refrigerated vehicles continues to grow, medium capacity vehicles will remain a dominant choice due to their operational flexibility and efficiency.

Range Segment is Fastest Growing Owing to Long Range

The Long Range subsegment in the Range category is the fastest-growing in the New Energy Refrigerated Vehicle Market. Long-range vehicles are designed to provide extended operational hours and travel distances without frequent recharging, making them ideal for long-haul refrigerated transport. As the demand for long-distance transportation of perishable goods increases, particularly in regions with vast geographic areas, long-range refrigerated vehicles are becoming an essential part of the logistics sector. This trend is further supported by advancements in battery technology, which are significantly increasing the range and reducing the charging time of electric vehicles.

The growth of e-commerce and global trade is contributing to the demand for long-range refrigerated trucks, as businesses require efficient and sustainable ways to move goods over long distances while maintaining the integrity of temperature-sensitive products. Long-range electric refrigerated vehicles are poised to become the future of the logistics industry, especially as the adoption of clean energy solutions continues to rise across the globe.

Power Source Segment is Largest Owing to Battery Powered Vehicles

In the Power Source segment, Battery Powered Vehicles represent the largest subsegment of the New Energy Refrigerated Vehicle Market. Battery-powered vehicles are at the forefront of the shift towards electrification in transportation, offering a sustainable and efficient solution for cold chain logistics. The technology surrounding lithium-ion batteries, which power these vehicles, continues to advance, providing higher energy densities and longer operational life. The ability to recharge at charging stations adds to the convenience of battery-powered refrigerated vehicles, further driving their adoption.

Battery-powered vehicles are particularly advantageous for urban and regional logistics, where short travel distances and frequent stops align well with the capabilities of electric vehicles. Furthermore, governments' increased focus on reducing greenhouse gas emissions and promoting green energy solutions is pushing fleet operators to transition to electric-powered refrigerated transport. As infrastructure and battery technology improve, the adoption of battery-powered refrigerated vehicles is expected to grow significantly.

Largest Region: North America

In terms of geographic dominance, North America currently holds the largest share of the New Energy Refrigerated Vehicle Market. The United States and Canada are at the forefront of adopting electric and hybrid refrigerated vehicles, driven by government incentives, stringent emissions regulations, and a strong push for sustainability within the logistics industry. North America’s mature infrastructure, coupled with the presence of several key logistics and transportation companies, creates a robust environment for the growth of energy-efficient refrigerated transport solutions.

The region is also benefiting from increased consumer demand for sustainably sourced and transported food and pharmaceuticals, which is further accelerating the need for refrigerated vehicles. As electric vehicle adoption continues to grow and charging infrastructure improves, North America is expected to remain a key player in the market for new energy refrigerated vehicles.

Competitive Landscape

The competitive landscape of the New Energy Refrigerated Vehicle Market is marked by the presence of both established global players and emerging startups focused on providing innovative, sustainable solutions. Leading companies such as Carrier Transicold, Thermo King, and Denso Corporation dominate the market, offering a wide range of energy-efficient refrigeration systems. These companies are leveraging advanced technologies to improve the performance and energy efficiency of refrigerated vehicles, including electric and hybrid solutions.

As the demand for eco-friendly refrigerated transport solutions grows, there is a noticeable trend toward partnerships, mergers, and acquisitions within the market. Companies are focusing on expanding their product portfolios, improving battery technologies, and increasing market penetration through strategic collaborations. The competition is also being influenced by regulatory changes that favor green technologies, further driving the innovation and development of next-generation refrigerated transport solutions.

List of Leading Companies:

• Carrier Transicold
• Thermo King
• Denso Corporation
• Volvo Group
• Mitsubishi Heavy Industries
• Daikin Industries
• Liebherr Group
• Sampa Truck
• Klimatechnik
• Klinge Corporation
• Schmitz Cargobull AG
• Hino Motors
• Isuzu Motors
• Chereau Group
• Utility Trailer Manufacturing Company

Recent Developments:

• Carrier Transicold launched a new generation of fully electric refrigeration units designed for last-mile delivery in urban areas.
• Thermo King expanded its hybrid refrigerated vehicle portfolio with a new electric standby option, increasing energy efficiency for fleets.
• Volvo Group announced a partnership with a leading logistics company to introduce electric refrigerated trucks in Europe by 2026.
• Denso Corporation acquired a major stake in a startup developing fuel cell-powered refrigerated vehicles to strengthen their sustainable vehicle offerings.
• Mitsubishi Heavy Industries received regulatory approval for their new line of energy-efficient refrigeration systems for electric commercial vehicles.

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