Pune, India, Feb. 21, 2023 (GLOBE NEWSWIRE) --
The global road transport refrigeration equipment market size was USD 3.74 billion in 2021 and is estimated to grow from USD 3.90 billion in 2022 to USD 5.33 billion by 2029, at a CAGR of 4.6% during the forecast period. This information is provided by Fortune Business Insights™, in its report, titled, “Road Transport Refrigeration Equipment Market, 2022-2029.”
Road transport refrigeration equipment is being utilized to keep frozen and chilled products at a persistent temperature. Frozen fruits and vegetables are in high demand, and this trend is anticipated to endure. It is owing to the ability of refrigeration trucks to carry meat, dairy, and pharmaceutical items promptly and securely.
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Companies Profiled in the Market Report:
- Carrier
- Mitsubishi Heavy Industries (Mitsubishi Heavy Industries Thermal Systems Ltd.)
- G.A.H. Refrigeration
- Hwasung Thermo Co. Ltd.
- Trane Technologies plc (Thermo King Corporation & FrigoBlock Grosskopf GmbH)
- Daikin Industries Ltd. (Zanotti S.p.A.)
- Songz Automobile Air Conditioning Co., Ltd.
- Safkar Ege Cooling Air Conditioning Cold Air Tes.İhr.İth.A.Ş
- Kingtec Group Company Limited
- Zhengzhou Corun Tech Co., Ltd.
- Hubbard Products Ltd.
- Subros Ltd.
- LAMBERET SAS
- Morgan Corporation
- Schmitz Cargobull
- Chereau SAS
- Wabash National Corporation
- KRESS Fahrzeugbau GmbH
- Zhengzhou Guchen Thermo Co., Ltd.
COVID-19 Impact:
COVID-19 to Observe Positive Growth due to Increased Adoption of Product
The COVID-19 pandemic brought along massive tension on transportation and logistics, as well as supply and demands, which were also fluctuated intensely. The pandemic had a notable effect on road transport refrigeration equipment, as the refrigeration sector experienced a decreased inventory and higher demand. Nonetheless, the market is projected to have positive growth and is predicted to showcase the same in the future. The favorable growth is attributed to the augmented utilization of refrigerated food products and packaged food items to store pivotal groceries and decrease visits to stores and supermarkets.
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Report Coverage:
Our reports are directed with an expansive review method, which helps our clients get a better understanding of the global market dynamics. We have considered numerous factors such as drivers and restraints, COVID-19 impacts, regional analysis, the active players in the market, and the competitive scenario. We also have drafted a total market summary so that our readers and clients can make effective decisions based on our report.
Competitive Landscape:
Chief Players Make Prominent Acquisitions to Increase Business Prospects
The dominating companies in the market frequently implement strategic initiatives to spur their brand value as well as endorse the global market growth of the road transport refrigeration equipment by facing least hindrances. One such proficient notion is purchasing competitive companies and hence safeguarding revenue for both the corporations.
Industry Development:
- July 2021 - SeaCube Containers LLC acquired 200 Carrier PodsTM monitored by Sensitech to meet the expected increase in demand for chilled storage capacity and cargo visibility in support of COVID-19 vaccine distribution.
Driving Factors:
Continual Rise in Demand for Frozen Food Products to Spur Market Growth
The food and beverage industry is actively using freezing technology as it empowers them to stockpile goods and products for a lengthier period of time. The usage of industrial freezing intended for the preservation of food for a longer time has displayed a huge benefit. Additionally, governments from all around the world are worried about restricted accessibility and wastage of food and vegetables during off-seasons. Furthermore, ever-rising food wastage is a huge concern that jeopardizes the environment and its organic resources. This is therefore expected to boost the road transport refrigeration equipment market growth.
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Segmentation:
Vans & Light Trucks Segment to Dominate during Forecast Period
Based on install vehicle, the global market is divided into vans & light trucks, heavy trucks, and trailers. Vans & light trucks segment is anticipated to grow at the highest CAGR over the forecast period.
By mode of operation, the market is classified into a single temperature and multi-temperature.
By power source, the market is categorized into self-powered & vehicle-powered.
By application, the market is segmented into pharmaceutical and other healthcare products, food and beverage products, and floral products.
The scope of the report comprises five major regions, North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Regional Insights:
North America to Dominate Backed by Surging Demand for Processed Foods
North America is estimated to hold the largest road transport refrigeration equipment market share, owing to the growing demand for processed foods and elevated spending on the development of the cold supply chain throughout Canada and the U.S.
Asia Pacific has numerous commercial opportunities for the cold chain industry, involving storage and shipping.
Additionally, in Europe, nearly 25%-35% of the population bought online food and groceries led to a surging requirement for vans and truck refrigeration.
Major Table of content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Road Transport Refrigeration Equipment Market Share Analysis, 2021
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Primary Interview Responses
- Annexure / Appendix
- Global Road Transport Refrigeration Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- By Install Vehicle (USD Bn)
- Van & Light Truck
- Heavy Truck
- Trailer
- By Mode of Operation (USD Bn)
- Single Temperature
- Multi Temperature
- By Power Source (USD Bn)
- Vehicle Powered
- Self-Powered
- By Application (USD Bn)
- Food and Beverage Products
- Pharmaceutical and Other Healthcare Products
- Floral Products
- By Region (USD Bn)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Install Vehicle (USD Bn)
- Global Road Transport Refrigeration Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
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