Global Market for Road Transport Refrigeration Equipment is Projected to Reach US$9.4 Billion by 2020
Development of Retail Distribution Systems Drives the Road
Transport Refrigeration Equipment Market, According to New Report by Global Industry Analysts, Inc.
GIA announces the release
of a comprehensive global report on Road Transport Refrigeration Equipment markets.
Global market for Road Transport
Refrigeration Equipment is projected to reach US$9.4 billion by 2020,
driven by the continuous development of retail distribution systems, technology
innovation in energy efficient refrigeration and growing consumption of frozen
and chilled foods.
Road Transport
Refrigeration Equipment comprising of van, truck and trailer refrigeration
system and bodies, is a growing market supported by the ever-present need to
safely and securely transport temperature sensitive products like
food/beverages, pharmaceuticals, chemicals, plants, flowers, among others. A
vital link in the “cold chain”, demand for refrigeration equipment is
influenced largely by trade patterns and transportation costs, which in turn
are impacted by macroeconomic factors such as environmental regulations, and economic,
political, and energy-related policies. Other factors driving growth in the
market include globalization in food trade, and changes in consumer spending
and food consumption patterns. Encouraged by the unrivalled levels of
flexibility offered by roadways coupled with the development of motorway
networks, there is increasing preference for road freight transport in
international trade. The scenario is poised to benefit demand in the market,
since higher number of refrigerated vehicles on road translates into increased
demand for refrigeration equipment.
Globalization in food
trade represents one of the key factors spurring growth in the market. Trade
liberalization and globalization of agriculture is helping expand food
production by enhancing production efficiency in terms of yields in
agricultural economies of the third world. Globalized food trade provides a
platform for growth for transportation and distribution of food produce and
products. In addition, globalization also impacts food consumption, health and
nutrition. Dietary changes include the shift towards processed foods and
increased preference for foods with high nutrition benefits. Easy access to
Western foods, and confluence of cuisines, tastes, and flavours have been
encouraging consumption of ready-to-eat processed, frozen and chilled foods,
which are primary products for refrigerated transport.
As stated by the new
market research report on Road Transport
Refrigeration Equipment, the United States represents the largest market worldwide.
Asia-Pacific is forecast to
emerge as the fastest growing market with a CAGR of 7.8% over the
analysis period. Growth in the region is led by growing population, rapid
urbanization, expanding base of middle class consumers, Westernization of food
habits, increasing domestic consumption of chilled and frozen food and non-food
products and developments in road infrastructure.
Key players covered in the
report include Carrier Transicold, Chereau SAS, FRIGOBLOCK Grosskopf GmbH, GAH
Refrigeration Limited, Hubbard Products Ltd., Thermo King Corporation, Klege
Europ Sainte Marie Constructions Isothermes, Lamberet Constructions Isothermes
SA, Mitsubishi Heavy Industries Ltd., Morgan Corporation, and Wabash National
Corporation, among others.
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