The Global Market for Road Transport Refrigeration Equipment is Projected to Reach US$10.2 Billion by 2022

Demand for Frozen & Fresh Foods Benefits Cold Chain Logistics & Spurs Growth of Road Transport Refrigeration Equipment, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Road Transport Refrigeration Equipment market. The global market for Road Transport Refrigeration Equipment is projected to reach US$10.2 billion by 2022, driven by the stable demand for frozen, chilled and fresh foods and the ensuing creation of opportunities in cold chain logistics.   

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 supply chain”, the refrigerated and/or temperature controlled transportation sector is broadly influenced by trade patterns and transportation costs, which in turn are impacted by macroeconomic factors such as environmental regulations, 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.

The market is especially benefiting from the expanding opportunities provided by the growing retail food sector. Globalization provides a platform for the growth in transportation and distribution of food products in addition to influencing food consumption patterns, health and nutrition. Dietary changes include the shift towards processed foods and increased preference for foods with high nutrition benefits. Easy access to Western styles foods and confluence of cuisines, tastes, and flavours are encouraging consumption of ready-to-eat processed, frozen and chilled foods. In addition, economic development and changing lifestyles have triggered a shift in consumer food purchasing patterns. Harried lifestyles brought upon by the frenzied pace of modern life coupled with growing number of working women have triggered a shift in cooking habits away from conventional time consuming preparation of fresh foods to easy precooked frozen ready meals. The boom in the retail food sector for convenient prepared food products is encouraging the development of cold chain logistics and spurring opportunities for road transport refrigeration equipment. Also, driving growth in the market are the stringent regulations and rising standards for temperature-controlled transportation of perishable products. The ensuing development of a compliant cold chain supply system will generate lucrative opportunities for growth in the market. Rising standards for refrigerated transport and the growing competitive pressure among logistic companies to deliver products fresh and safe are encouraging upgrades of refrigeration fleets thus benefiting demand for van, truck and trailer refrigeration system and bodies.

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 8.9% over the analysis period. The growth in the region is led by developments in food retailing infrastructure, growing sophistication in food consumption patterns as evidenced by the increased preference for frozen and chilled foods, growing population, rapid urbanization, expanding base of middle class consumers, and stringent regulations governing transportation and storage of medications and pharmaceutical products.

Key players covered in the report include Carrier Transicold, Chereau SAS, Ingersoll-Rand plc, GAH Refrigeration Ltd, Great Dane, Hubbard Products Ltd., Klege Europ Sainte Marie Constructions Isothermes, Lamberet Constructions Isothermes SA, Mitsubishi Heavy Industries Ltd., Morgan Corporation, Schmitz Cargobull AG, United Technologies Corporation, and Wabash National Corporation, among others.

The research report titled “Road Transport Refrigeration Equipment: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, service innovations and launches, and strategic industry activities of major companies worldwide. The report provides market estimates and projections for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Latin America and Rest of World. Product segments analyzed in the report include Van Refrigeration System & Refrigerated Bodies, Truck Refrigeration System & Refrigerated Bodies, and Trailer Refrigeration System & Refrigerated Bodies.

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