The road transport refrigeration equipment market volume is projected to reach 339.3 thousand units by 2026, exhibiting a CAGR of 5.5% during the forecast period. Rising pace of urban development in emerging economies will be instrumental to driving the growth of this market, shares Fortune Business Insights™ in its report, titled “Road Transport Refrigeration Equipment Market Size, Share & Industry Analysis, By Install Vehicle (Van & Light Truck, Heavy Truck, Trailer), By Mode of Operation (Single Temperature, Multi-Temperature), By Power Source (Vehicle Powered, Self-Powered), By Application (Food and Beverage Products, Pharmaceutical and Other Healthcare Products, Floral Products) and Regional Forecast, 2019-2026”. Rapid economic growth in developing nations is being reflected by the increasing rate of urbanization in these regions. According to the UN Department of Economic and Social Affairs (DESA), around 70% of the global population will be housed in urban areas by 2050 and Asian and African countries are expected to account for nearly 90% of this rise. As a result, governments in these countries are implementing various measures to build robust road infrastructure, connecting cities and rural areas, to ensure smooth movement freight and people. Expanding urban areas will create massive demand for refined goods such as packaged foods and beverages, which will require efficient refrigeration technologies and well-connected road, thus benefiting this market.
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As per the findings of the report, the market volume stood at 221.3 thousand units in 2018. The report also contains the following:
· Detailed insights into the various trends and drivers shaping the growth trajectory of the market;
· Exhaustive analysis of the different hindrances obstructing market growth;
· Comprehensive evaluation of the regional prospects and competitive dynamics of the market; and
· In-depth study of all the market segments.
Wide Applicability of Refrigerated Transport Equipment to Fuel the Market
The road transport refrigeration equipment market growth is driven by the wide range contexts in which mobile refrigerated solutions can be utilized. For example, suppliers of sensitive products such as medicines and pharmaceuticals are always worried that the quality of their products will be affected during shipping and delivery to the end-user. Refrigerated transportation ensures that such items do not lose their value while they are moved from one place to another. In the same vein, these transport systems are instrumental in transporting perishable food and beverage products from the from the production unit to retail shops and departmental stores. Moreover, recent regulations such as the FDA’s Food Safety Modernization Act of 2015 mandated refrigerated freight operators to adhere to certain protocols to ensure standardization of equipment and services. Thus, together, these factors are set to augment the growth of the market during the forecast period.
Heavy Investment in Cold Chain Warehousing Infrastructure to Propel the Market in Asia-Pacific
The market volume in Asia-Pacific was at 44.2 thousand units, putting the region is a strong position to dominate the road transport refrigeration equipment market share in the coming years. The main reason for this dominance is the massive investments made by governments in India and China in cold chain warehousing facilities. Other factors contributing to the market growth in the region include rapid urbanization, increasing road connectivity, and an evolving retail industry.
In North America, the market will be primarily driven by a well-developed road infrastructure and advanced warehousing facilities, underpinned by a huge demand for frozen foodstuffs by the urban populace. In Europe, on the other hand, the factors favoring the market include common European trade area with open borders, well-build road networks, favorable climatic conditions, and improving connectivity to Asian countries.
Development of Energy-Efficient Mobile Refrigeration Solutions to Intensify Competition
Major players in this market are attaining new milestones by engineering and introducing transport refrigeration solutions with high energy-efficiency quotient. Aligning their products with the global sustainability goals, these companies are expanding the scope of this market as well as broadening their business horizons.
· January 2020: Japan-based Mitsubishi Heavy Industries Thermal Systems’ plug-in hybrid mobile refrigeration unit was awarded the Energy Conservation Grand Prize by the country’s Agency for Natural Resources and Energy. The hybrid solution is designed for reduce carbon emissions by maintaining cargo temperature during halts and battery back-up brings energy consumption by nearly 54%.
· May 2019: Carrier Transicold Australia unveiled the Vector HE 19, the company’s novel temperature-control trailer system, at the Brisbane Truck Show. Featuring an ultra-modern design and internal structure, the system is engineered to improve fuel-efficiency by 30%, with lower noise levels and lesser weight.
List of Companies Covered in the Road Transport Refrigeration Equipment Market Report:
· Zhengzhou Corun Tech Co., Ltd
· Songz Automobile Air Conditioning Co. Ltd.
· Zanotti S.p.A. (Daikin Europe N.V.)
· Mitsubishi Heavy Industries Thermal Systems Ltd.
· G.A.H. Refrigeration
· Subros Ltd.
· Kingtec Group Company Limited (Denso)
· HwaSung Thermo Co. Ltd.
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