Road Transport Refrigeration Equipment Market to Reach USD 4.73 Billion by 2027; Heavy Demand for Frozen Fruits and Vegetables to Propel Market, states Fortune Business Insights™

Fortune Business Insights
·7 min read

Key Companies Covered in Road Transport Refrigeration Equipment Market Are Carrier Transicold, G.A.H. Refrigeration, Chereau SAS, Hwasung Thermo Co. Ltd., Carrier, Great Dane, Mitsubishi Heavy Industries Thermal Systems Ltd., Ingersoll-Rand, Zanotti S.p.A., Songz Automobile Air Conditioning Co., Ltd., Kingtec Group Company Limited, Subros Ltd., Zhengzhou Corun Tech Co., Ltd. Hubbard Products Ltd., LAMBERET SAS, Morgan Corporation.

Pune, Oct. 30, 2020 (GLOBE NEWSWIRE) -- The global road transport refrigeration equipment market size is expected to reach USD 4.73 billion by 2027, exhibiting a CAGR of 3.9% during the forecast period. The growing demand for frozen fruits and vegetables is expected to spur opportunities for the market, states Fortune Business Insights, in a report, titled “Road Transport Refrigeration Equipment Market Size, Share & COVID-19 Impact 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, 2020-2027.” The market size stood at USD 3.49 billion in 2019.

The coronavirus incident has caused colossal loss to several industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.

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The report on road transport refrigeration equipment market incorporates:

  • Vital facts and figures

  • Comprehensive analysis of the market

  • All-encompassing information about industry players

  • Latest industry trends

  • Notable industry development

  • COVID-19 effect on the market

Market Driver:

Emphasis on Cross-continent Highway Network by Governments to Aid Market Expansion

The governments of several countries are focused on the construction of cross-continent, cross-country, and cross-regional highways, thus enabling smooth transportation of goods and products in areas. The increasing road connectivity around the world will improve the prospects of the market in the forthcoming years. Besides, the rising infrastructure development and highway construction as part of government initiatives in developing nations will enable speedy expansion of the market. For instance, the government of India allocated USD 100 billion for its infrastructure in budget 2018 – 2019, wherein the government has planned to invest USD 22.4 billion towards road infrastructure in the North-East region of India. In addition, the ongoing product enhancement and advancement by OEMs will promote the growth of the market.

Disrupted Transportation Industry to Dampen Market Amid COVID-19

COVID-19 pandemic has posed enormous pressure on transport and logistics. The refrigeration industry suffered a massive loss in the time of coronavirus. The restriction on road transport has limited the supply of food products mainly meat and dairy products transported through refrigerated containers, thus impeding the market growth. According to the Organization for Economic Co-operation and Development (OECD), transportation witnessed an 8% downfall because of restrictions including, mandatory quarantines, additional screening, and diminished supply and demand. Hence, resulting in a substantial decline in transport refrigeration during the COVID-19 epidemic.

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Regional Analysis:

Rising Investments to Augment Growth in North America

The market in North America is expected to hold the highest market share owing to the increasing demand for processed foods. The growing investments for the expansion of the cold supply chain across the U.S. and Canada will boost growth in the region. The growing emphasis on truck refrigeration networks by major companies will enable speedy expansion of the market in North America. The market in Asia Pacific is expected to hold a significant share during the forecast period owing to the expanding cold chain industry in the region. The surging warehousing and transportation sector will contribute positively to the market growth. Moreover, increasing government support & initiatives for road transportation will create opportunities for the market in the region. Additionally, the rising popularity of frozen food in India and China will aid development in Asia Pacific.

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Key Development:

June 2019: G.A.H. Refrigeration launched ‘e-fridge’, a smart refrigeration variable electric system aimed to provide power to refrigeration systems for all vehicle types. The newly introduced system is ideal for fuel-electric, hybrid, diesel, and petrol engine technologies.

Lists Of the Key Companies in the Road Transport Refrigeration Equipment Market:

  • Carrier Transicold (U.S.)

  • G.A.H. Refrigeration (U.K.)

  • Chereau SAS (France)

  • Hwasung Thermo Co. Ltd. (Korea)

  • Carrier (U.S.)

  • Great Dane (A Division of Great Dane LLC) (U.S.)

  • Mitsubishi Heavy Industries Thermal Systems Ltd. (Japan)

  • Ingersoll-Rand (Thermo King Corporation & FrigoBlock Grosskopf GmbH) (U.S.)

  • Zanotti S.p.A. (Daikin Europe N.V.) (Italy)

  • Songz Automobile Air Conditioning Co., Ltd. (China)

  • Kingtec Group Company Limited (Denso) (U.S.)

  • Subros Ltd. (India)

  • Zhengzhou Corun Tech Co., Ltd. (China)

  • Hubbard Products Ltd. (U.K.)

  • LAMBERET SAS (France)

  • Morgan Corporation (U.S.)

  • Schmitz Cargobull (Germany)

  • Wabash National Corporation (U.S.)

  • KRESS Fahrzeugbau GmbH (Germany)

  • Zhengzhou Guchen Thermo Co., Ltd. (China)

Quick Buy – Road Transport Refrigeration Equipment Market Research Report:

Table of Content:

  • Introduction

    • Definition, By Segment

    • Research Methodology/Approach

    • Data Sources

  • Executive Summary

  • Market Dynamics

    • Macro and Micro Economic Indicators

    • Drivers, Restraints, Opportunities and Trends

    • Impact of COVID-19 on Automatic Labelling Machine Market

      • Short-term Impact

      • Long-term Impact

  • Competition Landscape

    • Business Strategies Adopted by Key Players

    • Consolidated SWOT Analysis of Key Players

    • Global Market Share Analysis and Matrix, 2019

  • Key Road Transport Refrigeration Equipment Market Insights and Analysis, By Segments

  • Global Road Transport Refrigeration Equipment Market Analysis, Insights and Forecast (Quantitative Data), By Segments, 2016-2027

    • By Install Vehicle (Value and Volume)

      • Van & Light Truck

      • Heavy Truck

      • Trailer

    • By Mode of Operation (Value)

      • Single Temperature

      • Multi Temperature

    • By Power Source (Value)

      • Vehicle Powered

      • Self-Powered

    • By Application (Value)

      • Food and Beverage Products

      • Pharmaceutical and Other Healthcare Products

      • Floral Products

    • By Region (Value)

      • North America

      • Europe

      • Asia Pacific

      • Middle East and Africa

      • Latin America

Continued …

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