Press Release / Road Transport Refrigeration Equipment Market
Road Transport Refrigeration Equipment Market to Reach USD 5.74 Billion by 2030; Soaring Demand for Frozen Food Products to Impel Market Growth
July 05, 2023 | Machinery & EquipmentThe global road transport refrigeration equipment market size stood at USD 3.91 billion in 2022. The market value is slated to rise from USD 4.08 billion in 2023 to USD 5.74 billion by 2030 at a CAGR of 5.0% during 2023-2030. The rise is due to the growing product deployment for keeping chilled and frozen products at a constant temperature. Fortune Business Insights™ presents this information in its report titled “Road Transport Refrigeration Equipment Market Size, Share & COVID-19 Impact Analysis, By Install Vehicle (Vans & Light Trucks, Heavy Trucks, and Trailers), By Mode of Operation (Single Temperature and Multi-Temperature), By Power Source (Vehicle-Powered and Self-Powered), By Application (Food and Beverage Products, Pharmaceutical and Other Healthcare Products, and Floral Products), and Regional Forecast, 2023-2030”.
Market Share Surged Due to High Demand for Refrigeration Equipment
The pandemic period recorded an upsurge in the demand for refrigeration equipment. Further, the period registered an escalation in vaccination programs across the globe. This further led to an escalation in product demand for transportation and storage, propelling industry expansion amid the COVID-19 pandemic.
Waberer’s announced its Takeover of Gyarmati Trans Kft to Reinforce Industry Footing
In April 2022, Hungarian logistics company Waberer’s International announced its acquisition of Gyarmati Trans Kft. As per the announcement, the takeover will focus on refrigerated transportation and warehousing activities in the region of Eastern Hungary. The transaction would serve companies primarily in the meat sector.
Market Share to Surge Owing to Rising Frozen Food Products Demand
Road transport refrigeration equipment market growth is impelled by the soaring frozen food products demand. The industry expansion is further attributed to the launch of new highway development projects by regulatory bodies. However, the high maintenance costs associated with transportation could hamper industry growth to some extent.
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Leading Industry Participants Ink Partnership Deals to Expand Product Reach
Key road transport refrigeration equipment players are focused on a range of strategic initiatives for strengthening the positions of their businesses. These initiatives comprise collaborations, merger agreements, and the formation of alliances. Other steps include partnerships and increasing participation in trade conferences.
List of Key Players Profiled in the Market Report:
- Carrier (Carrier Transicold) (U.S.)
- Mitsubishi Heavy Industries (Mitsubishi Heavy Industries Thermal Systems Ltd.) (Japan)
- G.A.H. Refrigeration (U.K.)
- Hwasung Thermo Co. Ltd. (Korea)
- Trane Technologies plc (Thermo King Corporation & FrigoBlock Grosskopf GmbH) (U.S.)
- Daikin Industries Ltd. (Zanotti S.p.A.) (Italy)
- Songz Automobile Air Conditioning Co., Ltd. (China)
- Safkar Ege Cooling Air Conditioning Cold Air Tes.İhr.İth.A.Ş (Turkey)
- Kingtec Group Company Limited (U.S.)
- Zhengzhou Corun Tech Co., Ltd. (China)
Key Industry Development
- September 2021 – Daikin Europe rolled out a new indoor air quality (IAQ) control function. The Altherma HPC (Heat Pump Convector) floor-standing model allows clean air in the room.
Further Report Findings
- North America road transport refrigeration equipment market share is estimated to grow at an appreciable pace over the forecast period. The surge is driven by the escalating demand for processed foods and increased expenditures.
- The Asia Pacific market is anticipated to exhibit lucrative growth throughout the projected period. The rise is due to the increasing formulation of government policies in the region.
- The Europe market for road transport refrigeration equipment is poised to record a considerable upsurge over the study period. The rise is on account of the soaring truck and van refrigeration demand.
- Based on install vehicles, the market is segmented into trailers, heavy trucks, and vans & light trucks. The trailers segment is set to register appreciable expansion throughout the projected period.
Table of Segmentation
ATTRI BUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 5.0% from 2023 to 2030 |
Unit | Value (USD Billion) and Volume (Thousand Units) |
Segmentation | By Install Vehicle, By Mode Of Operation, By Power Source, By Application, and By Region |
By Install Vehicle |
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By Mode of Operation |
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By Power Source |
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By Application |
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By Region |
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