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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 & Equipment

The 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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/road-transport-refrigeration-equipment-market-101604


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




  • 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



By Region




  • North America (By Install Vehicle, By Mode of Operation, By Power Source, By Application, and By Country)

    • U.S. (By Install Vehicle)

    • Canada (By Install Vehicle)



  • Europe (By Install Vehicle, By Mode of Operation, By Power Source, By Application, and By Country)

    • Spain (By Install Vehicle)

    • Italy (By Install Vehicle)

    • Poland (By Install Vehicle)

    • Germany (By Install Vehicle)

    • France (By Install Vehicle)

    • U.K. (By Install Vehicle)

    • Russia (By Install Vehicle)

    • Turkey (By Install Vehicle)

    • Rest of Europe



  • Asia Pacific (By Install Vehicle, By Mode of Operation, By Power Source, By Application, and By Country)

    • China (By Install Vehicle)

    • Japan (By Install Vehicle)

    • India (By Install Vehicle)

    • Southeast Asia (By Install Vehicle)

    • Rest of Asia Pacific



  • Middle East & Africa (By Install Vehicle, By Mode of Operation, By Power Source, By Application, and By Country)

    • GCC (By Install Vehicle)

    • Egypt (By Install Vehicle)

    • South Africa (By Install Vehicle)

    • Rest of the Middle East & Africa



  • Latin America (By Install Vehicle, By Mode of Operation, By Power Source, By Application, and By Country)

    • Brazil (By Install Vehicle)

    • Argentina (By Install Vehicle)

    • Mexico (By Install Vehicle)

    • Rest of Latin America




Road Transport Refrigeration Equipment Market
  • PDF
  • 2022
  • 2019-2021
  • 160

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