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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.
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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:
Key Industry Development
Further Report Findings
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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