Dublin, March 04, 2022 (GLOBE NEWSWIRE) -- The "Road Transport Refrigeration Equipment - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Road Transport Refrigeration Equipment Market to Reach $4.6 Billion by 2026
Amid the COVID-19 crisis, the global market for Road Transport Refrigeration Equipment estimated at US$3.5 Billion in the year 2020, is projected to reach a revised size of US$4.6 Billion by 2026, growing at a CAGR of 4.5% over the analysis period.
Against the backdrop of the growing importance of cold food chain, refrigerated road transportation is poised to witness increased demand in line with the growth in inland and outbound food logistics. The coming years are forecast to witness refrigerated vehicle fleet expansion among food transport companies. Transport of harvest to processing plants and transport of processed foods to retail markets both provide business opportunities for refrigerated transport.
Also poised to drive growth in the market is technology innovation in refrigeration and cold storage. Continuous developments in cold chain are therefore poised to benefit refrigerated cargo services for temperature sensitive perishable goods. Future growth in this market will be indirectly influenced by factors such as health of key industries like food and beverage, pharmaceuticals and chemicals; trade patterns and transportation costs; globalization in food trade; food safety regulations; environmental regulations, economic, political, energy-related policies, and technological developments.
Trailers, one of the segments analyzed in the report, is projected to grow at a 4.2% CAGR to reach US$2.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Heavy Trucks segment is readjusted to a revised 4.7% CAGR for the next 7-year period.
This segment currently accounts for a 29.5% share of the global Road Transport Refrigeration Equipment market. Heavy trucks are used for medium distance outstation deliveries; while trailers and trailer trains are used for inter-state and inter-national long distance deliveries.
Temperature-controlled equipment manufacturers are also focusing on the development of innovative refrigeration units for intermodal trailers that provide improved reliability and protect sensitive components during critical transportation operations including protection against vibration, shock, and thermal stress.
The U.S. Market is Estimated at $1.6 Billion in 2021, While China is Forecast to Reach $306.7 Million by 2026
The Road Transport Refrigeration Equipment market in the U.S. is estimated at US$1.6 Billion in the year 2021. The country currently accounts for a 44.66% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$306.7 Million in the year 2026 trailing a CAGR of 5.9% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.4% CAGR while Rest of European market (as defined in the study) will reach US$318.9 Million by the end of the analysis period.
In the coming years, growth will be led by developing countries in Asia-Pacific and Latin America, driven by growing population, increasing disposable incomes and subsequent rise in consumption of food and non-food products, and developments in road infrastructure.
Vans & Light Trucks Segment to Reach $537.4 Million by 2026
Typically, vans are used for short distance and frequent local deliveries. As customer demand for frozen foods is generally in small quantities and multiple batches of assorted products, the scenario is expected to create demand for small refrigerated vehicles like vans and pick-up trucks. In the global Vans & Light Trucks segment, USA, Canada, Japan, China and Europe will drive the 5.5% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$325.1 Million in the year 2020 will reach a projected size of US$472 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$49.2 Million by the year 2026.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Road Transport Refrigeration Equipment - Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022
- Development of Cold Chain Logistics: The Cornerstone for Growth in the Market
- Driven by the Need for Safe Handling of Perishable Products, Development of Cold Chain Bodes Well for Refrigerated Road Transportation & Its Entire Value Chain
- These are Times When Questions Abound & Answers Are Few
- So How Fast Or Slow Are We Moving?
- How Fast the World is Vaccinated Will Determine How Soon the Pandemic Will End: Global Number of Annual COVID-19 Vaccine Doses (In Million) for Years 2020 through 2025 by Geographic Region/Country
- India's Second Wave Makes It Clear That Equity is Not a Part of Global Policy on Tackling COVID
- What We Know So Far - "Vaccine Efficiency Against New Strains is Decreasing"
- Progress on Vaccinations, Why Should Businesses Care?
- Road Transport Refrigeration Equipment: Definition, Types & Importance
- Recent Market Activity
- Innovations
2. FOCUS ON SELECT PLAYERS(Total 89 Featured)
- Carrier Global Corporation
- GAH (Refrigeration) LTD.
- Great Dane
- Hubbard Products Ltd.
- Hultsteins Kyl AB
- Jean Chereau SAS
- Lamberet SAS
- Mitsubishi Heavy Industries Thermal Systems, Ltd.
- Morgan Truck Body, LLC
- Sainte Marie Constructions Isothermes S.M.C.I
- Schmitz Cargobull AG
- Trane Technologies plc
- FRIGOBLOCK GmbH
- Thermo King Corporation
- Wabash National Corporation
3. MARKET TRENDS & DRIVERS
- Development of Cross Continent & Cross Country Highway Network Bodes Well for Road Freight Transportation
- Continuous Development of World's Highways to Expand Market Opportunities for Road Freight Transportation
- A Strong Freight Trucking Industry Supported by Rise in Global Trade & Retail Brings Cheer to Road Freight Transportation
- What's the Outlook for the Freight Trucking Industry?
- Rise of Digital Grocery Amid COVID-19 Pandemic Pushes Up Demand for Refrigerated Transportation Services
- Rise in Online Grocery and Food Ordering to Step Up the Role of Refrigerated Transportation: Global Online Food Delivery Services Market Size
- Strong Demand for Frozen Foods Further Drives the Value & Importance of Refrigerated Transportation
- Growing Demand for Frozen Foods Bodes Well for Refrigerated Road Transportation: Global Opportunity for Frozen Foods
- Growing Biopharmaceutical Sales Spurs the Importance of Refrigerated Transportation
- The Booming Biopharmaceutical Industry Will Need Robust Cold Chain Infrastructure, Particularly Last Mile Refrigerated Transportation
- Growing Investments in Bio-Pharma Cold Chain Infrastructure Acts as a Direct Demand Driver for Road Transport Refrigeration Systems
- COVID-19 Vaccines & Scaling Up of Biopharmaceutical Cold Chain to Boost Growth
- Innovations to Battle Cost & Energy Efficiency Challenges to Benefit Growth in the Market
- Insulation Strategies in the Refrigerated Transportation Industry: A Review
- Polyurethane Foam Emerges as a Widely Used Cold Insulation Material
- Polystyrene Foam, A Rapidly Emerging Type of Cold Insulation
- Phenolic Foam One of the Best Thermal Insulation Materials
- Bio-Based Cold Insulation Materials Rise in Popularity
- Eco-Friendly Refrigerants Rise in Popularity
- Recycled CO? Rises in Popularity Over Synthetic Refrigerants
- A Peek Into the Disruptive Rise of Blockchain Enabled Refrigerated Containers
- Refrigerated Transportation Becomes Increasingly Intelligent
- Smart Reefers Trucks Emerge Over the Horizon
- Fully Electric and Eco-Friendly Refrigeration Units Pick Up Momentum
- Push Towards Multi-Temperature Refrigerated Trucks and Trailers
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/5z93z5
