Pune, May 18, 2020 (GLOBE NEWSWIRE) -- The road transport refrigeration equipment market volume is projected to reach 339.3 thousand units by 2026, exhibiting a CAGR of 5.5% during the forecast period. Rising pace of urban development in emerging economies will be instrumental to driving the growth of this market, shares Fortune Business Insights™ in its report, titled “Road Transport Refrigeration Equipment Market Size, Share & Industry 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, 2019-2026”.
Rapid economic growth in developing nations is being reflected by the increasing rate of urbanization in these regions. According to the UN Department of Economic and Social Affairs (DESA), around 70% of the global population will be housed in urban areas by 2050 and Asian and African countries are expected to account for nearly 90% of this rise. As a result, governments in these countries are implementing various measures to build robust road infrastructure, connecting cities and rural areas, to ensure smooth movement freight and people. Expanding urban areas will create massive demand for refined goods such as packaged foods and beverages, which will require efficient refrigeration technologies and well-connected road, thus benefiting this market.
As per the findings of the report, the market volume stood at 221.3 thousand units in 2018. The report also contains the following:
- Detailed insights into the various trends and drivers shaping the growth trajectory of the market;
- Exhaustive analysis of the different hindrances obstructing market growth;
- Comprehensive evaluation of the regional prospects and competitive dynamics of the market; and
- In-depth study of all the market segments.
Get Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/road-transport-refrigeration-equipment-market-101604
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
Please visit: https://www.fortunebusinessinsights.com/industry-reports/road-transport-refrigeration-equipment-market-101604
Market Driver
Wide Applicability of Refrigerated Transport Equipment to Fuel the Market
The road transport refrigeration equipment market growth is driven by the wide range contexts in which mobile refrigerated solutions can be utilized. For example, suppliers of sensitive products such as medicines and pharmaceuticals are always worried that the quality of their products will be affected during shipping and delivery to the end-user. Refrigerated transportation ensures that such items do not lose their value while they are moved from one place to another. In the same vein, these transport systems are instrumental in transporting perishable food and beverage products from the from the production unit to retail shops and departmental stores. Moreover, recent regulations such as the FDA’s Food Safety Modernization Act of 2015 mandated refrigerated freight operators to adhere to certain protocols to ensure standardization of equipment and services. Thus, together, these factors are set to augment the growth of the market during the forecast period.
Regional Analysis
Heavy Investment in Cold Chain Warehousing Infrastructure to Propel the Market in Asia-Pacific
The market volume in Asia-Pacific was at 44.2 thousand units, putting the region is a strong position to dominate the road transport refrigeration equipment market share in the coming years. The main reason for this dominance is the massive investments made by governments in India and China in cold chain warehousing facilities. Other factors contributing to the market growth in the region include rapid urbanization, increasing road connectivity, and an evolving retail industry.
In North America, the market will be primarily driven by a well-developed road infrastructure and advanced warehousing facilities, underpinned by a huge demand for frozen foodstuffs by the urban populace. In Europe, on the other hand, the factors favoring the market include common European trade area with open borders, well-build road networks, favorable climatic conditions, and improving connectivity to Asian countries.
Speak to Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/road-transport-refrigeration-equipment-market-101604
Competitive Landscape
Development of Energy-Efficient Mobile Refrigeration Solutions to Intensify Competition
Major players in this market are attaining new milestones by engineering and introducing transport refrigeration solutions with high energy-efficiency quotient. Aligning their products with the global sustainability goals, these companies are expanding the scope of this market as well as broadening their business horizons.
Industry Developments:
- January 2020: Japan-based Mitsubishi Heavy Industries Thermal Systems’ plug-in hybrid mobile refrigeration unit was awarded the Energy Conservation Grand Prize by the country’s Agency for Natural Resources and Energy. The hybrid solution is designed for reduce carbon emissions by maintaining cargo temperature during halts and battery back-up brings energy consumption by nearly 54%.
- May 2019: Carrier Transicold Australia unveiled the Vector HE 19, the company’s novel temperature-control trailer system, at the Brisbane Truck Show. Featuring an ultra-modern design and internal structure, the system is engineered to improve fuel-efficiency by 30%, with lower noise levels and lesser weight.
List of Companies Covered in the Road Transport Refrigeration Equipment Market Report:
- Zhengzhou Corun Tech Co., Ltd
- Songz Automobile Air Conditioning Co. Ltd.
- Zanotti S.p.A. (Daikin Europe N.V.)
- Mitsubishi Heavy Industries Thermal Systems Ltd.
- G.A.H. Refrigeration
- Subros Ltd.
- Kingtec Group Company Limited (Denso)
- Ingersoll-Rand
- HwaSung Thermo Co. Ltd.
- Carrier Transicold
Quick Buy – Road Transport Refrigeration Equipment Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/101604
Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Global Market Overview
- Key Market Indicators
- Macro and Micro Economic Factors
- Emerging Market Trends
- Industry SWOT Analysis
- Global Road Transport Refrigeration Equipment Market Analysis, Insights and Forecast, 2015-2026
- Definitions
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Install Vehicle
- Van & Light Truck
- Heavy Truck
- Trailer
- Market Analysis, Insights and Forecast – By Mode of Operation
- Single Temperature
- Multi Temperature
- Market Analysis, Insights and Forecast – By Power Source
- Vehicle Powered
- 5.5.1.1.Vehicle Battery
- 5.5.1.2.Direct Drive
- Self-Powered
- 5.5.2.1.Diesel
- 5.5.2.2.Electric
- Market Analysis, Insights and Forecast – By Application
- Food and Beverage Products
- Pharmaceutical and Other Healthcare Products
- Floral Products
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/road-transport-refrigeration-equipment-market-101604
Have a Look at Related Research Insights:
Commercial Refrigeration Compressor Market Size, Share & Industry Analysis, By Type (Reciprocating, Rotary, Screw, Others), By Cooling Capacity (Upto 1 kW, 1 – 15 kW, 15 – 100 kW, Above 100 kW), By Application (Refrigerator and freezer, Refrigerated Display Cases, Transport Refrigeration, Beverage Coolers and Freezers, Others) and Regional Forecast, 2019-2026
Commercial Refrigeration Equipment Market Size, Share & Industry Analysis, By Type (Refrigerator & Freezer, Transport Refrigeration, Refrigerated Display Cases, Ice Machines, and Others), By Application (Food & Beverage, Retail Stores, Hotels & Restaurants, Chemicals & Pharmaceuticals, and Others) and Regional Forecast, 2019-2026
Food Service Equipment Market Size, Share & Industry Analysis, By Equipment Type (Cooking & Preparation Equipment, Refrigeration Equipment, Warewashing Equipment, Storage & Handling Equipment, and Others), By Sales Channel (Online, and Offline), By End-user (Full Service Restaurant, Quick Service Restaurant, Hotels & Pub Bar Clubs, and Others) and Regional Forecast, 2019-2026
HVAC System Market Size, Share & Industry Analysis, By Type (Single Split Systems, Variable Refrigerant Flow Systems, Chillers and Others), By Application (Residential, Commercial and Industrial), and Regional Forecast, 2019-2026
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US: +1-424-253-0390
UK: +44-2071-939123
APAC: +91-744-740-1245
Email: sales@fortunebusinessinsights.com
Fortune Business Insights™
LinkedIn | Twitter | Blogs
Read Press Release: https://www.fortunebusinessinsights.com/press-release/road-transport-refrigeration-equipment-market-9344