Road Transport Refrigeration Equipment Market to Register a CAGR of 5.5% till 2026; Increasing Purchasing Power to Supplement Growth: Fortune Business Insights
Key Companies Covered in Road Transport Refrigeration Equipment Market Research Report are Ingersoll-Rand (Thermo King Corporation & FrigoBlock Grosskopf GmbH), Zhengzhou Corun Tech Co., Ltd, Mitsubishi Heavy Industries Thermal Systems Ltd., Subros Ltd., Zanotti S.p.A. (Daikin Europe N.V.), Carrier Transicold, Kingtec Group Company Limited (Denso), G.A.H. Refrigeration, Songz Automobile Air Conditioning Co. Ltd., among others.
/EIN News/ -- Pune, Nov. 11, 2019 (GLOBE NEWSWIRE) -- The global Road Transport Refrigeration Unit Market size is slated to touch 339.3 thousand units by 2026, exhibiting a CAGR of 5.5% during the forecast period. Growing need to reduce carbon dioxide emissions from vehicles is likely to be the primary driving force behind the growth of this market. Transport refrigeration units cause large-scale pollution as they emit the harmful chlorofluorocarbons that are responsible for depleting the Ozone Layer. According to a study conducted by a private cold technology company, Dearman, refrigerated vehicles emit close to 49,125 tonnes of CO2, 22 tonnes of particulate matter, and 163 tonnes of NOx in London alone every year. This is expected to open up new avenues of innovation in this market and accelerate its growth during the forecast period.
As per the Fortune Business Insights report, titled “Road Transport Refrigeration Unit (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”, the market size in 2018 was 221.3 thousand units. The report also provides a wide spectrum of information regarding factors, drivers, trends, and dynamics that will influence the development of the market during the forecast period.
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https://www.fortunebusinessinsights.com/industry-reports/road-transport-refrigeration-equipment-market-101604
Increasing Demand for Fresh Food Items to Fuel the Market
Road transport refrigeration unit (equipment) refers to a system of transporting goods that require to be carried and delivered using specialized temperature-controlled vehicles. This equipment is seeing an escalating adoption rate owing to the increasing demand for fresh perishable foodstuffs such as fruits, vegetables, and meat. Such items, when kept in cold storage for prolonged periods, lose their nutritional value and can even turn toxic. Refrigerated transport enables efficient transportation of these goods within the prescribed timeframe. Industries such as pharmaceuticals and life-sciences have also greatly benefitted from innovations in road transport refrigeration unit technology. For example, this equipment facilitates transport of critical medicines and materials such as blood samples across long distances in a safe manner. As a result, the road transport refrigeration equipment market trends indicate that the vans and light trucks segment will be the leading segment with a share of 10.5%.
Asia-Pacific to Emerge as the Most Lucrative Region; North America to Dominate
Asia-Pacific is set to emerge as a the most promising region in the global road transport refrigeration market owing to growing concerns about food wastage, rising preference for fresh foods, and rapid urbanization. The region accounted for 44.2 thousand units in 2018, with India projected to register the highest CAGR in the continent. North America is anticipated to hold a commanding position as demand for processed food in the region is exceptionally high. In Europe, online retail for ordering food items is a thriving industry and it has led to an increased the demand for refrigerated equipment. Additionally, the single market of European Union (EU) facilitates convenient cross-border trade and commerce among member countries, which further enhances potential of the market. In Latin America, Brazil and Mexico are leading the way, with the former expected to grow at an impressive CAGR.
Focus on Sustainability to Present New Innovation Opportunities
Prominent players in the Road Transport Refrigeration Equipment Market are ramping up their investment in R&D activities to develop innovative eco-friendly products. For example, in May 2019, Frigoblock and Thermo King teamed up to test their alternator and inverter-drive technology and SLXi Hybrid trailer systems respectively. The process involved testing of a prototype of hybrid refrigeration equipment to be attached under high-loaders, trucks, and draw bar trailers. In the same month, Carrier TransiCold unveiled the Vector HE 19 (High Efficiency), its next generation temperature controlled trailer system.
List of Key Companies Profiled in the Road Transport Refrigeration Equipment Market Are:
- Carrier Transicold
- G.A.H. Refrigeration
- HwaSung Thermo Co. Ltd.
- Mitsubishi Heavy Industries Thermal Systems Ltd.
- Ingersoll-Rand (Thermo King Corporation & FrigoBlock Grosskopf GmbH)
- Zanotti S.p.A. (Daikin Europe N.V.)
- Kingtec Group Company Limited (Denso)
- Songz Automobile Air Conditioning Co. Ltd.
- Subros Ltd.
- Zhengzhou Corun Tech Co., Ltd
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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
- Vehicle Battery
- Direct Drive
- Self-Powered
- Diesel
- Electric
- Vehicle Powered
- 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
Continued..!!!
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