Road Transport Refrigeration Equipment

Road Transport Refrigeration Equipment

Global Road Transport Refrigeration Equipment Market to Reach US$6.7 Billion by 2030

The global market for Road Transport Refrigeration Equipment estimated at US$4.6 Billion in the year 2023, is expected to reach US$6.7 Billion by 2030, growing at a CAGR of 5.5% over the analysis period 2023-2030. Refrigerated Trailers, one of the segments analyzed in the report, is expected to record a 5.1% CAGR and reach US$3.8 Billion by the end of the analysis period. Growth in the Heavy Trucks segment is estimated at 5.8% CAGR over the analysis period.

The U.S. Market is Estimated at US$1.8 Billion While China is Forecast to Grow at 6.9% CAGR

The Road Transport Refrigeration Equipment market in the U.S. is estimated at US$1.8 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$714.6 Million by the year 2030 trailing a CAGR of 6.9% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 4.4% and 4.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.1% CAGR.

Global Road Transport Refrigeration Equipment Market - Key Trends & Drivers Summarized

What Is Road Transport Refrigeration Equipment?

Road transport refrigeration equipment is specialized machinery used to transport perishable goods, such as food and pharmaceuticals, under controlled temperatures. This equipment includes refrigerated trucks, trailers, and vans equipped with cooling systems that maintain the required temperature throughout the journey. These systems are crucial for ensuring the quality and safety of perishable products during transit, preventing spoilage, and extending shelf life. The technology used in road transport refrigeration includes advanced compressors, condensers, evaporators, and insulation materials that work together to provide efficient and reliable temperature control.

How Are Market Demands Shaping This Industry?

Market demands are significantly shaping the road transport refrigeration equipment industry. The increasing demand for fresh and frozen foods, driven by changing consumer preferences and the expansion of the global food supply chain, is boosting the need for reliable refrigeration solutions. The growth of e-commerce and home delivery services, especially for perishable goods, is further propelling market demand. Additionally, stringent regulations on food safety and the transportation of pharmaceuticals require advanced refrigeration equipment to comply with temperature control standards. The rise in international trade of perishable products is also driving the demand for efficient and durable refrigeration equipment.

What Technological Innovations Are Influencing This Market?

Technological innovations are transforming the road transport refrigeration equipment market. Advances in refrigeration technology, such as the development of eco-friendly refrigerants and energy-efficient cooling systems, are enhancing the performance and sustainability of these units. The integration of telematics and IoT (Internet of Things) technologies is enabling real-time monitoring and control of temperature and other critical parameters, improving the reliability and efficiency of refrigerated transport. Innovations in insulation materials and compressor technology are reducing energy consumption and operational costs. Additionally, the development of hybrid and electric-powered refrigeration units is addressing the need for environmentally sustainable transport solutions.

What Factors Are Driving Market Growth?

The growth in the road transport refrigeration equipment market is driven by several factors, including the increasing demand for perishable goods, the expansion of e-commerce, and stringent regulations on food and pharmaceutical transportation. The growing consumer preference for fresh and frozen foods is boosting demand for reliable refrigeration solutions. The rise of online grocery shopping and home delivery services is further propelling market growth. Technological advancements in refrigeration and telematics are enhancing the efficiency and reliability of transport refrigeration equipment. Additionally, the push for environmentally sustainable solutions is driving the development of energy-efficient and eco-friendly refrigeration units. These factors collectively ensure robust growth in the road transport refrigeration equipment market.

Select Competitors (Total 70 Featured) -

• Carrier Global Corporation
• GAH (Refrigeration) LTD.
• Great Dane, a Division of Great Dane LLC.
• Hubbard Products Ltd.
• Hultsteins Kyl AB
• Jean Chéreau 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

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