Global Road Transport Refrigeration Equipment Market Report and Forecast 2024-2032

Global Road Transport Refrigeration Equipment Market Outlook

The global road transport refrigeration equipment market size attained a value of more than USD 3.82 billion in 2023. The industry is expected to grow at a CAGR of 4.50% during the forecast period of 2024-2032, driven by the flourishing end-use industries, including e-commerce, pharmaceutical, food and beverage, among others.

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Road Transport Refrigeration Equipment Market Trends

Road transport refrigeration equipment is defined as a control component, which is used to adjust the temperature of freight stored in a container. Refrigeration of perishable goods is crucial in the process as it can save cost, time, and value of the stock. This equipment is used to preserve variety of products ranging from food products, pharmaceuticals, and some medicines, among others.

• The road transport refrigeration equipment market growth is being driven by the efficient operability of the product in harsh environments. Availability of this equipment in diverse spectrum of dimensions, including space, weight, and single/multi temperature provision, among others, offers better options for the consumers.

• The thriving food and beverage industry, supported by the rising disposable income and rapid urbanisation, is increasing the sale of meat, vegetable, and fruits, which require hygienic refrigerated environment. Hence, the increasing domestic demand for these products across the emerging economies is providing significant impetus to the road transport refrigeration equipment market development.

• The expansion of pharmaceutical business is a key factor which is propelling the trade of medicines and drugs. Pharmaceutical products are sensitive and require pre-cooling, temperature monitoring, and precise loading practice, which are conditions fulfilled by vehicles installed with road transport refrigeration equipment.

Market Analysis

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Based on install vehicle, the road transport refrigeration equipment industry can be segmented into van and light trucks, heavy trucks, and trailers. On the basis of mode of operation, the market can be classified into single temperature and multi temperature. By power source, the market has been categorised into vehicle powered and self-powered.

The major applications of the product are food and beverage products, pharmaceutical and other healthcare products, and floral products, among others. The regional markets can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following road transport refrigeration equipment companies, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Mitsubishi Heavy Industries Ltd.

• G.A.H. Refrigeration Ltd.

• Hwasung T&T Co.,Ltd.

• Daikin Industries Ltd.

• Carrier Global Corporation

• GAH (Refrigeration) Ltd

• Others

Market Share by Install Vehicle

The van and light truck segment, based on install vehicle, accounts for a significant share in the global road transport refrigeration equipment market. Vans are convenient and quick which enable nearby delivery easy and reliable. Refrigerated vans are witnessing a high demand for the transportation of perishable goods as it protects the goods from decaying, while allowing transporters achieve schedule flexibility. Meanwhile, light trucks enable the companies transport more goods in a scheduled time. In addition, trucks are strong and prevent melting and disintegration of goods. Moreover, light trucks are ideal for transporting vaccines which is a major driving factor of the segment owing to the outbreak of harmful viruses. Moreover, currently traces of COVID are still in the air, which is pushing the vaccine transportation, leading to the expansion of road transport refrigeration equipment market.

Market Share by Mode of Operation

Based on mode of operation, the multi-temperature segment is expected to witness a steady growth in the forecast period. Multi-temperature road transport refrigeration equipment allows the management of distinguished temperatures withing the unconnected cells. Multi-temperature cells are useful in the transportation of packaged food products owing to the separate requirement of temperatures, which is a crucial driving factor of the market. In addition, multi-temperature road transport refrigeration equipment is suitable for both light and heavy transportation vehicles, which is further bolstering the growth of this segment. Furthermore, multi-temperature multi-temperature road transport refrigeration units are witnessing increased innovations, such as the development of diesel units with superior technical concept.

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Competitive Landscape

Mitsubishi Heavy Industries Ltd. is a popular technological innovator based in Japan. This company was founded in the year 1884 and offers wide range of refrigeration units for trucks and trailers. Apart from refrigeration equipment, Mitsubishi Heavy Industries Ltd. innovates ships, aircrafts, heavy manufacturing machinery, and automobiles, among others. As of March 2023, this company employees a workforce of 78,000+ employees.

G.A.H. Refrigeration Ltd. is a renowned transport refrigeration company which offers refrigeration systems for vans and cabs of different sizes and weights. G.A.H. Refrigeration Ltd. is known to provide fuel efficient and powerful solutions which cater to the transportation demands of various end use industries. The company was founded in 1993 and is currently headquartered in United Kingdom.

Hwasung T&T Co.,Ltd. was founded in the year 1977 as South Korea’s first truck refrigeration system manufacturer. It is a leading transport refrigeration manufacturer around to world. It currently exports transport refrigeration components across more than 40 countries. Hwasung T&T Co.,Ltd. is headquartered in Kyonggi-Do, and is investing heavily towards innovation.

Other market players include Daikin Industries Ltd., Carrier Global Corporation, and GAH (Refrigeration) Ltd, among others.

Key Highlights of the Report