Global Road Transport Refrigeration Equipment Market To Reach $ 4.6 Billion By 2026
FACTS AT A GLANCE
Editing: 20; Posted: June 2021
Executive pool: 988
Companies: 89 – Actors covered include Carrier Global Corporation; GAH (Refrigeration) LTD. ; Great Dane; Hubbard Products Ltd .; Hultsteins Kyl AB; Jean ChÃ©reau SAS; Lamberet SAS; Mitsubishi Heavy Industries Thermal Systems, Ltd .; Morgan Truck Body, LLC; Sainte Marie Constructions Isothermes SMCI; Schmitz Cargobull SA; Trane Technologies plc; FRIGOBLOCK GmbH; Thermo King Company; Wabash National Corporation et al.
Blanket: All major geographies and key segments
Segments: Install a vehicle (trailers, heavy trucks, vans and light trucks); Application (Food & Beverages, Pharmaceuticals & Health, Other Applications)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia Pacific; Rest of the world.
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Global Road Transport Refrigeration Equipment Market To Be Reached 4.6 billion dollars by 2026
Transport refrigeration systems are used to maintain a constant temperature for refrigerated and frozen products. Refrigeration equipment for road transport is defined as cooling systems designed for road transport vehicles such as vans, trucks and trailers. In the context of the growing importance of the cold food chain, refrigerated road transport is poised to experience increased demand in line with the growth of inland and outbound food logistics. The coming years should see an expansion of the refrigerated vehicle fleet among food transport companies. Transporting the crop to processing plants and transporting processed food to retail markets both provide business opportunities for refrigerated transport. Technological innovation in refrigeration and cold storage is also poised to drive market growth. Continued developments in the cold chain should therefore benefit refrigerated freight services for temperature sensitive perishables. The future growth of this market will be indirectly influenced by such factors as the health of key industries such as food and beverage, pharmaceuticals and chemicals; trade structure and transport costs; globalization of food trade; food safety regulations; environmental regulations, economic policies, policies, energy and technological developments.
In the midst of the COVID-19 crisis, the global road transport refrigeration equipment market is estimated at US $ 3.5 billion in 2020, is expected to reach a revised size of 4.6 billion US dollars by 2026, with a CAGR of 4.5% over the analysis period. Trailers, one of the segments analyzed in the report, is expected to grow at a CAGR of 4.2% to reach 2.8 billion US dollars at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the heavy duty segment is readjusted to a revised CAGR of 4.7% for the next 7 year period. This segment currently represents a 29.5% share of the global road transport refrigeration equipment market. Heavy trucks are used for mid-distance deliveries; while trailers and trailer trains are used for long distance interstate and international deliveries. Manufacturers of temperature-controlled equipment are also focused on developing innovative refrigeration units for intermodal trailers that offer improved reliability and protect sensitive components during critical transport operations, including protection against vibration, shocks and thermal stresses.
The US market is estimated at $ 1.6 billion in 2021, when China is expected to reach $ 306.7 million by 2026
The road transportation refrigeration equipment market in the United States is estimated at US $ 1.6 billion in 2021. The country currently represents a 44.66% share of the global market. China, the world’s second-largest economy, is expected to reach an estimated market size of US $ 306.7 million during the year 2026, with a CAGR of 5.9% during the analysis period. Other notable geographic markets include Japan and Canada, each forecasts growth of 3.6% and 4% respectively over the period of analysis. In Europe, Germany is expected to grow by around 4.4% CAGR while the rest of the European market (as defined in the study) will reach US $ 318.9 million at the end of the analysis period. In the years to come, growth will be driven by developing countries in Asia Pacific and Latin America, driven by population growth, increased disposable income and the subsequent increase in the consumption of food and non-food products, and the development of road infrastructure.
Pickup Truck and Pickup Truck Segment to Reach $ 537.4 million by 2026
Typically, vans are used for local short-haul and frequent deliveries. As customer demand for frozen foods is generally in small quantities and in multiple batches of assorted products, the scenario is expected to create demand for small refrigerated vehicles like vans and pickup trucks. In the global segment of Vans & Light Trucks, United States, Canada, Japan, China and Europe will lead to the estimated 5.5% CAGR for this segment. These regional markets representing a combined market size of US $ 325.1 million in 2020 will reach a projected size of US $ 472 million at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, India, and South Korea, the market of Asia Pacific should reach US $ 49.2 million by 2026. After
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