SEATTLE, April 05, 2021 (GLOBE NEWSWIRE) -- Refrigerated road transport equipment is one of the many needs that companies in the transportation industry have. This needs to be provided for a number of reasons depending on which the products and goods and services will be transported. Some of the uses for refrigeration equipment in this industry are to keep perishable items frozen such as frozen food, fruits and vegetables, meat products and dairy products and to keep them fresh during the time that they spend in transit. There are some types of refrigerated road transport equipment that are designed specifically for the construction industry such as cold rooms, foam chillers, foam containment and the ever important ice rooms. All of these different types of equipment to play different roles and all of them are needed for the proper transportation of certain items or products to and from various locations.
The global refrigerated road transport market is estimated to account for US$ 24.4 Bn in terms of value by the end of 2027.
Market Drivers:
The development of cross-continental highway networks in the developed nations in expected to drive the growth of the global refrigerated road transport market
The development of cross-continental highway networks in the developed nations Authoritarian bodies of many developed nations is focusing on the construction of cross-regional, cross-country, and cross-continent highways and transport services that will enable transporters to move their products and services in remote areas. In the past, the road connectivity between states and countries was extremely inconvenient and strenuous, hence restricting the transportation of foods and vegetables. The increasing government initiatives are paving the way for better growth in the global refrigerated road transport market.
In the 2018-2019 budget, the Indian government allocated around US$ 100 billion as infrastructural development budget, which included an investment of US$ 22.4 billion for road infrastructure in the North-Eastern region of India.
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New product developments is expected to fuel the growth of the global refrigerated road transport market
New products related to refrigerated road transport equipment and services are getting developed and approved by several national and international bodies, which is benefitting the growth of the global refrigerated road transport market.
In April 2019, KRESS Fahrzeugbau GmBH launched multi-temperature refrigerated transporters, which consist of aerodynamic cooler Box 2.0. This box is capable of carrying a very high payload.
Market Opportunities:
Increasing usage of critical medical devices such as vaccines and other raw goods has boosted the usage of refrigerated road transport systems, which is expected to create great opportunities in the market. Medical goods and services sometimes have to maintain a certain temperature while being transported to hold the chemical and physical balance of the substances intact. Sometimes the chemicals can be reactive when exposed to high heat. Hence it is necessary to transport these items in a refrigerated vehicle, which will ensure the stability of the goods as well the people responsible for transporting the goods.
The development of new products and establishment of international, national, state, and regional transport laws by governmental bodies are expected to create a huge opportunity for the market in the global refrigerated road transport market.
Market Trends:
One of the most recent trends of the global refrigerated road transport market is the increasing demand for frozen foods. The market for frozen food and vegetables is increasing rapidly, as the products are accessible and can be used in all seasons. Moreover, consumers are majorly preferring to purchase frozen and processed vegetable sand fruits, owing to lack of time. For instance, according to the American Frozen Food Institute, in 2018, the frozen food market in the United States exceeded an amount of approximately US$ 56 billion.
The COVID-19 pandemic has placed enormous stress on logistics and transport as well as a significant shift in demand. Road transport refrigeration is witnessing a major impact of COVIOD-19 as the refrigeration industry as a whole is suffering from more demand and less inventory. For instance, according to the Organization of Economic Co-operation and Development (OECD), the transportation of refrigerated containers have experienced a reduction of 0.8% in 2002, owing to several restrictions such as mandatory quarantine, limitation on crew changes, and increased screening during transportation. Additionally, in mid-April 2020, according to OECD, the distance covered by trucks in Europe was 24% less than normal.
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Competitive Landscape:
Key players operating in the global refrigerated road transport market include, Wabash National Corporation, FRIGOBLOCK Grosskopf GmbH, Schmitz Cargobull AG, Hubbard Products Ltd., Morgan Corporation, Ingersoll-Rand plc, Mitsubishi Heavy Industries Ltd., Lamberet SAS, Great Dane, GAH Refrigeration Ltd., Carrier Transicold, Thermo King Corporation, Chereau SAS, Sainte Marie Constructions Isothermes S.M.C.I, and United Technologies Corporation.
In April 2019, Thermo King, launched an all-electric E-200 for small and medium vehicles, with intelligent power management.
Market segmentation:
By Source
- Plant Origin
- Animal Origin
By Application
- Cereals and Crops
- Fruit and Vegetables
- Lawns and Turfs
By Form
- Solid
- Liquid
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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