Refrigerated Road Transport Market Set Explosive Growth to 2025
On the basis of transportation modes, light commercial vehicles dominated the global refrigerated road transport market in terms of volumes. Low ownership and maintenance cost of vehicles, in addition to low space footprints, ease of handling and maneuverability in urban locations are among the prominent factors that has led to significantly high adoption. However, bulk transportation and food manufacturing capabilities limited by the availability of the required raw material resources in certain locations, which account for the largest end use industry, has led to significant contribution of heavy commercial vehicles in terms of value. HCVs dominated the industry size in terms of the revenue generation contributing to around 45% of the total market size.
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Global refrigerated road transport market was valued at US$ 12.81 billion in 2016, is projected to exhibit a CAGR of 6.11% over the forecast period (2017–2025), to be valued at US$ 21.78 billion by 2025. Growing demand for efficient distribution of perishable freights such as dairy products, beverages, processed meat, poultry products, ice cream, fruits and other edible products, which may perish in the normal environmental conditions are expected to be the prominent factor fueling growth of the refrigerated road transport market over the forecast period.
According to U.S. Census Bureau, the retail and food services market was valued over US$ 5.51 trillion in 2016, witnessing Y-o-Y growth of 2.98%. Moreover, online business models to cater the customer requirements on-demand have gained considerable traction over the last few years. Proliferation of these businesses and high penetration in the major global economies of the U.S., UK, China, India, Russia, and Canada, among many others is in turn projected to fuel the global refrigerated road transport market growth.
High urbanization rates in emerging economies in conjunction with high inclination of population towards the frozen food products is among the prominent trends that has gained traction over the last few years. Easy to cook and ready to eat meals are among the prominent edible products in high demand in these region. Moreover, several economies have developed stringent regulations to regulate the food quality and distribution standards. For instance, Food Guidance & Regulation – FDA in U.S., General Food Law Regulation and European Food Safety Authority (EFSA) in Europe regulate the standards for manufacturing, processing, industry systems, and import/export activities. Compliance with these quality and distribution standards are expected to present strong growth prospects to the global refrigerated road transport market over the forecast period.
Asia Pacific refrigerated road transport market size accounted for 31.16% of the global industry share, is expected to continue its dominance over the forecast period. Moreover, the market in the region is also expected to witness highest growth over the near future, primarily owing to the world’s largest population base that in turn led to high consumption requirements, and presence of large number of emerging economies that include China, India, Thailand, Indonesia and other ASEAN economies.
Some of the major players in the refrigerated road transport market are China International Marine Containers Ltd., Daikin Industries, Ltd., Ingersoll-Rand PLC, Hyundai Motor Company, Lamberet SAS, Singamas Container Holdings Limited, Schmitz Cargobull AG, United Technologies Corporation (Carrier Corporation), Utility Trailer Manufacturing Company, and Wabash National Corporation. Reducing the engine power consumption, providing efficient and better cooling capacities at competitive costs are among the prominent strategies adopted by the players to strengthen their industry foothold. For instance, in December 2017, ABC Transport purchased 6 Maxi-CUBE refrigerated trailers that were integrated with the Carrier Vector 8600 Multi-Temp (MT) units. On average, these installations featured 26% less fuel consumption, 20% less engine power consumption and 4% better cooling capacity than the competition
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