The global market for Road Transport Refrigeration Equipment is forecast to reach US$11.4 billion by 2024, driven by rising investments in food cold chain infrastructure against the backdrop of its emergence as an integral prerequisite to achieve food security goals given its ability to reduce food wastages and losses. Also poised to drive growth in the market is innovation in refrigeration and cold storage technologies that help enhance cooling and freezing effectiveness in an energy efficient and environmental friendly manner. Essentially an investment intensive business sector, food cold chain is now becoming increasingly affordable thanks to cost reducing innovations and the resulting increased adoption in developing countries where lack of cold chains have until now resulted in massive food losses. In addition to the food industry, the bio-pharma industry is also emerging into a lucrative end-user of cold chain transport driven by the strong growth in demand for biologics and biosimilar drugs which are more sensitive to environmental conditions when compared to conventional drugs. The United States represents the largest market worldwide. Asia-Pacific is poised to emerge as the fastest growing market with a CAGR of 8.9% over the analysis period led by factors such as developments in road infrastructure; dietary changes due to globalization of the food industry and the resulting increase in consumption of ready-to-eat processed, frozen and chilled foods; and development of cross-country and cross-continent highway networks and the resulting freeing up of goods movement across countries. Of special note is the development of Asian Highway Network (AH), a joint collaborative development project undertaken by countries in Asia and Europe to develop road connectivity between the two continents.  

Company and Industry News & Stories
  • Marigold Expands its Fleet with Carrier’s ICELAND to Improve the Sustainability of Logistics Operations
  • Thermo King Collaborates with Frigoblock for Developing the SLXi Hybrid Refrigerated Trailer Unit
  • HNA Group Acquires AHG in a Transaction Valued at US$305 Million
  • Biocoop Becomes First Customer of Carrier’s Refrigeration Trailer Unit for Developing Over-The-Road Refrigeration Using CO2
  • The Cold Consortium Ltd Collaborates with Hubbard Products to Offer Innovative Transport Refrigeration Solutions

Outlook in Key Market Segments
  • Through 2024, Truck Refrigeration System & Bodies will remain the largest market followed by Van Refrigeration System & Bodies.
  • Sales of Van Refrigeration System & Bodies is forecast to benefit from the ongoing development of urban cold chain infrastructure.

Product Definition & Scope
  • Road Transport Refrigeration Equipment is defined as cooling systems designed for road transport vehicles such as Vans, Trucks and Trailers. These cooling systems are engineered for chilling or freezing products which need to be stored in a controlled temperature climate. These mobile Refrigeration units are powered either by the vehicle’s engine or are integrated with portable, independent diesel generator sets.

Timeline for Analysis
  • Market Estimates and Forecasts for 2016-2024
  • Historic Review 2011-2015

Geographic Markets Analyzed
  • US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Latin America, and Rest of World

Market Segmentation & Classification
  • Product Segments:
    • Van Refrigeration System and Bodies, Truck Refrigeration System and Bodies, and Trailer Refrigeration System and Bodies

Major Players
  • Chereau SAS
  • Ingersoll-Rand plc
  • GAH Refrigeration Ltd.
  • Great Dane
  • Hubbard Products Ltd.
  • Lamberet SAS

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