Technological Innovations in Refrigerated Systems and Equipment to Drive the Market for Refrigerated Transport Market
The refrigerated transport market is estimated to account for USD 14.64 billion in 2018 and is projected to reach USD 19.29 billion by 2023, growing at a CAGR of 5.67% from 2018 to 2023. Refrigerated transportation is one of the essential links in the cold chain system for the distribution of food commodities, such as bakery & confectionery products, dairy products, beverages, fresh fruits & vegetables, ice creams, frozen dairy products, processed meat, and fish & seafood products. The growth of the refrigerated transport market is attributed to the technological advancements in refrigerated transport systems and equipment, increasing globalization, and a surge in demand for temperature-controlled food systems and containers across the globe.
Based on various refrigerated road transport products, the refrigerated transport market has been segmented into LCV, MHCV, and HCV. The LCV segment dominated the refrigerated transport market in terms of value in 2017. North America is a key market for the LCV segment owing to its robust infrastructure, distribution, and transportation system. The Asia Pacific region is expected to be a leading revenue generating pocket for the LCVs segment owing to the increased demand of the ready-to-eat foods.
The vapor compression systems segment, by technology is sub-segmented into air-blown evaporators and eutectic devices. The refrigerated transport market in both India and China are in the developmental stage. Thus, Asia Pacific refrigerated transport market is expected to witness moderate growth and holds high growth prospects for the air-blown evaporator technology in the coming years.
In 2018, Asia Pacific is estimated to occupy the largest share of the global refrigerated transport market in terms of value and volume. The region consists of key revenue generating countries such as India and China. These countries have a large consumer base and lucrative opportunities for the chilled and frozen food products. In addition, development in the automotive industry of these countries is expected to encourage the growth of the refrigerated transport market in the region.
The market is dominated by key players, such as United Technologies (US), Daikin Industries (Japan), Ingersoll-Rand (Ireland), China International Marine Containers (China), and Utility Trailer (US). Other key players identified in the market include Singamas Container (China), Hyundai (South Korea), Schmitz Cargobull (Germany), Fahrzeugwerk Bernard Krone (Germany), Lamberet (France), Kögel Trailer (Germany), Great Dane (US), Webasto (Germany), and Wilhelm Schwarzmuëller (Austria). Innovative and new product launches, strategic acquisitions, expansions, supply contracts, and collaborations were the key strategies adopted by these players to enhance their product offerings and capture a larger market share. Adoption of these strategies is likely to increase the demand for the refrigerated transport market.
