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Global Road Transport Refrigeration Equipment Market Share, Size, Growth: By Install Vehicle: Van and Light Trucks, Heavy Trucks, Trailers; By Mode of Operation: Single Temperature, Multi Temperature; By Power Source: Vehicle Powered, Self-Powered; By Application; Regional Analysis; Market Dynamics; Competitive Landscape; 2018-2028

Global Road Transport Refrigeration Equipment Market Outlook

The global road transport refrigeration equipment market size attained a value of more than USD 3.66 billion in 2022. The industry is expected to grow at a CAGR of 4.50% during the forecast period of 2023-2028, driven by the flourishing end-use industries, including e-commerce, pharmaceutical, food and beverage, among others.

 

Road Transport Refrigeration Equipment Market Trends

Road transport refrigeration equipment is defined as a control component, which is used to adjust the temperature of freight stored in a container. Refrigeration of perishable goods is crucial in the process as it can save cost, time, and value of the stock. This equipment is used to preserve variety of products ranging from food products, pharmaceuticals, and some medicines, among others.

 

  • The road transport refrigeration equipment market growth is being driven by the efficient operability of the product in harsh environments. Availability of this equipment in diverse spectrum of dimensions, including space, weight, and single/multi temperature provision, among others, offers better options for the consumers.
  • The thriving food and beverage industry, supported by the rising disposable income and rapid urbanisation, is increasing the sale of meat, vegetable, and fruits, which require hygienic refrigerated environment. Hence, the increasing domestic demand for these products across the emerging economies is providing significant impetus to the road transport refrigeration equipment market development.
  • The expansion of pharmaceutical business is a key factor which is propelling the trade of medicines and drugs. Pharmaceutical products are sensitive and require pre-cooling, temperature monitoring, and precise loading practice, which are conditions fulfilled by vehicles installed with road transport refrigeration equipment.

 

Market Analysis

Based on install vehicle, the road transport refrigeration equipment industry can be segmented into van and light trucks, heavy trucks, and trailers. On the basis of mode of operation, the market can be classified into single temperature and multi temperature. By power source, the market has been categorised into vehicle powered and self-powered.

 

The major applications of the product are food and beverage products, pharmaceutical and other healthcare products, and floral products, among others. The regional markets can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following road transport refrigeration equipment companies, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

 

  • Mitsubishi Heavy Industries Ltd.
  • G.A.H. Refrigeration Ltd.
  • Hwasung T&T Co.,Ltd.
  • Daikin Industries Ltd.
  • Carrier Global Corporation
  • GAH (Refrigeration) Ltd
  • Others

 

Market Share by Install Vehicle

The van and light truck segment, based on install vehicle, accounts for a significant share in the global road transport refrigeration equipment market. Vans are convenient and quick which enable nearby delivery easy and reliable. Refrigerated vans are witnessing a high demand for the transportation of perishable goods as it protects the goods from decaying, while allowing transporters achieve schedule flexibility. Meanwhile, light trucks enable the companies transport more goods in a scheduled time. In addition, trucks are strong and prevent melting and disintegration of goods. Moreover, light trucks are ideal for transporting vaccines which is a major driving factor of the segment owing to the outbreak of harmful viruses. Moreover, currently traces of COVID are still in the air, which is pushing the vaccine transportation, leading to the expansion of road transport refrigeration equipment market.

 

Market Share by Mode of Operation

Based on mode of operation, the multi-temperature segment is expected to witness a steady growth in the forecast period. Multi-temperature road transport refrigeration equipment allows the management of distinguished temperatures withing the unconnected cells. Multi-temperature cells are useful in the transportation of packaged food products owing to the separate requirement of temperatures, which is a crucial driving factor of the market. In addition, multi-temperature road transport refrigeration equipment is suitable for both light and heavy transportation vehicles, which is further bolstering the growth of this segment. Furthermore, multi-temperature multi-temperature road transport refrigeration units are witnessing increased innovations, such as the development of diesel units with superior technical concept.

 

Competitive Landscape

Mitsubishi Heavy Industries Ltd. is a popular technological innovator based in Japan. This company was founded in the year 1884 and offers wide range of refrigeration units for trucks and trailers. Apart from refrigeration equipment, Mitsubishi Heavy Industries Ltd. innovates ships, aircrafts, heavy manufacturing machinery, and automobiles, among others. As of March 2022, this company employees a workforce of 78,000+ employees.

 

G.A.H. Refrigeration Ltd. is a renowned transport refrigeration company which offers refrigeration systems for vans and cabs of different sizes and weights. G.A.H. Refrigeration Ltd. is known to provide fuel efficient and powerful solutions which cater to the transportation demands of various end use industries. The company was founded in 1993 and is currently headquartered in United Kingdom.

 

Hwasung T&T Co.,Ltd. was founded in the year 1977 as South Korea’s first truck refrigeration system manufacturer. It is a leading transport refrigeration manufacturer around to world. It currently exports transport refrigeration components across more than 40 countries. Hwasung T&T Co.,Ltd. is headquartered in Kyonggi-Do, and is investing heavily towards innovation.

 

Other market players include Daikin Industries Ltd., Carrier Global Corporation, and GAH (Refrigeration) Ltd, among others.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Install Vehicle
  • Mode of Operation
  • Power Source
  • Application
  • Region
Breakup by Install Vehicle
  • Van and Light Trucks
  • Heavy Trucks
  • Trailers
Breakup by Mode of Operation
  • Single Temperature
  • Multi Temperature
Breakup by Power Source
  • Vehicle Powered
  • Self-Powered
Breakup by Application
  • Food and Beverage Products
  • Pharmaceutical and other Healthcare Products
  • Floral Products
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Mitsubishi Heavy Industries Ltd.
  • G.A.H. Refrigeration Ltd.
  • Hwasung T&T Co.,Ltd.
  • Daikin Industries Ltd.
  • Carrier Global Corporation
  • GAH (Refrigeration) Ltd
  • Others

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface 
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions   
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments  
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Region
7    Industry Opportunities and Challenges  
8    Global Road Transport Refrigeration Equipment Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Road Transport Refrigeration Equipment Historical Market (2018-2022) 
    8.3    Global Road Transport Refrigeration Equipment Market Forecast (2023-2028)
    8.4    Global Road Transport Refrigeration Equipment Market by Install Vehicle
        8.4.1    Van and Light Trucks
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    Heavy Trucks
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
        8.4.3    Trailers
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2018-2022)
            8.4.3.3    Forecast Trend (2023-2028)
    8.5    Global Road Transport Refrigeration Equipment Market by Mode of Operation
        8.5.1    Single Temperature
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Multi Temperature
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
    8.6    Global Road Transport Refrigeration Equipment Market by Power Source
        8.6.1    Vehicle Powered
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022)
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Self-Powered
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022)
            8.6.2.3    Forecast Trend (2023-2028)
    8.7    Global Road Transport Refrigeration Equipment Market by Application
        8.7.1    Food and Beverage Products
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2018-2022)
            8.7.1.3    Forecast Trend (2023-2028)
        8.7.2    Pharmaceutical and other Healthcare Products
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2018-2022)
            8.7.2.3    Forecast Trend (2023-2028)
        8.7.3    Floral Products
            8.7.3.1    Market Share
            8.7.3.2    Historical Trend (2018-2022)
            8.7.3.3    Forecast Trend (2023-2028)
        8.7.4    Others
    8.8    Global Road Transport Refrigeration Equipment Market by Region
        8.8.1    Market Share
            8.8.1.1    North America
            8.8.1.2    Europe
            8.8.1.3    Asia Pacific
            8.8.1.4    Latin America
            8.8.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2018-2022)
        9.1.2    Forecast Trend (2023-2028)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2018-2022)
        9.2.2    Forecast Trend (2023-2028)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2018-2022)
        9.3.2    Forecast Trend (2023-2028)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2018-2022)
        9.4.2    Forecast Trend (2023-2028)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2018-2022)
        9.5.2    Forecast Trend (2023-2028)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Competitive Landscape
    11.1    Market Structure
    11.2    Company Profiles
        11.2.1    Mitsubishi Heavy Industries Ltd.
            11.2.1.1    Company Overview
            11.2.1.2    Product Portfolio
            11.2.1.3    Demographic Reach and Achievements
            11.2.1.4    Certifications
        11.2.2    G.A.H. Refrigeration Ltd.
            11.2.2.1    Company Overview
            11.2.2.2    Product Portfolio
            11.2.2.3    Demographic Reach and Achievements
            11.2.2.4    Certifications
        11.2.3    Hwasung T&T Co.,Ltd.
            11.2.3.1    Company Overview
            11.2.3.2    Product Portfolio
            11.2.3.3    Demographic Reach and Achievements
            11.2.3.4    Certifications
        11.2.4    Daikin Industries Ltd. 
            11.2.4.1    Company Overview
            11.2.4.2    Product Portfolio
            11.2.4.3    Demographic Reach and Achievements
            11.2.4.4    Certifications
        11.2.5    Carrier Global Corporation
            11.2.5.1    Company Overview
            11.2.5.2    Product Portfolio
            11.2.5.3    Demographic Reach and Achievements
            11.2.5.4    Certifications
        11.2.6    GAH (Refrigeration) Ltd
            11.2.6.1    Company Overview
            11.2.6.2    Product Portfolio
            11.2.6.3    Demographic Reach and Achievements
            11.2.6.4    Certifications
        11.2.7    Others
12    Industry Events and Developments

 

List of Key Figures and Tables

1.    Global Road Transport Refrigeration Equipment Market: Key Industry Highlights, 2018 and 2028
2.    Global Road Transport Refrigeration Equipment Historical Market: Breakup by Install Vehicle (USD Billion), 2018-2022
3.    Global Road Transport Refrigeration Equipment Market Forecast: Breakup by Install Vehicle (USD Billion), 2023-2028
4.    Global Road Transport Refrigeration Equipment Historical Market: Breakup by Mode of Operation (USD Billion), 2018-2022
5.    Global Road Transport Refrigeration Equipment Market Forecast: Breakup by Mode of Operation (USD Billion), 2023-2028
6.    Global Road Transport Refrigeration Equipment Historical Market: Breakup by Power Source (USD Billion), 2018-2022
7.    Global Road Transport Refrigeration Equipment Market Forecast: Breakup by Power Source (USD Billion), 2023-2028
8.    Global Road Transport Refrigeration Equipment Historical Market: Breakup by Application (USD Billion), 2018-2022
9.    Global Road Transport Refrigeration Equipment Market Forecast: Breakup by Application (USD Billion), 2023-2028
10.    Global Road Transport Refrigeration Equipment Historical Market: Breakup by Region (USD Billion), 2018-2022
11.    Global Road Transport Refrigeration Equipment Market Forecast: Breakup by Region (USD Billion), 2023-2028
12.    North America Road Transport Refrigeration Equipment Historical Market: Breakup by Country (USD Billion), 2018-2022
13.    North America Road Transport Refrigeration Equipment Market Forecast: Breakup by Country (USD Billion), 2023-2028
14.    Europe Road Transport Refrigeration Equipment Historical Market: Breakup by Country (USD Billion), 2018-2022
15.    Europe Road Transport Refrigeration Equipment Market Forecast: Breakup by Country (USD Billion), 2023-2028
16.    Asia Pacific Road Transport Refrigeration Equipment Historical Market: Breakup by Country (USD Billion), 2018-2022
17.    Asia Pacific Road Transport Refrigeration Equipment Market Forecast: Breakup by Country (USD Billion), 2023-2028
18.    Latin America Road Transport Refrigeration Equipment Historical Market: Breakup by Country (USD Billion), 2018-2022
19.    Latin America Road Transport Refrigeration Equipment Market Forecast: Breakup by Country (USD Billion), 2023-2028
20.    Middle East and Africa Road Transport Refrigeration Equipment Historical Market: Breakup by Country (USD Billion), 2018-2022
21.    Middle East and Africa Road Transport Refrigeration Equipment Market Forecast: Breakup by Country (USD Billion), 2023-2028
22.    Global Road Transport Refrigeration Equipment Market Structure.

Key Questions Answered in the Report

The market size reached a value of more than USD 3.66 billion in 2022.

The market is estimated to grow at a CAGR of 4.50% during the forecast period of 2023-2028 to attain a value of USD 4.77 billion by 2028.

The efficient operability, high safety, and wide range of services offered by the road transport refrigeration equipment are the major market drivers of the market. In addition, the robust expansion of the food and pharmaceutical sector is further aiding the market growth.

The key trends in the market include the growing expansion of the e-commerce sector, which is bolstered by the heightened digitalisation across the developed and developing economies.

It is necessary to transport perishable and sensitive goods from one place to another with full safety and hygiene.

The three main components of the equipment include condenser, compressor, and an evaporator.

The advantages of the equipment include improvement of community health, economic superiority, reduced road congestion, and greater fuel efficiency, among others.

The vehicles which use road transport refrigeration equipment include vans, light and heavy trucks, and trailers.

The equipments operate at single temperature and multi temperature.

The power sources include vehicle powered and self-powered.

This equipment finds extensive applications in food and beverage products, pharmaceutical and other healthcare products, and floral products, among others.

Mitsubishi Heavy Industries Ltd., G.A.H. Refrigeration Ltd., Hwasung T&T Co.,Ltd., Daikin Industries Ltd., Carrier Global Corporation, and GAH (Refrigeration) Ltd, among others, are the key market players, according to the report.

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