Road transport refrigeration equipment market to reach $4.6 billion by 2026

During the changing pandemic times, Global Industry Analysts Inc., report titled ‘Road Transport Refrigeration Equipment.

Global Market Trajectory & Analytics’ presents fresh perspectives on opportunities and challenges in road transport refrigeration equipment market. With growing importance of cold food chain, refrigerated road transportation is poised to witness increased demand in line with the growth in inland and outbound food logistics.

The coming years are expected to witness refrigerated vehicle fleet expansion among food transport companies. The technology innovation in refrigeration and cold storage is poised to drive growth in the market. Transport of harvest to processing plants and transport of processed foods to retail markets both provide business opportunities for refrigerated transport.

In the ongoing pandemic times, the global market for Road Transport Refrigeration Equipment estimated at US$3.5 Billion in the year 2020, is projected to reach a revised size of US$4.6 billion by 2026, growing at a CAGR of 4.5 percent over the analysis period. Trailers, one of the segments, are projected to grow at a 4.2 percent CAGR to reach US$2.8 billion by the end of the analysis period.

After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Heavy Trucks segment is readjusted to a revised 4.7 percent CAGR for the next 7-year period. This segment currently accounts for a 29.5 percent share of the global Road Transport Refrigeration Equipment market.

Continuous developments in cold chain are seen to benefit refrigerated cargo services for temperature sensitive perishable goods. Future growth in this market will be indirectly influenced by factors such as health of key industries like food and beverage, pharmaceuticals and chemicals; trade patterns and transportation costs; globalisation in food trade; food safety regulations; environmental regulations, economic, political, energy-related policies, and technological developments. Temperature-controlled equipment manufacturers are also focusing on the development of innovative refrigeration units for intermodal trailers that provide improved reliability and protect sensitive components during critical transportation operations including protection against vibration, shock, and thermal stress.