As per the Fortune Business Insights report, titled “Road Transport Refrigeration Unit (Equipment) Market Size, Share & Industry Analysis, By Install Vehicle (Van & Light Truck, Heavy Truck, Trailer), By Mode of Operation (Single Temperature, Multi-Temperature), By Power Source (Vehicle Powered, Self-Powered), By Application (Food and Beverage Products, Pharmaceutical and Other Healthcare Products, Floral Products) and Regional Forecast, 2019-2026”, the market size in 2018 was 221.3 thousand units. The report also provides a wide spectrum of information regarding factors, drivers, trends, and dynamics that will influence the development of the market during the forecast period.
The global road transport refrigeration unit market size is slated to touch 339.3 thousand units by 2026, exhibiting a CAGR of 5.5% during the forecast period. The growing need to reduce carbon dioxide emissions from vehicles is likely to be the primary driving force behind the growth of this market. Transport refrigeration units cause large-scale pollution as they emit the harmful chlorofluorocarbons that are responsible for depleting the Ozone Layer. According to a study conducted by a private cold technology company, Dearman, refrigerated vehicles emit close to 49,125 tonnes of CO2, 22 tonnes of particulate matter, and 163 tonnes of NOx in London alone every year. This is expected to open up new avenues of innovation in this market and accelerate its growth during the forecast period.
Asia-Pacific to Emerge as the Most Lucrative Region; North America to Dominate
Asia-Pacific is set to emerge as the most promising region in the global road transport refrigeration market owing to growing concerns about food wastage, rising preference for fresh foods, and rapid urbanization. The region accounted for 44.2 thousand units in 2018, with India projected to register the highest CAGR in the continent. North America is anticipated to hold a commanding position as demand for processed food in the region is exceptionally high. In Europe, online retail for ordering food items is a thriving industry and it has led to an increased demand for refrigerated equipment. Additionally, the single market of the European Union (EU) facilitates convenient cross-border trade and commerce among member countries, which further enhances the potential of the market. In Latin America, Brazil and Mexico are leading the way, with the former expected to grow at an impressive CAGR.
Focus on Sustainability to Present New Innovation Opportunities
Prominent players in the road transport refrigeration unit market are ramping up their investment in R&D activities to develop innovative eco-friendly products. For example, in May 2019, Frigoblock and Thermo King teamed up to test their alternator and inverter-drive technology and SLXi Hybrid trailer systems respectively. The process involved testing of a prototype of hybrid refrigeration equipment to be attached under high-loaders, trucks, and drawbar trailers. In the same month, Carrier TransiCold unveiled the Vector HE 19 (High Efficiency), its next-generation temperature-controlled trailer system.
Companies in the road transport refrigeration equipment market:
- Ingersoll-Rand (Thermo King Corporation & FrigoBlock Grosskopf GmbH)
- Zhengzhou Corun Tech Co., Ltd
- Mitsubishi Heavy Industries Thermal Systems Ltd.
- Subros Ltd.
- Zanotti S.p.A. (Daikin Europe N.V.)
- Carrier Transicold
- Kingtec Group Company Limited (Denso)
- G.A.H. Refrigeration
- Songz Automobile Air Conditioning Co. Ltd.
Browse Complete Report Details – https://www.fortunebusinessinsights.com/industry-reports/road-transport-refrigeration-equipment-market-101604