Market Research Report
Global Refrigerated Road Transportation Market - 2019-2026
|Published by||DataM Intelligence||Product code||916659|
|Published||Content info||130-180 Pages
Delivery time: 1-2 business days
|Global Refrigerated Road Transportation Market - 2019-2026|
|Published: November 14, 2019||Content info: 130-180 Pages||
The global Refrigerated Road Transportation market expected to reach $XX billion by 2026, at a CAGR of over XX% during the forecast period. The rising demand for the perishable packed food globally, is anticipated to drive Refrigerated Road Transportation market in the forecast period.
A refrigerated road transportation or refrigerator truck is a van or truck designed to carry perishable freight at specific temperatures. Like refrigerator cars, refrigerated trucks differ from simple insulated and ventilated vans, neither of which are fitted with cooling apparatus. Refrigerator trucks can be ice-cooled, equipped with any one of a variety of mechanical refrigeration systems powered by small displacement diesel engines, or utilize carbon dioxide (either as dry ice or in liquid form) as a cooling agent.
The report covers all the major trends and drivers playing a vital role in the growth of the global Refrigerated Road Transportation market. The global Refrigerated Road Transportation market has been segmented based on Application, Vehicle Type, and Region.
The global Refrigerated Road Transportation Market is primarily driven by rise in the demand for the perishable packed food in the market globally. The growing population coupled with the rising disposable income is positively impacting the sales and demand of the packed food which are often perishable. And the demand for these perishable packed food in the supermarket is enabling refrigerator truck to deliver them fast in the cities to cater the demand. And the rising shipment of the fresh food is also driving the market.
According to USDA's quarterly report from late 2017, shipments of refrigerated fruit and vegetables have been increasing since 2000. The report states, "At 7.72 million tons, reported shipments of refrigerated fruit and vegetables in the fourth quarter of 2017 were the third highest on record for any fourth quarter, behind 2016 at 8.05 million tons and 2011 at 7.99 million tons.
However, increasing fuel prices and the environmental impact of road transportation will be hampering the growth of the Refrigerated Road Transportation market for the forecast period.
By Application, the global Refrigerated Road Transportation Market is segmented into Chilled food, and Frozen food. Frozen food has the dominant position in the Refrigerated Road Transportation market of Vehicle Type segment due to rising demand for frozen food such as bakery products, ice cream, processed meat, frozen dairy products, and fish & seafood. And also, the rising fresh food demand and the shipment item delivery in cities will drive the market for refrigerated road transportation in the forecast period. It is expected that Frozen food will grow at a CAGR of ~XX% during the forecast period.
By Vehicle Type, the global Refrigerated Road Transportation Market is segmented into Refrigerated trailers, and Refrigerated vans. Refrigerated trailers have higher dominance in the application segment of Refrigerated Road Transportation as the trailers are bigger in size and are used to transfer shipment from ship to warehouses. However, due to rising supermarket and hypermarket in the cities require refrigerated van to carry frozen food from warehouses to their markets because of compact sizes, and hence refrigerated vans market will grow with a higher CAGR for the forecast period.
By geography, the global Refrigerated Road Transportation Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
APAC holds the largest market share for Refrigerated Road Transportation Market due to rising population coupled with the high demand for packed food. The rising infrastructure in the developing countries like India and China is positively impacting the road transportation. According to China government data, China's total fixed asset investment in transport infrastructure hit 2.28 trillion yuan ($327.77 billion) from January to September 2018, up 1.4 percent from a year earlier. According to a briefing by the Ministry of Transport, China's spending on high-speed highways reached 702.6 billion yuan, up 12 percent on the year, though much of the increase was offset by declines in investment in rural road infrastructure.
However, Europe region is projected grow at a highest CAGR during 2018-2023 due to latest technological advancements and the government norms which favors the cold chain industry coupled with the rise in the sales of heavy-duty trucks. For instance, in 2019, EU demand for heavy-duty trucks went up by 5.3%, despite the slowdown in July, August and September months. This growth was largely driven by the United Kingdom (+16.0%), France (+9.2%) and Germany (+8.2%). At the same time, heavy-truck registrations decreased in Italy (-6.7%) and Spain (-1.4%). The EU market for new vans expanded by 4.4% to reach 1.6 million vehicles registered in total. Each of the EU's major markets did well during the first nine months of the year: Germany (+11.2%), Italy (+6.9%), France (+5.9%), the United Kingdom (+4.5%) and Spain (+1.9%).
Key players are adopting strategies such as investing in R&D, new product launches, expansion in distribution channels to stand out as strong competitors in the market. Global Refrigerated Road Transportation Market is a fragmented market with the presence of various global and regional players in the market. The major players include Carrier Transicold, GAH Refrigeration, Culina, Swift Transportation, and Bay and Bay Transportation. Other key players in the market include DB Schenker, CRST International, Frost Trucking, Great Dane, and Hanson Logistics.