Refrigerated Road Transport Refers to the transportation of perishable foods such as fresh fruits and vegetables, fish, dairy products, meat, confectionary, and medications at low temperatures. Refrigerated road transport aids in the preservation and protection of pharmaceuticals, food, and medical supplies. Refrigerated transport systems are temperature-controlled insulated container systems that are utilized for many kinds of transportation.
Global Refrigerated Road Transport Market - Drivers
Significant growth of multi-chain food and beverage retail industry is anticipated to be among the prominent growth driver of the industry. The food and beverages industry retailing and servicing has witnessed considerable evolution over the last few years. Business models providing online services to cater to the consumer appetite requirements, and high growth in consumer motivation towards packaged foods are among the prominent trends witnessed across all the major economies of the globe. In conjunction with these factors, the development of stringent food quality standards, to safeguard consumer health will present strong growth prospects over the next few years. For instance, Food Guidance & Regulation – FDA in the U.S., General Food Law Regulation, and European Food Safety Authority (EFSA) in Europe regulate the standards for manufacturing, processing, industry systems, and import/export activities. However,
Global Refrigerated Road Transport Market - Opportunities
High urbanization rates in emerging economies in conjunction with the high inclination of population towards the frozen food products are among the prominent trends that have gained traction over the last few years. Easy-to-cook and ready-to-eat meals are among the prominent edible products in high demand in this region. Moreover, several economies have developed stringent regulations to regulate food quality and distribution standards. For instance, Food Guidance & Regulation – FDA in the U.S., General Food Law Regulation, and European Food Safety Authority (EFSA) in Europe regulate the standards for manufacturing, processing, industry systems, and import/export activities. Compliance with these quality and distribution standards is expected to present strong growth prospects to the global refrigerated road transport market over the forecast period.
Global Refrigerated Road Transport Market - Restraints
High initial investment and maintenance cost of these systems is expected to be among the major factors that will continue to hamper the overall industry growth over the next few years.
Global Refrigerated Road Transport Market - Trends
The expansion of e-commerce has increased the demand for refrigerated road transport to deliver fresh food and perishable goods to consumers.
Global Refrigerated Road Transport Market- Impact of Coronavirus (Covid-19) Pandemic
Global Refrigerated Road Transport Market was impacted by the ongoing COVID-19 outbreak and trade restrictions. However, the reopening of country borders is expected to resolve imposed transport and logistical issues due to stringent regulations regarding the transportation of raw materials.
During the ongoing COVID-19 outbreak, there were restrictions on international trade that prevented workers from entering the refrigerated road transportation market. Strict regulations regarding the transportation of raw materials, and the reopening of national borders are contributing to the resolution of transport and logistical issues.
Global Refrigerated Road Transport Market: Competitive Landscape
Key players operating in the Global Refrigerated Road Transport Market are China International Marine Containers Ltd., Daikin Industries, Ltd., Ingersoll-Rand PLC, Hyundai Motor Company, Lamberet SAS, Singamas Container Holdings Limited, Schmitz Cargobull AG, United Technologies Corporation (Carrier Corporation), Utility Trailer Manufacturing Company, and Wabash National Corporation.
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https://www.coherentmarketinsights.com/market-insight/refrigerated-road-transport-market-1136
Key Takeaways:
Global Refrigerated Road Transport Market was valued at US$ 19.05 Billion in 2023 and is estimated to reach US$ 29.37 Billion by 2030 exhibiting a CAGR of 6.38% between 2023 and 2030.
Global Refrigerated Road Transport Market - Recent Developments
In March 2021, Carrier Transicold, a global force in transport refrigeration and air-conditioning, will accelerate and enhance its electrification capabilities through a new strategic agreement with Portuguese Technology Company AddVolt open_in_new. The partnership allows Carrier to use AddVolt's proven, engine-agnostic technology to build novel sustainable transport refrigeration solutions for customers in Europe.
On August 2022, Locomotion (an autonomous trucking startup) and Stevens Trucking (a temperature-controlled trucking company) signed an eight-year deal to optimize autonomous vehicle routes near Oklahoma. Stevens intends to deploy up to 500 vehicles outfitted with Autonomous Relay Convoy (ARC) devices from Locomotion.
