Global Road Transport Refrigeration Equipment Market Overview
The Road Transport Refrigeration Equipment Market Size was estimated at 14.73 (USD Billion) in 2022.The Road Transport Refrigeration Equipment Industry is expected to grow from 15.52(USD Billion) in 2023 to 24.8 (USD Billion) by 2032. The Road Transport Refrigeration Equipment Market CAGR (growth rate) is expected to be around 5.35% during the forecast period (2024 - 2032).
Key Road Transport Refrigeration Equipment Market Trends Highlighted
One of the key market trends is the growing demand for temperature-controlled transportation due to the increasing consumption of perishable goods and pharmaceuticals. This trend is driven by the rising population and urbanization, as well as the growing demand for fresh and healthy food. There is a significant opportunity for growth in the market for road transport refrigeration equipment due to the increasing demand for efficient and reliable transportation solutions. The rising demand for temperature-controlled transportation is a key opportunity for companies operating in the market.Another key market trend is the adoption of advanced technologies such as telematics and GPS tracking systems. These technologies allow fleet managers to track the location and temperature of their refrigerated trailers in real time, which helps to improve efficiency and reduce costs. The adoption of advanced technologies is a significant trend in the market, and companies that are able to offer these technologies will be well-positioned to capitalize on the growing demand for temperature-controlled transportation. Finally, the growing demand for sustainable solutions is also driving the adoption of electric and hybrid refrigerated trailers. These trailers offer a more environmentally friendly alternative to traditional diesel-powered trailers, and they are becoming increasingly popular in urban areas. The growing demand for sustainable solutions is a key opportunity for companies operating in the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Road Transport Refrigeration Equipment Market Drivers
Increasing Demand for Perishable Goods
Increased population and urbanization are leading to an increased demand for perishable goods. Fresh produce, meat, and dairy products fall in the category of perishable goods. Driving the demand for road transport refrigeration equipment, since the equipment is critical in preserving the quality and safety of these products in transit. The Road Transport Refrigeration Equipment Market Industry is anticipated to grow greatly in the following years, which is attributed to the high demand for perishable goods.Growth in the adoption of e-commerce is also projected to boost the market growth. The adoption of the e-commerce option has translated into increased demand for refrigerated transport services. There is a low entry barrier as the equipment is unavailable, leading to many retailers hiring transport refrigeration equipment. Another factor that continues to drive demand for road transport refrigeration equipment is the increased awareness of food quality and safety.
Government Regulations on Food Safety
Rising government regulations related to food safety are one of the major trends for the growth of the Road Transport Refrigeration Equipment Market Industry, as food needs to be transported at specific temperatures for safety and quality. As a result, road transport refrigeration equipment helps to maintain these temperatures while the food or other products are being transported. This reduces food spoilage and other forms of contamination. Therefore, the rising adoption of these government rules and regulations over food is expected to benefit the market.Additionally, the growing awareness with regard to the entire process of food safety and quality.
Technological Advancements
New technologies are appearing to facilitate the design of road transport refrigeration equipment that is more efficient and less expensive. This equipment will be able to work with alternative refrigerants, be insulated with the use of more sophisticated and less expensive materials, and be equipped with more advanced control systems, including telematics. The Road Transport Refrigeration Equipment Market Industry is bound to develop further due to the emergence of new technologies.
Road Transport Refrigeration Equipment Market Segment Insights
Road Transport Refrigeration Equipment Market Type Insights
The Road Transport Refrigeration Equipment Market can be segmented by Type, including Truck Refrigeration Units, Trailer Refrigeration Units, Refrigerated Vans, and Other Road Transport Refrigeration Equipment. Truck Refrigeration Units are expected to dominate the market and grow the fastest. The increasing demand for the transported goods to be refrigerated has been the driving force behind the growth observed in this segment. These transported goods, along with food and beverage products, include pharmaceuticals and chemicals. Trailer Refrigeration Units are also expected to grow significantly.The uniform refrigeration of transported goods is convenient, so this equipment is becoming more popular. Refrigerated Vans have seen a growth in demand because they are more versatile and cost-efficient to use for short-distance transportation. The growth of the market is expected to be driven by the increased demand for perishable goods to be transported in a lower-temperature environment. The growth of the market is also accelerated by the implementation of government policies and regulations concerning the transportation of perishable goods.The market with the largest share is expected to be North America, followed by Europe and Asia Pacific. The growth of the market in North America is driven by the region’s abundance of food and beverage manufacturers, along with the strict guidelines regarding these products’ transportation. Europe is relatively close to North America in terms of market share due to the region’s developed infrastructure and the demand for food and beverage products. Asia Pacific is expected to be the fastest-growing market due to the region’s enlarged demand for perishable goods and the increased popularity of e-commerce.The report profiles the major players of the market, including Carrier Transicold, Thermo King, Daikin Industries, Mitsubishi Heavy Industries, and Hubbardton Forge. These companies manufacture various truck refrigeration units, trailer refrigeration units, and refrigerated vans, along with other specialized equipment. 
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Road Transport Refrigeration Equipment Market Application Insights
The application segment for the Road Transport Refrigeration Equipment Market provides analysis regarding the applications for refrigeration equipment used in the road transport sector. One of the key application segments is the Perishable Foods segment which is projected to be the largest application segment in the year 2023. The rise in demand for fresh food items, including fruits, vegetables, meat, and other perishable food items, is a key driving factor. The Frozen Foods segment is another application segment that is projected to rise steadily due to the increase in frozen meals and convenience food products.The Pharmaceuticals segment is also one of the key application segments for Mental Health Management. Transportation of temperature-sensitive drugs and vaccines is a key factor for refrigeration. The Chemicals segment for refrigeration is a key driving factor for the transportation of hazardous and flammable chemicals. Flowers, electronics, and others are some of the other applications for road transport refrigeration equipment.
Road Transport Refrigeration Equipment Market Control Type Insights
The Road Transport Refrigeration Equipment Market is segmented by Control Type into Manual, Automatic, and IoT-enabled. Among these, the Automatic segment held the largest market share in 2023, accounting for nearly 42.5% of the Road Transport Refrigeration Equipment Market revenue. The growth of this segment can be attributed to the increasing adoption of automated systems in the transportation industry, which offer improved temperature control, reduced operating costs, and enhanced safety. The Manual segment is expected to witness significant growth over the forecast period, owing to its affordability and widespread adoption in smaller fleets and developing regions.However, the IoT-enabled segment is projected to grow at the highest CAGR during the forecast period, driven by the rising demand for real-time monitoring and remote-control capabilities in the transportation of perishable goods.
Road Transport Refrigeration Equipment Market Regional Insights
The regional segmentation of the Road Transport Refrigeration Equipment Market offers valuable insights into the market's geographical distribution and growth potential. North America is projected to retain its dominant position in the market, with a significant share of the Road Transport Refrigeration Equipment Market revenue. Europe follows closely behind, driven by increasing demand for refrigerated transportation in the region. Asia Pacific (APAC) region is poised to witness substantial growth in the coming years, owing to rising demand from emerging markets such as China and India.South America and the Middle East and Africa (MEA) regions are expected to contribute moderately to the overall market growth. Key factors influencing the regional market dynamics include varying regulations, economic conditions, and infrastructure development. Understanding the regional market dynamics enables market players to tailor their strategies and capitalize on growth opportunities in specific regions. 
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Road Transport Refrigeration Equipment Market Key Players And Competitive Insights
Major players in the Road Transport Refrigeration Equipment Market industry are constantly developing and improving their products to meet the evolving needs of customers. Leading Road Transport Refrigeration Equipment Market players are investing heavily in research and development to stay ahead of the competition. The Road Transport Refrigeration Equipment Market development is driven by the increasing demand for refrigerated transportation services. The growing demand for temperature-controlled transportation of perishable goods is also contributing to the market growth. The Road Transport Refrigeration Equipment Market Competitive Landscape is highly competitive, with a number of major players vying for market share. Some of the key competitive strategies adopted by players include product innovation, strategic partnerships, and acquisitions.Carrier Transicold is a leading provider of transport refrigeration equipment and services. The company offers a wide range of products, including truck and trailer refrigeration units, containers, and portable refrigeration units. Carrier Transicold has a strong presence, with operations in over 100 countries. The company is known for its innovative products and its commitment to customer service.Thermo King is another major player in the Road Transport Refrigeration Equipment Market. The company offers a wide range of products, including truck and trailer refrigeration units, containers, and portable refrigeration units. Thermo King has a strong presence, with operations in over 80 countries. The company is known for its high-quality products and its reliable service.
Key Companies in the Road Transport Refrigeration Equipment Market Include
Road Transport Refrigeration Equipment Market Industry Developments
The road transport refrigeration equipment market is projected to reach USD 24.8 billion by 2032, exhibiting a CAGR of 5.35% during the forecast period (2024-2032). Increasing demand for perishable goods, stringent regulations regarding food safety, and technological advancements in refrigeration systems drive market growth. The growing adoption of electric vehicles and autonomous driving technologies presents opportunities for innovation in the market. Key industry participants are investing in research and development to enhance the efficiency and sustainability of their products. Strategic partnerships and acquisitions are also shaping the competitive landscape. Recent developments include Carrier Transicold's launch of its new Supra Series trailer refrigeration units, designed for improved fuel efficiency and reduced emissions. Thermo King has also introduced its new Advancer A-Series units, which offer enhanced temperature control and connectivity features.
Road Transport Refrigeration Equipment Market Segmentation Insights
Road Transport Refrigeration Equipment Market Type Outlook
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Truck Refrigeration Units
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Trailer Refrigeration Units
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Refrigerated Vans
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Other Road Transport Refrigeration Equipment
Road Transport Refrigeration Equipment Market Application Outlook
Road Transport Refrigeration Equipment Market Control Type Outlook
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Manual
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Automatic
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IoT-enabled
Road Transport Refrigeration Equipment Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
14.73(USD Billion) |
| Market Size 2023 |
15.52(USD Billion) |
| Market Size 2032 |
24.8(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.35% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
ENGIE, GEA, Carrier Transicold, Carrier, CIMC, Hwasung Thermo, Daikin, Dometic, Zanotti, Thermo King, Cooling, LEC Refrigeration, Jackstone Refrigeration, Klinge Corporative, Wingold, Lamberet, Schmitz Cargobull, Hubbard Refrigeration, Mitsubishi Heavy Industries, SOR, REFF, AXIOMTEK, Arlington Industries, Delta Thermo Control, Hanna Technology |
| Segments Covered |
Type, Application, Control Type, Regional |
| Key Market Opportunities |
E-commerce growth increasing demand for perishable goods Stricter food safety regulations Technological advancements Expanding cold chain infrastructure |
| Key Market Dynamics |
Growing demand for perishable goods Advancements in refrigeration technology Stringent regulations for food safety Rising concern for product quality Increasing adoption of telematics systems |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Road Transport Refrigeration Equipment Market size was valued at USD 15.52 billion in 2023 and is projected to reach USD 24.8 billion by 2032, exhibiting a CAGR of 5.35% during the forecast period.
North American region is expected to dominate the Road Transport Refrigeration Equipment Market, accounting for the largest market share during the forecast period.
The refrigerated trucks segment is expected to hold the largest share of the Road Transport Refrigeration Equipment Market during the forecast period.
Key competitors in the Road Transport Refrigeration Equipment Market include Carrier Transicold, Thermo King, Daikin Industries, Mitsubishi Heavy Industries, and Zanotti.
Key trends driving the growth of the Road Transport Refrigeration Equipment Market include increasing demand for perishable goods, rising adoption of e-commerce, and growing focus on food safety.
Challenges faced by the Road Transport Refrigeration Equipment Market include stringent regulations, high maintenance costs, and fluctuating raw material prices.
Opportunities for growth in the Road Transport Refrigeration Equipment Market include technological advancements, expanding cold chain infrastructure, and increasing demand for temperature-controlled transportation.
The Road Transport Refrigeration Equipment Market is projected to grow at a CAGR of 5.35% from 2024 to 2032.
Key factors contributing to the growth of the Road Transport Refrigeration Equipment Market include rising urbanization, increasing population, and changing dietary habits.
Major applications of Road Transport Refrigeration Equipment include transportation of perishable goods, pharmaceuticals, and chemicals.
