Road Transport Refrigeration Equipment Market to Exhibit a CAGR of 5.3% from 2024 to 2032; Daikin Depicted its New Full-electric Transport Refrigeration Lineup at SOLUTRANS to Strengthen its Position

The global road transport refrigeration equipment market size stood at USD 4.09 billion in 2023. The market value is slated to rise from USD 4.27 billion in 2024 to USD 6.46 billion by 2032 at a CAGR of 5.3% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “Road Transport Refrigeration Equipment Market Size, Share & Industry Analysis, By Install Vehicle (Van & Light Truck, Heavy Truck, and Trailer), By Mode of Operation (Single Temperature and Multi Temperature), By Power Source (Vehicle Powered and Self Powered), By Application (Food and Beverage Products, Floral Products, and Pharmaceutical and Other Healthcare Products), and Regional Forecast, 2024 – 2032”

Road transport refrigeration equipment is necessary for the maintenance of particular temperature conditions to retain the freshness and quality of perishable goods, including chemicals, pharmaceuticals, food, or any other temperature-sensitive cargo during transit. The surging adoption of electric refrigeration units & usage of IoT and telematics is expected to augment the market growth. The deployment of the Internet of Things (IoT) and telematics technology into refrigeration units allows real-time monitoring of humidity, temperature, and other vital parameters during transit.

The COVID-19 pandemic led to a significant influence on the share of the road transport refrigeration equipment market. In the early phases of the pandemic, halts in supply chain and movement restrictions resulted in a temporary reduction in the demand for the product. In addition, the pandemic threw light on the crucial role of refrigeration equipment in the assurance of safe delivery of medical supplies and vaccines. It increased investments in efficient and advanced refrigeration solutions.

Daikin Unveiled its New Full-electric Transport Refrigeration Lineup at SOLUTRANS to Boost its Position

In November 2023, Daikin displayed its latest innovations in refrigeration equipment for trailers, vans, and trucks at SOLUTRANS. Moreover, emissions from internal combustion engines can be reduced by its plug-in hybrid and full-electric lineup. It helped visitors experience the shift of the transportation industry to green sources of energy. These are recent innovations in refrigeration units, which include the new Exigo trailer refrigeration unit equipped with the new Daikin telematics connectivity platform.

Market Growth is Driven by Increasing Demand for Refrigeration Units for Preventing Waste and Food Safety

Many developing nations, including Mexico, China, and India, witness food wastage due to poor road connectivity and refrigeration technologies. The use of fertilizer, energy, and water can be automatically decreased by reducing food wastage, eventually cutting down carbon emissions. In this regard, governments of several developing nations are implementing initiatives to create better refrigeration units and road connectivity to store other food items and crops.

Despite such opportunities, regulatory compliances & prohibitive cost of maintenance may impede the road transport refrigeration equipment market growth.

Top Companies Emphasize Product Innovations to Gain a Competitive Edge

Solar-powered, battery-powered, and electrical refrigeration systems are being developed by manufacturers to reduce the global warming rate. Many companies are focusing on launching new and innovative road transport refrigeration equipment to achieve a competitive advantage and boost their share in the market.

List of Key Players Profiled:

• Carrier (U.S.)


• Mitsubishi Heavy Industries (Japan)


• G.A.H. Refrigeration (U.K.)


• Hwasung Thermo Co. Ltd. (Korea)


• Trane Technologies plc (U.S.)


• Daikin Industries Ltd. (Italy)


• Songz Automobile Air Conditioning Co., Ltd. (China)


• Safkar (Turkey)


• Kingtec Group Company Limited (U.S.)


• Zhengzhou Corun Tech Co., Ltd. (China)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/road-transport-refrigeration-equipment-market-101604

Key Industry Development

• September 2023: Mitsubishi Heavy Industries Thermal Systems, Ltd. announced the exclusive release of the `TEJ35GAM' electric transport refrigeration machine for medium and small-sized trucks. This product aligns with the plug-in hybrid transport refrigeration machine `TE20/30 series' and the `TEJ35AM.’

Further Report Findings

• Regionally, North America captures the highest road transport refrigeration equipment market share, fueled by growing demand for processed foods in the U.S. In addition, consistent growth in the demand for frozen vegetables and food and rising investments toward the expansion of the cold supply chain further contribute to the regional growth.


• In terms of mode of operation, the multi temperature segment is anticipated to obtain the highest CAGR during the forecast period, propelled by the surging demand for efficient and versatile refrigeration solutions that can simultaneously transport products that need various temperature settings. Since, it is a saving option in transportation, it is often used for urban distribution.

Table of Segmentation