The Global Refrigerated Road Transportation Market is expected to grow at a CAGR of over 6% during the forecast period (2021-2028).
CLEVELAND, OHIO, UNITED STATE AMERICA, October 26, 2021 /EINPresswire.com/ —
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 global Refrigerated Road Transportation Market is primarily driven by rising 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 this perishable packed food in the supermarket is enabling refrigerator trucks to deliver them fast in the cities to cater to the demand. And the rising shipment of fresh food is also driving the market.
Increased usage of online shopping due to many efficient and easy-to-use online shopping platforms has also played a major part in driving the growth of the global refrigerated road transportation market. The prevalence of door-to-door delivery through transportation is rising which is having a positive impact on the growth of the market.
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 Vehicle Type
• Refrigerated trailers
• Refrigerated vans
• Chilled food
• Frozen food
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)
Asia Pacific region 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 developing countries like India and China is positively impacting road transportation. According to the Chinese 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, the European region is projected to grow at the highest CAGR during the forecasted period due to the latest technological advancements and the government norms which favor 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. 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 2019.
The 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.
The companies enter into collaborations, mergers, strategic partnerships, and acquisitions to increase refrigerated road transportation’s demand and expansion across the globe. 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. For instance, in March 2020, CRST International, Inc., one of the largest privately-held transportation companies in the USA, announced its acquisition of NAL Group.
NAL Group specializes in warehousing services, home delivery of bulky consumer durables, and courier services. This acquisition will help the company to expand its horizon and scope and increase its market penetration. In August 2019, Leslie Doggett Industries acquired the privately-held Great Dane Trailer distributor through its acquired Truck Enterprises Group.
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Source: EIN Presswire