Refrigerated road transport refers to the automotive systems designed for transportation of perishable freights at specific temperatures to retain its quality over its course. These automotive are integrated with cooling apparatus, powered by small displacement diesel engines or utilize dry ice as cooling agent to maintain specific temperatures. Requirement to maintain the edible quality of the products and compliance to the regional food quality regulations, is projected to be among the prominent growth driver of the refrigerated road transport market over the forecast period (2017–2025).
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Significant growth of multi-chain food and beverage retail industry is anticipated to be among the prominent growth driver of the industry. Food and beverages industry retailing and servicing has witnessed considerable evolution over the last few years. Business models providing online services to cater the consumer appetite requirements, 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, 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 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, 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.
Growing stringency of regulatory bodies towards food quality standards in addition to the high consumer inclination towards packaged and refrigerated foods will fuel the industry growth
High urbanization rates in emerging economies in conjunction with high inclination of population towards the frozen food products is among the prominent trends that has 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 these region. Moreover, several economies have developed stringent regulations to regulate the food quality and distribution standards. For instance, Food Guidance & Regulation – FDA in 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 are expected to present strong growth prospects to the global refrigerated road transport market over the forecast period.
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Some of the major players in the 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. Reducing the engine power consumption, providing efficient and better cooling capacities at competitive costs are among the prominent strategies adopted by the players to strengthen their industry foothold. For instance, in December 2017, ABC Transport purchased 6 Maxi-CUBE refrigerated trailers that were integrated with the Carrier Vector 8600 Multi-Temp (MT) units. On average, these installations featured 26% less fuel consumption, 20% less engine power consumption and 4% better cooling capacity than the competition.