1 Global Road Transport Refrigeration Equipment Market Size (Value) and CAGR (2024-2033)
In 2024, the global Road Transport Refrigeration Equipment market was valued at USD 9868.20 million, with a CAGR of 5.03% from 2024 to 2033.
Road transport refrigeration equipment is defined as a cooling system designed for road transport vehicles such as trucks, trucks and trailers. These cooling systems are designed to cool or freeze products that need to be stored in a controlled temperature environment. These mobile refrigeration units are powered by the vehicle’s engine or integrated with a portable stand-alone diesel generator.
Figure Global Road Transport Refrigeration Equipment Market Size (M USD) and CAGR 2024-2033
2 Road Transport Refrigeration Equipment Market Drivers
The road transport refrigeration equipment market is propelled by several key drivers that reflect the growing demand for temperature-controlled transportation solutions. One of the primary drivers is the increasing global demand for frozen and perishable goods. As living standards improve, consumers are more inclined to purchase ready-to-eat and frozen foods, driving up the need for efficient refrigeration equipment. For instance, in Poland, over 43% of the population consumes frozen foods due to their busy lifestyles. This trend is mirrored in other regions, contributing to the market’s growth.
Another significant driver is the expansion of the global frozen food market. The growth of this market is expected to continue, driven by economic growth and population increases in regions such as the Middle East, Africa, Latin America, and Asia-Pacific. The development of cold chain infrastructure, including warehouses and logistics, further supports the need for reliable refrigeration equipment.
Technological advancements in refrigeration units have also played a crucial role in driving market growth. Innovations have led to more efficient and environmentally friendly refrigeration systems that can maintain the integrity of perishable goods over long distances. For example, the development of multi-temperature road transport units allows carriers to transport multiple products requiring different temperatures, thereby reducing transportation costs and improving efficiency.
3 Road Transport Refrigeration Equipment Market Restraints
Despite the significant growth drivers, the road transport refrigeration equipment market also faces several challenges that can impact its development. One of the primary challenges is the fluctuation in raw material prices. Raw materials constitute a significant portion of the production costs for refrigeration equipment. As the prices of these materials rise, manufacturers face increased production costs, which can reduce their profit margins. This challenge is particularly acute in a market where competition is fierce and price sensitivity is high.
Another significant challenge is the increasing labor costs. The production of road transport refrigeration equipment requires a substantial amount of labor, from manufacturing to assembly and installation. As labor costs rise globally, manufacturers are faced with higher operational expenses. This can be particularly burdensome for smaller companies that may not have the economies of scale to absorb these increases.
Environmental regulations and sustainability concerns also pose challenges to the market. Governments around the world are increasingly implementing stricter environmental standards to reduce carbon emissions and promote sustainable practices. Refrigeration equipment manufacturers must comply with these regulations, which can require significant investments in research and development to produce more environmentally friendly products.
4 Global Road Transport Refrigeration Equipment Market Size and Share by Type in 2024
Van refrigeration systems and bodies are designed for smaller vehicles, typically used for local and regional transportation of perishable goods. These systems are essential for businesses that require flexibility and accessibility, such as small grocery stores, catering services, and pharmaceutical deliveries. In 2024, the market value for van refrigeration systems and bodies is projected to be $1,622.03 million. This segment is characterized by its versatility and adaptability to various vehicle sizes, making it a popular choice for small to medium-sized enterprises.
Truck refrigeration systems and bodies are designed for larger vehicles, such as medium and heavy-duty trucks. These systems are crucial for long-haul transportation and are commonly used in the food and beverage industry, as well as in the transportation of pharmaceuticals and chemicals. In 2024, the market value for truck refrigeration systems and bodies is expected to reach $3,190.02 million. These systems are known for their high capacity and ability to maintain consistent temperatures over extended periods, making them ideal for transporting large quantities of perishable goods.
Trailer refrigeration systems and bodies are designed for semi-trailers and are used for long-distance transportation of perishable goods. These systems are essential for intermodal transportation and are commonly used in the logistics and supply chain management of perishable products. In 2024, the market value for trailer refrigeration systems and bodies is projected to be $5,056.16 million. Trailers offer the highest capacity among the three types and are equipped with advanced refrigeration technologies to ensure the integrity of the goods during transit.
Table Global Road Transport Refrigeration Equipment Market Size and Share by Type in 2024
Type | Market Size (M USD) 2024 | Market Share 2024 |
Van Refrigeration System and Bodies | 1622.03 | 16.44% |
Truck Refrigeration System and Bodies | 3190.02 | 32.33% |
Trailer Refrigeration System and Bodies | 5056.16 | 51.24% |
5 Global Road Transport Refrigeration Equipment Market Size and Share by Application in 2024
The Food/Beverages segment is the largest application area for road transport refrigeration equipment. This segment includes the transportation of perishable food items such as meat, dairy products, fruits, vegetables, and beverages. In 2024, the market value for this segment is projected to be $6,760.29 million. The demand for reliable refrigeration systems in this segment is driven by the need to maintain the freshness and safety of perishable goods during transportation. The growth of the global food industry, particularly in emerging markets, has significantly contributed to the demand for refrigeration equipment in this application.
The Pharmaceuticals/Chemicals segment includes the transportation of refrigerated drugs, vaccines, and other temperature-sensitive chemicals. In 2024, the market value for this segment is expected to reach $1,627.38 million. The demand for refrigeration equipment in this segment is driven by the increasing production and distribution of pharmaceuticals and the need to maintain the integrity of these products during transportation. The growth of the global pharmaceutical industry, coupled with advancements in cold chain logistics, has further fueled the demand for refrigeration systems in this application.
The Plants/Flowers segment includes the transportation of flowers, plants, and other horticultural products. In 2024, the market value for this segment is projected to be $985.90 million. The demand for refrigeration equipment in this segment is driven by the need to preserve the freshness and quality of these products during transportation. The global horticultural industry, particularly in regions such as Asia-Pacific and Europe, has contributed to the demand for refrigeration systems in this application.
Table Global Road Transport Refrigeration Equipment Market Size and Share by Application in 2024
Application | Market Size (M USD) 2024 | Market Share 2024 |
Food/Beverages | 6760.29 | 68.51% |
Pharmaceuticals/Chemicals | 1627.38 | 16.49% |
Plants/Flowers | 985.90 | 9.99% |
Others | 494.64 | 5.01% |
6 Global Road Transport Refrigeration Equipment Market Size by Region in 2024
The Americas region, which includes North and South America, is the largest market for road transport refrigeration equipment. In 2024, the market value for this region is projected to be $5,640.42 million. The demand for refrigeration equipment in this region is driven by the well-developed food and beverage industry, particularly in the United States and Canada. The region’s robust infrastructure and high demand for fresh and frozen food products have significantly contributed to the market’s growth. The Americas region is expected to maintain its dominant position in the global market, driven by ongoing investments in cold chain infrastructure and the increasing demand for perishable goods.
The Europe region is the second-largest market for road transport refrigeration equipment. In 2024, the market value for this region is expected to reach $2,500.17 million. The demand for refrigeration equipment in Europe is driven by the region’s strong food and beverage industry and the need to maintain the cold chain for perishable goods. European countries, particularly Germany, France, and the UK, have well-developed logistics and transportation networks that support the efficient distribution of perishable products. The region’s focus on food safety and quality has further fueled the demand for advanced refrigeration systems.
The Asia-Pacific region is the fastest-growing market for road transport refrigeration equipment. In 2024, the market value for this region is projected to be $1,864.25 million. The demand for refrigeration equipment in this region is driven by the rapid growth of the food and beverage industry, particularly in countries such as China, Japan, and India. The region’s increasing population and rising middle-class incomes have led to a higher demand for fresh and frozen food products. Additionally, the development of cold chain infrastructure and advancements in refrigeration technology have significantly contributed to the market’s growth.
Figure Global Road Transport Refrigeration Equipment Market Size by Region in 2024
7 Major Players in Global Road Transport Refrigeration Equipment Market
7.1 Carrier Transicold
Company Profile
Carrier Transicold is a leading global provider of innovative HVAC, refrigeration, fire, security, and building automation technologies. Established in 1915, the company is headquartered in North America and operates manufacturing bases across the region. Carrier Transicold is known for its advanced and reliable refrigeration systems, which are used in a variety of applications, including road transport.
Business Overview
Carrier Transicold specializes in the production of refrigeration equipment for transport applications. The company’s products include van refrigeration systems, truck refrigeration systems, and trailer refrigeration systems. These solutions are designed to maintain the integrity of perishable goods during transportation, ensuring that products remain fresh and safe for consumption. Carrier Transicold’s commitment to innovation and sustainability has positioned it as a leader in the industry.
Product Offered
Carrier Transicold offers a comprehensive range of refrigeration systems tailored to different vehicle types and applications. Key products include the Supra® S6, a next-generation refrigeration unit designed for small to medium-sized trucks, and the X4™ 7500 trailer refrigeration unit, which sets the industry standard for high refrigeration capacity and temperature control.
Recent Financial Performance
In the most recent year, Carrier Transicold reported a revenue of $1383.05 million, with a gross margin of 35.66%.
7.2 Thermo King (Ingersoll Rand)
Company Profile
Thermo King, a subsidiary of Ingersoll Rand, is a renowned manufacturer of transport temperature control systems. Established in 1938, Thermo King is headquartered in North America and has manufacturing facilities across the region. The company is known for its advanced refrigeration units, which are used in trucks, trailers, shipboard containers, and railway cars.
Business Overview
Thermo King specializes in the production of refrigeration systems for various transport applications. The company’s products are designed to provide reliable temperature control, ensuring the safe transportation of perishable goods. Thermo King’s commitment to innovation and quality has positioned it as a leading player in the industry.
Product Offered
Thermo King offers a wide range of refrigeration systems, including the T-590, a next-generation refrigeration unit for straight trucks, and the Precedent® S-600 trailer refrigeration unit. These products are designed to deliver superior performance, fuel efficiency, and ease of use.
Recent Financial Performance
In the most recent year, Thermo King reported a revenue of $916.13 million, with a gross margin of 36.75%.
7.3 DENSO
Company Profile
DENSO is a leading manufacturer of automotive components and systems, with a significant presence in the refrigeration equipment market. Established in 1949, DENSO is headquartered in Japan and has manufacturing facilities in Japan and North America. The company is known for its high-quality refrigeration units, which are used in various transport applications.
Business Overview
DENSO specializes in the production of refrigeration systems for trucks and trailers. The company’s products are designed to provide reliable and efficient temperature control, ensuring the safe transportation of perishable goods. DENSO’s commitment to innovation and quality has positioned it as a leading player in the industry.
Product Offered
DENSO offers a range of refrigeration units, including truck refrigeration systems designed for transporting fresh and frozen food. These products are known for their reliability, efficiency, and ability to maintain strict temperature tolerances.
Recent Financial Performance
In the most recent year, DENSO reported a revenue of $670.74 million, with a gross margin of 32.72%.