Christy Publications Refrigerated Road Transport Market | Page 2

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.
On the basis of transportation modes, light commercial vehicles dominated the global
refrigerated road transport market in terms of volumes. Low ownership and maintenance cost
of vehicles, in addition to low space footprints, ease of handling and maneuverability in urban
locations are among the prominent factors that has led to significantly high adoption. However,
bulk transportation and food manufacturing capabilities limited by the availability of the
required raw material resources in certain locations, which account for the largest end use
industry, has led to significant contribution of heavy commercial vehicles in terms of value. HCVs
dominated the industry size in terms of the revenue generation contributing to around 45% of
the total market size.
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Asia Pacific refrigerated road transport market size accounted for 31.16% of the global industry
share, is expected to continue its dominance over the forecast period. Moreover, the market in
the region is also expected to witness highest growth over the near future, primarily owing to
the world’s largest population base that in turn led to high consumption requirements, and
presence of large number of emerging economies that include China, India, Thailand, Indonesia
and other ASEAN economies.
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,