ICT RESEARCH REPORTS 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,
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)