Global Refrigerated Vehicle Market Overview:
Refrigerated vehicles are used to transport hazardous food, pharmaceuticals, and health products. Growing population and consumer spending on food have boosted their products around the world. Among the foods, dairy products, as well as fresh fruit and vegetables, have to be refrigerated and transported to be sustainable. Refrigerated vehicles include large types of vehicles that are used for various transportation needs depending on loading requirements. Some of their types include refrigerated trucks, refrigerated trucks, refrigerated trailers, refrigerated railcars, reefer ships, refrigerated air transport, reefer containers, atmosphere-controlled containers, intermodal reefer containers, insulated containers, integrated reefer containers, and multimodal temperature containers. Increasing consumer awareness of fresh produce is one of the important factors that have increased demand for refrigerated vehicles around the world. Developing and underdeveloped countries have underdeveloped cold chain infrastructure, which leads to the destruction of large numbers of food each year. This also increases the storage costs of the food manufacturers and distributors, as they have to maintain local distribution points in the area of demand. The growing population and rising per capita income in these countries are increasing the demand for food, which further increases the demand for refrigerated vehicles in these countries. The consumption of dairy products in countries in the Asia-Pacific region has also increased significantly recently. The pharmaceutical and health industries have also grown rapidly in these developing countries, which is also leading to a demand for refrigerated vehicles in this area. Companies in the refrigerated vehicle market are improving the fuel efficiency and noise reduction of these vehicles. According to AMA, the Global Refrigerated Vehicle market is expected to see growth rate of 5.9% and may see market size of USD20.19 Billion by 2026.
- Increasing International Trade of Perishable Commodities
- Technological Innovations in Refrigerated Systems and Equipment
- Increase in the Use of Advanced Cold Rooms
- The Growth in Demand for Frozen Perishable Commodities
- Lack of Transport Infrastructure Connectivity and Skilled Manpower in Developing Economies
- The High Growth of Connected Logistics to Save Fuel Costs
- Integration of Multi-Temperature Systems in Trucks and Trailers
- Maintaining Product Integrity During Transportation of Perishable Commodities
- Rising Fuel Costs and High Capital Investment Requirement
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Some of the key players profiled in the report are Carrier Corporation (France), CMA CGM (France), GAH (Refrigeration) Ltd. (United Kingdom), Maersk Line (Denmark), Daikin Industries (Japan), Ingersoll-Rand (Ireland), China International Marine Containers (China), Utility Trailer (United States), Singamas Container (China), Hyundai (South Korea), Schmitz Cargobull (Germany), Fahrzeugwerk Bernard Krone (Germany), Kögel Trailer (Germany) and Great Dane (United States). Additionally, following companies can also be profiled that are part of our coverage like Webasto (Germany), Wilhelm Schwarzmuëller (Austria), Bay & Bay Trucking (United States) and Lamberet (France). Analyst at AMA Research see Global Manufacturers to retain maximum share of Global Refrigerated Vehicle market by 2026. Considering Market by Mode of Transportation, the sub-segment i.e. Roadways will boost the Refrigerated Vehicle market.
Latest Market Insights:
In February 2019, Kraft Heinz had entered into a distribution partnership with Indo Nissin Foods (India), so as to offer products such as Cup Noodles and Top Ramen Instant Noodles. The development had thereby helped the company to distribute and make its global product portfolio available to Indian consumers.
In July 2019, Nestlé had launched its YES! snack bars in a new recyclable paper wrapper. The launch further supported the confectionery industry for using recyclable paper packaging. and In March 2019, Nestlé had opened a new R&D center in Beijing and a system technology hub in Shenzhen. The new R&D center had thereby enabled the company to accelerate trend-based innovation in China to meet consumer demands. The system's hub had also furthermore strengthened collaboration with Chinese partners and suppliers in the area of systems.
What Can be Explored with the Refrigerated Vehicle Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Refrigerated Vehicle Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Refrigerated Vehicle
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Refrigerated Vehicle market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Refrigerated Vehicle market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Regulatory Authorities and Associations, Infrastructure Providers, Raw Material Suppliers, Component Suppliers/Distributors, End Users and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.