Refrigerated Vehicle Market Scope
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%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. Research Analyst at AMA estimates that Global Manufacturers will contribute to the maximum growth of Global Refrigerated Vehicle market throughout the predicted period.
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) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Webasto (Germany), Wilhelm Schwarzmuëller (Austria), Bay & Bay Trucking (United States) and Lamberet (France).
Segmentation Overview
The study have segmented the market of Global Refrigerated Vehicle market by Type (Frozen and Chilled), by Application (Insulated container , Refrigerated truck, Multimodal temperature container and Atmosphere controlled container) and Region with country level break-up.
On the basis of geography, the market of Refrigerated Vehicle has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
The Growth in Demand for Frozen Perishable Commodities
Market Growth Drivers:
Increasing International Trade of Perishable Commodities, Technological Innovations in Refrigerated Systems and Equipment and Increase in the Use of Advanced Cold Rooms
Challenges:
Maintaining Product Integrity During Transportation of Perishable Commodities and Rising Fuel Costs and High Capital Investment Requirement
Restraints:
Lack of Transport Infrastructure Connectivity and Skilled Manpower in Developing Economies
Opportunities:
The High Growth of Connected Logistics to Save Fuel Costs and Integration of Multi-Temperature Systems in Trucks and Trailers
Market Leaders and their Expansionary Development Strategies
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.
Key Target Audience
Regulatory Authorities and Associations, Infrastructure Providers, Raw Material Suppliers, Component Suppliers/Distributors, End Users and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.