Global Transport Refrigeration Units Market 2017-2021

Overview of the global transport refrigeration units market

Research analysis on the global transport refrigeration units market identifies that the increase in online purchases will be one of the major factors that will have a positive impact on the growth of the market. Technavio’s market research analysts predict that this market will grow at a CAGR of nearly 6% by 2021. The shift in consumers' preferences, from the basic brick and mortar shops to online sites, has significantly contributed to the growth of transport refrigeration units. Owing to technological advancements and the rising competition among grocers, there is a significant shift in the consumers’ needs and expectations in the grocery retail sector. In India, Bigbasket and Grofers have become popular for their wide range of groceries available for online shopping. The Bigbasket online store has a wide range of products from staples, vegetables, meat, fish, gourmet items, and household goods to personal care items. Owing to the convenience in online shopping, the e-grocery market is witessign significant growth. This rise in the e-commerce sector for groceries simultaneously increases the demand for refrigerated transportation to deliver perishable goods, subsequently driving the demand for transport refrigeration units market. In terms of geographic regions, North America will be the major revenue contributor to the transport refrigeration units market throughout the forecast period. The increasing demand for processed foods and pharmaceuticals coupled with investments towards the expansion of cold supply chain, will drive the growth of the transport refrigeration units market in North America.

Competitive landscape and key vendors

The transport refrigeration units market is fragmented with the presence of international and regional vendors. Though many new vendors enter the market, they find it difficult to sustain in the sector due to the tough competition from the international players particularly in terms of quality, features, functionalities, and services. The competitiveness in the market is likely to increase during the forecast period with product innovations, technological advances, and mergers and acquisitions. The leading vendors in the market are -

• Carrier
• DAIKIN INDUSTRIES
• Ingersoll Rand
• MITSUBISHI HEAVY INDUSTRIES

The other prominent vendors in the market are CHEREAU, China International Marine Containers, Great Dane, Hubbard Products, LAMBERET, LAMILUX, Morgan Corporation, Schmitz Cargobull, Utility Trailer Manufacturing Company, and Wabash National Corporation

Segmentation by modes of transportation and analysis of the transport refrigeration units market

• Land ways
• Seaways
• Airways

During 2016, the landways segment accounted for the major shares of the transport refrigeration units market. The increased convenience and faster transportation of products such as pharmaceuticals, food products, chemicals, and plants through refrigerated trucks and vans will contribute to the growth of this industry segment in the coming years.

Segmentation by end-user and analysis of the transport refrigeration units market

• Food
• Pharmaceutical

According to this market research report, the food sector will hold the maximum share of the transport refrigeration units market until 2021. The high utilization of refrigeration systems for cooling food products to maintain their quality and taste and the introduction of incentives for small and medium food processing units by the Indian government, will have a positive impact on the market’s growth in the food sector.


 Source: Technavio