Data collated by Persistence Market Research regarding ‘Refrigerated Vehicles Market’ unveils a succinct analysis of the market size, regional spectrum and revenue forecast about the Refrigerated Vehicles Market. Furthermore, the report points out major challenges and latest growth plans embraced by key manufacturers that constitute the competitive spectrum of this business domain.
Refrigerated vehicles are used for transportation of vulnerable food, pharmaceutical and healthcare products. The increasing population and consumer spending on food products has surged their production globally. Among food products, dairy products and fresh fruits and vegetables require cold storage and transportation for their sustainability.
The increasing global warming has been emerging as a matter of great concern for the food producers globally which is reducing the shelf life of these products in non-refrigerated conditions. Most of the pharmaceutical and healthcare products need protection from heat and light to maintain their chemical and biological formulation. All these concerns have been driving the refrigerated vehicles market globally and are expected to increase in terms of growth rate during 2014-2020.
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Refrigerated vehicles include a large types of vehicles used in several transportation requirements based on loading requirement. Some of their types include refrigerated vans, refrigerated trucks, refrigerated trailers, refrigerated railcars, refrigerated ships, refrigerated transport by air, refrigerated containers, atmosphere controlled containers, intermodal refrigerated containers, insulated containers, integral reefer containers and multimodal temperature containers. The increasing consumer awareness about fresh products is one of the important factors which have been escalating the demand for refrigerated vehicles globally.
The developing and underdeveloped countries have an underdeveloped cold-supply chain infrastructure which leads to destruction of a large quantity of food products every year. This also increases warehousing charges of the food manufacturers and the distributors as they have to maintain local distribution points in the area of demand. The growing population and increasing per capita income in these countries is boosting the demand for food products which is further creating demands for the refrigerated vehicles in these countries. The dairy product consumption in Asia Pacific countries have also been increasing to a great extent in recent times. The pharmaceutical and healthcare industries have also been growing at a rapid pace in these developing countries which is creating demand for the refrigerated vehicles in this domain as well. The shortage of skilled labor and unstable fuel prices are the key hurdles for the refrigerated vehicles market. The companies operating in the refrigerated vehicles market are improving the fuel efficiency and noise reduction of these vehicles.
There have been several technology development and introduction in the recent times by the refrigerated vehicle manufacturers. They include CorroGuard and ThermGuard by Great Dane, Strip door solution for refrigerated trucks by R.O.M, GRIPTM by RTE, LED based indicator by Carrier, economical cold plates by Johnson, reefer monitoring system by PAR, reefer-trak sentry solutions by Star-Trak, Secureseal system by OEM Group, new alternator by Robert Bosch and Fleetview by Terion.
Among regions, North America dominated global sales of refrigerated vehicles market, followed by Europe. There are a large number of market players in the refrigerated vehicles market which are operating in a particular country or globally through their subsidiaries. The global refrigerated vehicles market is fragmented however; it is increasingly advancing towards consolidation with a number of companies engaged in merger and acquisition activities.The key market players include Great Dane Trailers, Ingersol Rand Company Limited, Mitsubishi Heavy Industries Limited, Schmitz Cargobull, R.O.M., Thermo King, Carrier Transicold, Johnson, PAR, Star-Trak, GE, OEM Group, Robert Bosch, Terion, Northgate Plc and Fraikin Limited.