Refrigerated Transport Market

Market Leaders - Refrigerated Transport Market

The global refrigerated transport market is estimated to be valued at USD 14.64 billion in 2018 and is projected to reach USD 19.29 billion by 2023, recording a CAGR of 5.67% during the forecast period. The refrigerated transport market is driven by the rise in consumption of chilled & frozen food products, expansion of the e-commerce industry, and technological advancement in the refrigerated systems and equipment.

The key players in the refrigerated transport market include United Technologies (US), Daikin Industries (Japan), Ingersoll-Rand (Ireland), China International Marine Containers (China), and Utility Trailer (US). Other key players include Singamas Container (China), Hyundai (South Korea), Schmitz Cargobull (Germany), Fahrzeugwerk Bernard Krone (Germany), and Lamberet (France). Strategic acquisitions, expansions, supply contracts, and collaborations were the core strengths of the leading players in the refrigerated transport market. These strategies were adopted by the players to increase their market presence across regions. This also helped the players increase the presence of their businesses geographically, strengthen distribution networks, and enhance their product portfolios. Market leaders such as United Technologies (US) and Daikin Industries (Japan) tapped the potential markets through new product launches, acquisitions, and supply contracts.

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United Technologies is one of the leading players in the refrigerated transport market. The company’s subsidiary, Carrier Corporation (US), offers heating, air conditioning, and refrigeration solutions. Carrier Transicold (US), a subsidiary of Carrier Corporation (US) further provides refrigeration solutions for vans, trucks, trailers, and intermodal containers. The company offers its services for the food, chemicals, and pharmaceutical industry. It offers refrigeration solutions to transport food products such as banana, strawberry, and ice creams safely. The company focuses on developing a refrigerated transport system that reduces the carbon emissions and has a low impact on the environment. The company focuses on new product launch as one of its key strategy to expand its presence in the refrigerated transport market. For instance, in 2018, the company launched the Citimax280 and 400 series transport refrigeration units in SIAL China 2018, a food exhibition in China. These refrigeration solutions are specifically designed for the fresh or frozen goods delivered in small and medium-sized delivery vehicles. Apart from this, the company also adopted other strategies, such as joint ventures, acquisitions, collaborations, and supply contracts.

Daikin Industries is one of the leading players in the refrigerated transport market. The company manufactures and sells commercial, industrial and institutional heating, ventilation, and air conditioning (HVAC) products. The company’s air conditioning segment consists of air conditioning and refrigeration products, which include commercial, industrial, residential air conditioning systems, industrial refrigeration equipment, and electronic systems.  The company offers refrigeration solutions for reefer containers and operates through its business unit – Daikin Reefer. The company is engaged in the transportation of a wide range of foods including vegetables and fruits, such as apple, mango, and grapes. The company has adopted new product launches and acquisitions to expand its share in the refrigerated transport market. For instance, in 2017, the company introduced Active CA device for the refrigerated vans, through its subsidiary, Daikin Reefer. Through the launch, the company expanded its presence in the refrigerated transport market.

Related Reports:

Refrigerated Transport Market by Application (Chilled, Frozen), Mode of Transportation (Road, Sea, Rail, Air), Vehicle Type (LCV, MHCV, HCV), Temperature (Single Temperature, Multi Temperature), Technology, and Region - Global Forecast to 2023

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Report Code
FB 3014
Published ON
Aug, 2018
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