Global Road Transport Refrigeration Equipment Market Forecast: Revenue is Prospected to Hit $11.95 Billion by 2029

Global Road Transport Refrigeration Equipment Market Overview

According to Global Market Monitor, the global road transport refrigeration equipment market size is $10.02 billion in 2024 and is expected to grow to $11.95 billion by 2029.Road transport refrigeration equipment is defined as a cooling system designed for road transport vehicles such as trucks, trucks, and trailers. These cooling systems are designed to cool or freeze products that need to be stored in a controlled temperature environment. These mobile refrigeration units are powered by the vehicle's engine or integrated with a portable stand-alone diesel generator.

With the demand for fresh perishable foods such as fruits, vegetables, and meat continuing to increase, the adoption rate of road transport refrigeration equipment is increasing. Some items can lose nutritional value and even be toxic after being refrigerated for a long time. The road transport refrigeration equipment can effectively transport these goods within the required time. In addition, innovations in road transport refrigeration unit technology have also greatly benefited industries such as the pharmaceutical and life sciences. For example, the device helps transport critical drugs and materials (such as blood samples) over long distances in a safe manner.

Market Challenges and Impact

A key variable in the performance of road transport refrigeration equipment manufacturers is raw material costs. Raw materials occupy an important market share in the production of the entire road transport refrigeration equipment industry. As the price of raw materials rises, the manufacturing costs of the manufacturers will be increased, thereby reducing the profits that manufacturers can obtain.

In addition, with the development of the economy, people have higher demands on wages, which has led to an increase in labor prices in various regions of the world. Because the production of road transport refrigeration equipment requires more labor, the cost of manufacturers increases as labor costs increase.

Market Competition

The top three companies are Carrier Transicold, A Thermo King (Ingersoll Rand), and DENSO with market shares of 17.16%, 11.35%, and 8.26% in 2023.

Carrier Transicold is a part of Carrier, a leading global provider of innovative HVAC, refrigeration, fire, security, and building automation technologies.Carrier Transicold produces refrigeration equipment. The Company's products include transport refrigeration, air conditioning systems, and accessories for markets throughout the world. It has been an industry leader, providing customers around the world with advanced, energy-efficient, and environmentally sustainable trailer refrigeration systems for light commercial vehicles, trucks, and trailers.

Company Name	Carrier Transicold
Website	www.carrier.com
Established Time	1915
Plants Distribution	North America
Sales Region	Worldwide