Transport Refrigeration Services Market Market to Reach $44.32 Billion by 2032 Segments Analysis by Top Key Players :Transport Refrigeration & Trailer Service, Mulvey Refrigeration Technology, Quality Transport Refrigeration Services, Reefer Service, Cold

Transport Refrigeration Services Market Market to Reach $44.32 Billion by 2032 and it was valued USD 12.74 billion in 2021.

Amid the COVID-19 crisis, the global market for Road Transport Refrigeration Equipment estimated at US$3.9 Billion in the year 2022, is projected to reach a revised size of US$4.6 Billion by 2026, growing at a CAGR of 4.5% over the analysis period. Trailers, one of the segments analyzed in the report, is projected to grow at a 4.2% CAGR to reach US$2.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Heavy Trucks segment is readjusted to a revised 4.7% CAGR for the next 7-year period. This segment currently accounts for a 29.5% share of the global Road Transport Refrigeration Equipment market. Heavy trucks are used for medium distance outstation deliveries; while trailers and trailer trains are used for inter-state and inter-national long distance deliveries. Temperature-controlled equipment manufacturers are also focusing on the development of innovative refrigeration units for intermodal trailers that provide improved reliability and protect sensitive components during critical transportation operations including protection against vibration, shock, and thermal stress.

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By application, Chilled food was the largest application segment in the global market.
Chilled food products are substantially growing and are expected to witness high-growth prospects in the emerging economies of Asia Pacific, South America, and the Middle East amidst the growing consumption of convenience foods in these regions. Apart from this, the expansion of fast-food chains and supermarkets is expected to create lucrative opportunities for chilled food product manufacturers and refrigerated transport service providers in the coming years.

By mode of transport, MHCV is the second fastest growing segment in the global market.
Refrigerated MHCV are used for medium-distance transportation from one city to another. These semi-trucks are also used when the delivery of perishable goods is time sensitive. Perishable goods such as fish, meat, and milk, and dairy products are mostly transported with the help of trucks. The increase in the use of multi-temperature refrigerated systems provides an option to transport more than one perishable item at a time, improving transportation efficiency via trucks.

By temperature, multi-temperature was the fastest growing segment in the global refrigerated transport market.
With the growth of the foodservice industry, the fleet of multi-temperature refrigerated trailers has continued to increase in size and significance. Multi-temperature refrigerated trailers are equipped with evaporators and host unit controls that provide different temperatures in one trailer. These units now feature microprocessors that control, monitor, pre-trip, and trouble-shoot each temperature zone within the complete multi-temperature system.

By technology, fully electrified segement is anticipated to be the fastest growing segment in the market over the foreseeable future.
A full-electric vehicle virtually have zero pollution and green house gas (GHG) emission. These features are promoting the major players to introduce fully electric vehicles in the global market. For instance, in March 2022, ThermoKing, one of the leading and innovative players in the refrigerated vehicle manufacturers, announced to expand its portfolio with the launch of new vehicle refrigeration systems, 'e200'.

Transport Refrigeration Services Market Segmentation by Type:

Container, Van, Truck, Trailer.

Transport Refrigeration Services Market Segmentation by Application:

Fruit, Vegetables, Marine Products

The Transport Refrigeration Services market was studied across the Americas, Asia-Pacific, Europe, Middle East & Africa based on region. The Americas is further explored Transport Refrigeration Services report across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied Transport Refrigeration Services report across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further analyzed Transport Refrigeration Services report across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, and Thailand. Finally, Europe, the Middle East & Africa is further studied. Transport Refrigeration Services report across France, Germany, Italy, Netherlands, Qatar, Russia, Saudi Arabia, South Africa, Spain, United Arab Emirates, and the United Kingdom.

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Cumulative Impact of COVID-19 on Transport Refrigeration Services report:

Our ongoing Transport Refrigeration Services report research amplifies our research framework to ensure the inclusion of underlying COVID-19 issues and potential paths forward. In addition, the updated study provides insights, analysis, estimations, and forecasts, considering the COVID-19 impact on the Transport Refrigeration Services market.

The Porter Matrix evaluates and categorizes the Transport Refrigeration Services vendors in the market based on Business Strategy (Industry Coverage, Business Growth, Financial Viability, and Channel Support) and Transport Refrigeration Services Product Satisfaction (Ease of Use, Product Features, Value for Money, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.

Transport Refrigeration Services Market Share Analysis: Knowing Transport Refrigeration Services's market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the Transport Refrigeration Services market characteristics in accumulation, dominance, fragmentation, and amalgamation traits.

Vans & Light Trucks Segment to Reach $537.4 Million by 2026

Typically, vans are used for short distance and frequent local deliveries. As customer demand for frozen foods is generally in small quantities and multiple batches of assorted products, the scenario is expected to create demand for small refrigerated vehicles like vans and pick-up trucks. In the global Vans & Light Trucks segment, USA, Canada, Japan, China and Europe will drive the 5.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$325.1 Million will reach a projected size of US$472 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$49.2 Million by the year 2026.

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Recent Developments
In March 2022, United Technologies Corporation partnered with Phillips Connect with the launch of Utility Connect. The Utility Connect system stems from Utility's proprietary wiring harness that has been re-engineered to work with the Phillips Connect Smart7 nosebox. Utility recognized early on the advantages of providing the highest quality, corrosion-free harnesses that would seamlessly and reliably connect to multiple sensors for the trailer's life.
In January 2022, Carrier Corporation expanded its electrification capabilities through a new alliance with ConMet adding wheel-based power generation that captures energy that otherwise would be wasted during braking events. The alliance also advances Carrier's broader zero-emission transport refrigeration solutions, with the availability of electric options for the trailer, truck, and light commercial vehicle customers before the end of 2022, helping address upcoming emissions regulations.
In October 2021, Trailer Dynamics GmbH and trailer manufacturer Krone have announced a strategic partnership. The common goal is the production-ready development of an electrified trailer that significantly reduces the diesel and CO2 emissions of diesel semitrailer tractors and increases the range of BEV semitrailer tractors..

Regional Insights:

North America to Dominate Backed by Surging Demand for Processed Foods

North America is estimated to hold the largest road transport refrigeration equipment market share, owing to the growing demand for processed foods and elevated spending on the development of the cold supply chain throughout Canada and the U.S.

Asia Pacific has numerous commercial opportunities for the cold chain industry, involving storage and shipping.

Additionally, in Europe, nearly 25%-35% of the population bought online food and groceries led to a surging requirement for vans and truck refrigeration

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