Transportation Refrigerated Unit Market By Type (Landways, Seaways, and Airways), By Application (Food Transportation, Medicine Transportation, Chemicals Transportation, and Others), Industry Trends, Estimation & Forecast, 2023-2030

Market Overview

Transportation refrigerated units are used for the shipping of perishable and cold-stored food & beverage items from one place to another. The units are fitted with air-conditioning units and thick insulation such that the items inside are protected from external sunlight and moisture. The shipping of temperature-sensitive edible items are made possible using refrigerated units.

The Transportation Refrigerated Unit market was valued at 16.4 billion US$ in 2022 and is projected to reach 26 billion US$ by 2030, at a CAGR of 5.9% during the forecast period.

Transportation Refrigerated Unit Market Revenue by, 2022-2030

Market Dynamics

The rising transportation & shipping of perishable food & vegetable items and increasing consumer demand for frozen processed food products are the primary factors driving the market growth. The increased transport of perishable items over long distances has given rise to the proliferation in the adoption of refrigerated transportation units, propelling the growth of the market. The rising international trade of fruits and vegetables from areas of abundance to demand-rich regions have been made possible through the incorporation of refrigerated transportation units. The continued import & export of organic natural items would improve the prospects of market growth in the ensuing years. The piqued consumer interest in ready-to-eat edible items and frozen processed food products would further bolster the market growth prospects, allowing for the expansion of refrigerated transportation units over longer routes. However, high initial investments and the negative environmental impact of refrigerated units might hamper the market growth. The procurement of necessary equipment and machinery to be fitted inside trucks, trailers, ships, and airplanes is a cost-intensive affair, requiring substantial funding and capital investments at the beginning of a profitable business enterprise. The impact of cooling units on the environment and subsequent risks of contribution to potential global warming owing to the emission of ozone-depleting gases might act as severe challenges to the prospects of market growth during the forecast period. The gradual upliftment of product prospects in emerging economies would provide lucrative opportunities for the market in the coming years. The expansion in trade initiatives of organic vegetables and natural medicine from developing countries to demand-rich developed countries would offer key vendors with new possibilities of product sales and business expansion over the forecast period.

Market Segmentation

The global Transportation Refrigerated Unit market is mainly classified based on Type and Application. Type is segmented into Landways, Seaways, and Airways. By Application, the market is divided into Food Transportation, Medicine Transportation, Chemicals Transportation, and Others.

The Landways segment by Type holds a considerable share in terms of overall market value and volume owing to the broad product adoption in trucks and trailers. The profitable operations of refrigerated transportation units on roadways, albeit over short distances, would continue to boost the segment growth prospects.

In terms of volume, the Food Transportation Consumption by Application is poised to garner 3,901.0 K Units; growing at a CAGR of 6.2% during forecast period. The widening global consumer demand for authentic vegetables and exotic fruit products would influence a surge in product demand, bolstering segment growth in the coming years.

Regional Analysis

Based on geography, the global Transportation Refrigerated Unit market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is further divided in the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Italy, Russia, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific. The South America region includes Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

North America is a leading region and holds a significant share in terms of overall production volume and value owing to the establishment of expansive manufacturing facilities in the area. The increasing investments into the extension of production factories would improve the prospects of regional market growth.

Competitive landscape

The Transportation Refrigerated Unit market is relatively consolidated, with few global players operating with expansive manufacturing capabilities and extensive distribution networks for a global consumer base. The ability of global manufacturers to ensure product delivery even in remote areas of emerging regions would further strengthen their secure market positioning.

Key players operating in the Transportation Refrigerated Unit industry include Ingersoll Rand Plc, Carrier Corporation, Mitsubishi Heavy Industries, Ltd., Kingtec Group Company Limited, Hubbard Products Ltd., Schmitz Cargobull AG, Daikin Industries, Ltd., Zhengzhou Guchen Thermo Co., Ltd., and Hwasung Thermo.

The launch of new products after thorough development and expansion of business opportunities through strategic partnerships are the primarily followed business strategies of top players looking to capture substantial market share during the forecast period.

Transportation Refrigerated Unit Market Key Segments:

By Type
• Landways
• Seaways
• Airways

By Application
• Food Transportation
• Medicine Transportation
• Chemicals Transportation
• Others

Key Global Transportation Refrigerated Unit Industry Players
• Ingersoll Rand Plc
• Carrier Corporation
• Mitsubishi Heavy Industries, Ltd.
• Kingtec Group Company Limited
• Hubbard Products Ltd.
• Schmitz Cargobull AG
• Daikin Industries, Ltd.
• Zhengzhou Guchen Thermo Co., Ltd.
• Hwasung Thermo

Table of Content

1. Market Introduction
1.1. Executive Summary
1.2. Market Definition
1.3. Market Scope

2. Research Methodology
2.1. Primary Research
2.2. Research Methodology
2.3. Assumptions & Exclusions
2.4. Secondary data sources

3. Transportation Refrigerated Unit Market Overview
3.1. Report Segmentation & Scope
3.2. Key Market Trend
3.3. Drivers
3.3.1. Rising transportation & shipping of perishable food & vegetable items
3.3.2. Increasing consumer demand for frozen processed food products
3.4. Restraints
3.4.1. High initial investments and negative environmental impact of refrigerated units
3.5. Opportunity
3.5.1. Gradual upliftment of product prospects in emerging economies
3.6. Porter’s Five Forces Analysis
3.6.1. Porter’s Five Forces Analysis
3.7. Market Share Analysis

4. Type Overview
4.1. Introduction
4.1.1. Market Size & Forecast
4.2. Landways
4.2.1. Market Size & Forecast
4.3. Seaways
4.3.1. Market Size & Forecast
4.4. Airways
4.4.1. Market Size & Forecast

5. Application Overview
5.1. Introduction
5.1.1. Market Size & Forecast
5.2. Food Transportation
5.2.1. Market Size & Forecast
5.3. Medicine Transportation
5.3.1. Market Size & Forecast
5.4. Chemicals Transportation
5.4.1. Market Size & Forecast
5.5. Others
5.5.1. Market Size & Forecast

6. Transportation Refrigerated Unit Market Regional Overview
6.1. Introduction
6.1.1. Market Size & Forecast
6.2. North America Transportation Refrigerated Unit Market
6.2.1. North America Market Size & Forecast, By Country
6.2.2. North America Market Size & Forecast, By Type
6.2.3. North America Market Size & Forecast, By Application
6.2.4. U.S.
6.2.4.1. Market Size and Forecast
6.2.5. Canada
6.2.5.1. Market Size and Forecast
6.2.6. Mexico
6.2.6.1. Market Size and Forecast
6.3. Europe Transportation Refrigerated Unit Market
6.3.1. Europe Market Size & Forecast, By Country
6.3.2. Europe Market Size & Forecast, By Type
6.3.3. Europe Market Size & Forecast, By Application
6.3.4. Germany
6.3.4.1. Market Size and Forecast
6.3.5. France
6.3.5.1. Market Size and Forecast
6.3.6. UK
6.3.6.1. Market Size and Forecast
6.3.7. Italy
6.3.7.1. Market Size and Forecast
6.3.8. Russia
6.3.8.1. Market Size and Forecast
6.3.9. Rest of Europe
6.3.9.1. Market Size and Forecast
6.4. Asia-Pacific Transportation Refrigerated Unit Market
6.4.1. Asia-Pacific Market Size & Forecast, By Country
6.4.2. Asia-Pacific Market Size & Forecast, By Type
6.4.3. Asia-Pacific Market Size & Forecast, By Application
6.4.4. Japan
6.4.4.1. Market Size and Forecast
6.4.5. China
6.4.5.1. Market Size and Forecast
6.4.6. Australia
6.4.6.1. Market Size and Forecast
6.4.7. India
6.4.7.1. Market Size and Forecast
6.4.8. South Korea
6.4.8.1. Market Size and Forecast
6.4.9. Rest of Asia-Pacific
6.4.9.1. Market Size and Forecast
6.5. South America Transportation Refrigerated Unit Market
6.5.1. South America Market Size & Forecast, By Country
6.5.2. South America Market Size & Forecast, By Type
6.5.3. South America Market Size & Forecast, By Application
6.5.4. Brazil
6.5.4.1. Market Size and Forecast
6.5.5. Argentina
6.5.5.1. Market Size and Forecast
6.5.6. Rest of South America
6.5.6.1. Market Size and Forecast
6.6. Middle East & Africa Transportation Refrigerated Unit Market
6.6.1. Middle East & Africa Market Size & Forecast, By Country
6.6.2. Middle East & Africa Market Size & Forecast, By Type
6.6.3. Middle East & Africa Market Size & Forecast, By Application
6.6.4. GCC Countries
6.6.4.1. Market Size and Forecast
6.6.5. Egypt
6.6.5.1. Market Size and Forecast
6.6.6. South Africa
6.6.6.1. Market Size and Forecast
6.6.7. Rest of Middle East & Africa
6.6.7.1. Market Size and Forecast

7. Company Profile
7.1. Ingersoll Rand Plc
7.1.1. Company Basic Information, Manufacturing Base, Sales Area and Its Competitors
7.1.2. Ingersoll Rand Plc Product Category, Application, and Specification
7.1.3. Ingersoll Rand Plc Financial Performance (2015-2019)
7.1.4. Main Business/Business Overview
7.2. Carrier Corporation
7.3. Mitsubishi Heavy Industries, Ltd.
7.4. Kingtec Group Company Limited
7.5. Hubbard Products Ltd.
7.6. Schmitz Cargobull AG
7.7. Daikin Industries, Ltd.
7.8. Zhengzhou Guchen Thermo Co., Ltd.
7.9. Hwasung Thermo