Global Refrigerated Road Transportation Market 2017-2021
About Refrigerated Road Transportation
Refrigerated transportation is used to supply customers with fresh and high-quality perishable goods such as fruits, vegetables, meat, and other perishables. Each of these food items requires to be kept at different temperatures. Refrigerated devices are used to maintain the temperature at the required limit during transportation.
Technavio’s analysts forecast the global refrigerated road transportation market to grow at a CAGR of 26.49% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global refrigerated road transportation market for 2017-2021. To calculate the market size, the report considers the revenue generated by the refrigerated road transportation vendors.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Refrigerated Road Transportation Market 2017-2021
Technavio recognizes the following companies as the key players in the global refrigerated road transportation market: Carrier Transicold, GAH Refrigeration, Culina, and Swift Transportation
Other Prominent Vendors in the market are: Bay & Bay Transportation, DB Schenker, CRST International, Frost Trucking, Great Dane, Hanson Logistics, MCT Transportation, Randon Implementos, Schmitz Cargobull, WEL Companies, West Coast Carriers, and Witte Bros. Exchange
Commenting on the report, an analyst from Technavio’s team said: “When perishable goods, such as vegetables, meat, and fruits are transported, especially over long distances, the temperature needs to be maintained throughout the transit. During equipment failure, the temperature in the trucks and trailers stops working resulting in spoilage of goods. When equipment failures go undetected for a considerable period of time, the products in the trucks and trailers get spoilt. To avoid the huge loss of goods, manufacturers have started installing temperature monitoring systems in the refrigerated units. Through the temperature monitoring system, a temperature alarm is set in each truck or trailer that is monitored either through fleet management software or intelligent alarm units and sends messages to the drivers in case of any equipment failure. Through these systems, the time taken to respond to refrigeration equipment failures is reduced by almost 70%, as the problem is immediately fixed or the goods are transferred to another truck, thereby saving the goods from spoilage.”
According to the report, the primary reason for the growth in frozen food segments is due to the lifestyle change and dietary patterns of consumers across the world. Frozen food, when compared with fresh foods, is perceived to be more nutritious, as the ingredients in the food are frozen. For instance, frozen broccoli has high levels of lutein and vitamin C compared with fresh broccoli. Similarly, frozen carrots and blueberries have more vitamin C and lutein content compared with its fresh form. The global frozen food market was valued at $255 billion in 2015 and will post a CAGR of 4% during the forecast period.
Further, the report states that use of diesel fuel is harmful to the environment as it releases black soot that contaminates the air particles and the surroundings. The cost of diesel fuel is also a major concern for refrigerated truck manufacturers. On an average, diesel power refrigeration unit consumes about 3.5 to 5 liters of diesel, per hour, costing around $1.00 -$1.50 per liter. An average input of 3,000 hours in a year, the cost of fuel for a conventional refrigeration unit will cost $12,000. The maintenance cost of refrigeration units is also expensive due to the complexity of the unit. On an average, the maintenance cost of refrigerated trucks will be $6,500 in a year. Though many vendors in the market have shifted to alternative and cost-effective methods, such as nitrogen systems, the majority of the vendors are still highly dependent on diesel fuel. Nitrogen systems used by many refrigeration transport units cost upwards of $8,000 per year, and almost 55%-60% of the maintenance costs gets reduced.
Carrier Transicold, GAH Refrigeration, Culina, Swift Transportation, Bay & Bay Transportation, DB Schenker, CRST International, Frost Trucking, Great Dane, Hanson Logistics, MCT Transportation, Randon Implementos, Schmitz Cargobull, WEL Companies, West Coast Carriers, Witte Bros. Exchange.