Transport Refrigeration Units Market by End-user, Modes of Transportation, and Geography - Forecast and Analysis 2020-2024

The transport refrigeration units market size has the potential to grow by USD 2.68 billion during 2020-2024, and the market's growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by end-user (food and beverages, pharmaceuticals, and others), mode of transportation (land route, sea route, and air route), and geography (North America, Europe, APAC, South America, and MEA). Also, the report analyzes the market's competitive landscape and offers information on several market vendors, including Carrier Global Corp., China International Marine Containers (Group) Co. Ltd., Daikin Industries Ltd., Great Dane LLC, Hubbard Products Ltd., Ingersoll Rand Inc., Jean CHEREAU SAS, LAMBERET SAS, LAMILUX Heinrich Strunz Holding GmbH & Co. KG, and Mitsubishi Heavy Industries Ltd.

Market Overview

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Market Competitive Analysis

The market is fragmented with the presence of international and regional vendors. Many new vendors are entering the market. However, they are finding it difficult to sustain in the sector due to tough competition from the international players, particularly in terms of quality, features, functionalities, and services. The competitiveness in the market is likely to increase during the forecast period with product innovations, technological advances, and mergers and acquisitions. Carrier Global Corp., China International Marine Containers (Group) Co. Ltd., and Daikin Industries Ltd. are some of the major market participants. Although the increase in online purchases will offer immense growth opportunities, the unavailability of skilled operators will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this transport refrigeration units market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market's competitive landscape and offers information on the products offered by various companies. Moreover, this transport refrigeration units market analysis report provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of their future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

• Carrier Global Corp.
• China International Marine Containers (Group) Co. Ltd.
• Daikin Industries Ltd.
• Great Dane LLC
• Hubbard Products Ltd.
• Ingersoll Rand Inc.
• Jean CHEREAU SAS
• LAMBERET SAS
• LAMILUX Heinrich Strunz Holding GmbH & Co. KG
• Mitsubishi Heavy Industries Ltd.

Transport Refrigeration Units Market: Segmentation by Geography

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APAC will offer several growth opportunities to market vendors during the forecast period. Factors such as the increase in demand for the food, pharmaceuticals, and chemical industries will significantly drive transport refrigeration units market growth in this region over the forecast period.

43% of the market's growth will originate from APAC during the forecast period. China is a key market for transport refrigeration units in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Transport Refrigeration Units Market: Segmentation by End-user

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Factors such as the advent of ready-to-eat and ready-to-cook food products, the rising preference for on-street snacking, the increasing online purchase of edible items, and the growth in retail stores are creating demand for food, especially pre-processed food. As a result, the use of refrigeration systems has increased. Moreover, the consumption of frozen food in countries such as India, China, and Indonesia has increased owing to the rising disposable incomes, rapid urbanization, and demographic changes. This is prompting manufacturers to increase their production levels to meet the rising demand. To ensure timely and safe delivery, the global market for transport refrigeration units is expected to witness a surge in growth during the forecast period.

The transport refrigeration units market share growth by the food and beverage segment will be significant during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the transport refrigeration units market size.

Transport Refrigeration Units Market: Key Drivers and Trends

Research analysis on the global transport refrigeration units market identifies the increase in online purchases as one of the major factors that will have a positive impact on market growth. Technavio's market research analysts predict that this market will grow at a CAGR of nearly 5% by 2024. The shift in consumers' preferences, from the basic brick and mortar shops to online sites, has significantly contributed to the growth of transport refrigeration units. Owing to technological advancements and the rising competition among grocers, there is a significant shift in the consumers? needs and expectations in the grocery retail sector. In India, Bigbasket and Grofers have become popular for their wide range of groceries available for online shopping. The Bigbasket online store has a wide range of products from staples, vegetables, meat, fish, gourmet items, and household goods to personal care items. Owing to the convenience of online shopping, the e-grocery market is recording significant growth. Therefore, this rise in the e-commerce sector for groceries is simultaneously increasing the demand for refrigerated transportation to deliver perishable goods, subsequently driving the demand for transport refrigeration units market.

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Transport Refrigeration Units Market: Key Highlights of the Report for 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive transport refrigeration units market growth during the next five years
• Precise estimation of the transport refrigeration units market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the transport refrigeration units industry across North America, Europe, APAC, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of transport refrigeration units market vendors

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