In 2022, sales in the global transportation condensing units market are anticipated to reach US$ 2.8 Billion. By 2032, the market size is expected to reach US$ 4.87 Billion, growing at a robust 5.7% CAGR.
- According to a recent research report from Future Market Insights (FMI), more than 200 000 transportation condensing units were sold in 2018. The study also predicts that in 2019, the unit sales of transportation condensing units would expand by a promising little under 5% annually.
- Global transportation condensing units market size in 2018 – Nearly US$ 2.3 Billion The transportation condensing units market is likely to thrive at an estimated 5.6% CAGR over 2018-2028.
Rapid industrial advancements in the cold chain sector, changing federal regulations, and growing urbanisation, which continues to fuel demand for transportation of a variety of commodities via cold storage chain, are all likely to have an impact on the market for transportation condensing units.
While medium-to-high capacity, or 10-15 KW transportation condensing units, account for over 45% of total sales, it is highly likely that high-capacity, or above 15 KW, transportation condensing units, which currently account for just under a fourth of the market volume, will gain momentum in the coming years. This expansion has been attributed by the research to a rise in the need for expansive application fields.
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The most common users of transportation condensing units, according to the report, are single-temperature, single-compartment refrigerated trailers/trucks or multi-temperature, multi-compartment refrigerated trailers/trucks.
Developed Regions Account for over 70% Share in Total Sales of Transportation Condensing Units
Since the markets for transportation condensing units in Europe and North America are established, they are projected to experience moderate growth rates in the years to come. Additionally, the majority of vehicles in these areas that use transportation condensing units are trailers. Currently, the market for transportation condensing units worldwide is dominated by North America and Europe, with a combined volume share of over 70%.
In Latin America and ASEAN nations, the modernisation of existing shops, pack houses, and ripening facilities is predicted to provide profitable
possibilities in the market for transportation condensing units. According to the analysis, during the coming years, the East Asia-South Asia-Oceania cluster would experience significant market expansion.
In recent years, China’s manufacturing of transportation condensing units has started to prosper. With an annual value of about US$ 300 billion, China has been a significant supplier of agricultural and animal products to the world. The lack of adequate chilling facilities will increase the range of potential new developments in infrastructure, which will increase the need for transportation condensing units.
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Competition Landscape of transportation Condensing Units is Consolidated and Turning Highly Dynamic
Food, pharmaceuticals, biologics and bioengineered drugs, vaccines, as well as some industrial chemical classes, are among the most temperature-sensitive, perishable products that can be managed and monitored in the cold chain with the assistance of transportation condensing units or transportation refrigeration units. The market for transportation condensing units will continue to benefit from the growing installation of these units for short- and long-haul applications on individual and commercial carriers.
The competition landscape of the global transportation condensing units is highly consolidated, with the top two accounting for nearly 90% of the total revenue generated. Strategic efforts of a majority of leading players are most likely to remain concentrated in engineering improved designs of transportation condensing units, planning stronger product launches, and maintaining a high sustainability quotient. Constant efforts are expected to emerge in the introduction of innovative materials and technologies to extend product life cycles.
Key market players are also focused on enhancing their production capabilities, for better geographic reach. Importantly, strong distribution network, powerful customer management, and unique product and service portfolios are likely to remain the key developmental strategies of leading players competing in the global transportation condensing units market landscape. Moreover, companies will focus on the expansion in international markets by the assessment of demand patterns in various regional markets.
Prominent players in transportation condensing units market will also strategize on strengthening relationships with distribution partners and local market operators, as well as others across the supply and distribution network. Looking at the swift expansion of retail space, several companies are also investing in establishing tie-ups with a variety of retail channels. Some of the leading companies are also augmenting investments in the development of next-generation hybrid-electric transportation condensing units, according to FMI’s analysis.
Some of the key companies that have been covered in the global transportation condensing units market report, include Carrier Transicold, Thermo King, Guangzhou Snowfall Refrigeration Equipment Co., Kingtec, Zanotti, and Electric Reefer Solutions.
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Key Segment
By Cooling Capacity
- Below 5 KW
- 5 – 10 KW
- 10 – 15 KW
- 3.4. Above 15 KW
By Compressor Type
- Reciprocating
- Rotary
- Scroll
By Sales Channel
- OEM
- Aftermarket
By Vehicle Type
- Trucks
- Trailers
Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
Transportation Condensing Units Market Structure Analysis
- The global transportation condensing units market is a consolidated competition landscape, wherein, tier 1 companies hold more than 82% revenue share.
- While most prominent players maintain strategic focus on the North American and European markets, FMI’s report states that new technology assessment and environment-friendly products will be an important developmental strategy for companies.
- Leading players in the transportation condensing units market are also concentrating on the ASEAN, Indian, and Chinese markets where cost competitiveness will remain a strong differentiation strategy.
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