The new report by Expert Market Research titled, ‘Global Truck Refrigeration Unit Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global Truck refrigeration unit market, assessing the market based on its segments like type, application, industry vertical, bus length, vehicle type, and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 12.24 billion
- Forecast CAGR (2023-2028): 5.20%
- Forecast Market Size (2028): USD 16.63 billion
The market for truck refrigeration unit has seen substantial growth due to factors such as the rising demand due to changing consumer tastes as a result of busy lifestyles, there is a higher need for frozen food and fresh vegetables. The rising deployment of truck refrigeration systems to preserve the freshness of food intact during transportation is a crucial driver affecting the market’s growth.
Furthermore, the proliferation of supermarkets and quick-service restaurants such as Burger King, Subway, Taco Bell, KFC, and Pizza Hut in diverse locations has accelerated the growth of the truck refrigeration unit. Increased research and development activities in refrigeration technologies, as well as increased investments in the development of smart cities, have a significant impact on the market. Aside from the foodservice industry, the growing necessity to refrigerate pharmaceuticals, vaccines, and other chemicals is propelling the market forward.
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Additionally, during the forecast period, the rising popularity of electric and autonomous cars, as well as technological improvements in refrigerated systems and equipment, are expected to present lucrative opportunities for truck refrigeration unit market players, supporting market expansion.
Major Industry Segments
A truck refrigeration unit is a refrigerator system designed to convey temperature-sensitive commodities in logistical vehicles such as trucks and buses. The use of carbon dioxide in the form of ice or liquid as a cooling agent aids in the prevention of heat penetration as well as the use of refrigeration equipment to maintain the temperature.
Based on the type, the industry is divided into:
- Roof Mount System
- Split System
Based on the application, the industry is divided into:
- Frozen
- Chilled
Based on the industry vertical, the industry is divided into:
- Frozen Food
- Pharma Drugs and Chemical
- Ambulance and Passenger Transport
Based on the bus length, the industry is divided into:
- Less than 8 Metres
- 8 to 12 Metres
- More than 12 Metres
Based on the vehicle type, the industry is divided into:
- Light Commercial Vehicle (LCV)
- Medium and Heavy Commercial Vehicle (MHCV)
- Trailer (Container)
The regional markets for Truck refrigeration unit include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Market Trends
Geographically, the Asia Pacific region is one of the most important contributors to market expansion. This can be attributed to the region’s high frozen and chilled product consumption rates. Changing lifestyles, e-commerce expansion, higher spending power, and the need for convenience, among other things, are pushing the demand for frozen food, snacks, and fresh vegetables, which is driving the refrigeration unit sector.
Furthermore, the market is expanding as a result of increased expenditures in the foodservice sectors of countries like China and India to improve their cold storage facilities in order to minimise wasting commodities. Furthermore, as these spend more in the creation of smart cities, the need for truck refrigeration for the storage and transportation of food, chemicals, and medicines is expected to grow even faster during the forecast period.
Key Market Players
The major players in the market are Daikin Industries, Ltd., DENSO Corporation, Thermo King Corporation, VBG Group AB, Carrier Global Corporation, Mitsubishi Heavy Industries Thermal Systems, Ltd., among others.
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