Truck Refrigeration Unit Market

Truck Refrigeration Unit Market Size (2023 - 2028):

The Global Truck Refrigeration Unit Market was worth US$ 12.73 billion in 2022 and is anticipated to reach a valuation of US$ 17.06 billion by 2028 and is predicted to register a CAGR of 5.15% during 2023-2028.

Market Overview:

Truck refrigeration units are control devices that allow trailers to cool down or warm up when turned on or off. These are special trucks equipped with various systems of refrigeration units, designed to transport perishable products while maintaining the temperature. As a cooling agent, carbon dioxide in the form of ice or liquid is used to preserve products such as frozen fruits, seafood, meats, dairy products, and vegetables, as they require an ideal temperature to maintain.

An important application of refrigeration is food preservation. Cold chains play a crucial role in the refrigerated and frozen food industry. They help preserve produce during transport from farm to consumer by providing transport refrigeration. Refrigerated trucks and trailers are used to handle food under proper conditions. These types of vehicles are refrigerated at temperatures of 1.5 to 4 ° C for cold food and -18 ° C for frozen food. In lightweight of the growing demand for cold chain provision, the reefer business is proliferating and influencing the globalization of food safety and life sciences. The surge in worldwide cold logistics has increased the demand and adoption of truck refrigeration units in the last few years.

Market Drivers:

An increase in consumer demand for high-quality and safe fresh produce is likely to be a major driver for the global Truck Refrigeration Unit market during the forecast period. In addition, increased opportunities for food producers and increased distances between warehouses and consumers are likely to drive the demand for refrigerated trucks, which is expected to drive the market for truck refrigeration units. Also, an increased demand for refrigerated vehicles from the healthcare industry to provide adequate controlled temperature, hygiene, and safety is expected to drive the business. Furthermore, the governments of different countries are implementing strict regulations for pharmaceutical products in order to improve their quality. This is expected to drive the global truck refrigeration unit market for years to come.

Market Restraints:

Additionally, factors restraining the growth of the global truck refrigeration unit market include growing health concerns regarding the consumption of frozen fruits and vegetables. In addition, in the event of a major vehicle breakdown, perishable goods in the vehicle are damaged.

Market Key Developments:

• After more than two years of research and development, Daikin Reefer introduced a new reefer container machine design to meet the demands of carriers and shippers for low energy consumption and greenhouse gas emissions. greenhouse while providing precise cooling performance for both refrigerated and frozen cargo.
• Three new models have been added to Carrier Transicold's next-generation Supra® series of diesel engine truck refrigeration units, providing more powerful cooling options for small and large trucks.
• Thermo King utilized its zone at Mid-America transportation to present four new truck items, a specialized instrument for all Thermo King Reasonable Reefers.
• Thermo King and Frigoblock Electrify Transport Refrigeration with the most recent technologies launched.

TRUCK REFRIGERATION UNIT MARKET REPORT COVERAGE:

Market Segmentation:

Truck Refrigeration Unit Market - By Application:

• Frozen
• Chilled

Truck Refrigeration Unit Market - By Type:

• Split
• Roof Mount

Rooftop cooling units provide superior performance at lower noise levels in all types of operating conditions. Additionally, the roof mount cooling units consume less fuel and optimize system performance.

Truck Refrigeration Unit Market - By Industry:

• Frozen Food
• Pharma Drugs & Chemicals
• Ambulance & Passenger Transport

The food and refreshment fragment is probably going to rule the truck refrigeration unit market during the conjecture period. An expansion sought after for frozen and refrigerated food and drinks for home conveyance is probably going to drive the food and refreshment section in the coming years. Additionally, augmented demand for online food delivery services from restaurants and supermarkets is probably going to drive demand for truck refrigeration units within the coming years.

Truck Refrigeration Unit Market - By Bus Length:

• <8-Meter
• 8–12-Meter
• >12-Meter

Truck Refrigeration Unit Market - By Vehicle Type:

• Light Commercial Vehicle (LCV)
• Medium & Heavy Commercial Vehicle (M&HCV)
• Trailer (Container)
• Bus

An increase in grocery deliveries, augmented awareness among farmers, and increased demand for cold chains are probably to drive demand for vans and lightweight trucks. This is estimated to increase the use of light commercial vehicles during the foreseen period. The demand for lightweight business vehicles is principally because of the enlargement of the e-commerce sector and also the adoption of cold trucks by farmers on a bigger scale. This is estimated to increase the light commercial vehicle segment over the forecast period.

Market Regional Analysis: 

The Global Truck Refrigeration Unit Market Report includes the segmentation of regions:

• North America
• Europe
• Asia-pacific
• Middle-east and Africa
• Latin America

North America keeps on being the hotbed of chance for companies in activity inside the truck refrigeration unit market. The expanded focal point of North America deals with offices, affiliations, and associations on virus chain network advancement through an improved administrative structure, empowering spending on the improvement of supporting foundations for chain organizations. Cold and profoundly gifted labour force, which helps in the advancement of market development. Europe, closely followed by North America, has dominated the global truck refrigeration unit market, due to the region's strong focus on reducing greenhouse gas emissions by an attractive percentage., while strengthening food security. Many products are shipped cold because they are temperature sensitive, which in turn has created traction for a reliable cold chain to maintain quality and safety in storage, handling, and transportation. Since electric refrigeration causes the loss of 360 million tons of food per year worldwide, it is very likely that the development and demand for truck refrigeration units with technology will grow significantly in the coming years. 

Impact of COVID-19 on the global truck refrigeration market:

The temporary shutdown of manufacturing units as part of controlling coronavirus transmission through lockdowns in several nations has resulted in declined sales in the truck refrigeration market. With the lifting of lockdown conditions, the market is supposed to reach its normal levels in the coming years.

Market Key Players:

1. Daikin (Japan)
2. Carrier (U.S.)
3. Thermo King (U.S.)
4. Denso (Japan)
5. Webasto (Germany)
6. Mobile Climate Control (Sweden)
7. Subros (India)
8. Sanden (Japan)
9. Klinge (U.S.)
10. Utility Trailer (U.S.)