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While international trade continues to expand at an unprecedented pace, perishable foods, drugs, and chemicals are increasingly being traded and transported worldwide, which is driving the growth of the truck refrigeration unit market. Increased demand for frozen food and fresh vegetables, growing customer preference for frozen food items due to a lack of time in their lifestyle, and the rise of supermarkets and quick-service restaurants are the factors driving the truck refrigeration unit industry. In the coming years, increased demand for truck refrigeration units will be driven by increased demand for online food delivery services from restaurants and supermarkets. During the forecast period, the truck refrigeration unit market is expected to have significant demand, with increasing demand from major end-use sectors such as food, pharmaceuticals, chemical, and others. Growing urban population needs for processed food, growth in the pharmaceutical industry, and the subsequent increase in the need for transportation of products between different cities has significantly increased the demand for truck refrigeration units and is expected to drive the demand in the coming years as well.
New, improved, and cost-competitive product development is expected to remain the critical area of focus for the truck refrigeration units market leaders who are vying to gain an extra edge in the market. For instance, in March 2019, a leading player in the truck refrigeration unit market- Carrier Transicold (NYSE: CARR) introduced a new truck refrigeration unit named Supra S6, specifically designed for small- to medium-sized trucks. Supra S6’s high-performance smart diesel engine complies with the Environmental Protection Agency Tier 4 emissions standard and offers three speeds instead of two to enhance fuel savings.
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The major players in the global truck refrigeration unit industry are Daikin Industries, Ltd., DENSO Corporation, Thermo King Corporation, VBG Group AB, Carrier Global Corporation, and Mitsubishi Heavy Industries Thermal Systems, Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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