Global Truck Refrigeration Unit Market to Reach USD 21.43 billion by 2032, Aided by Growing Demand for Frozen Food and Fresh Vegetables

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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Market Analysis by Type, Application, Industry Verticals, Bus Length, Vehicle Type, and Regions:

• Based on type, the market is categorised into roof mount system and split system.
• The significant applications of the product include frozen and chilled.
• The industry verticals in the market include frozen food, pharma drugs and chemical, ambulance and passenger transport.
• Based on bus length, the market is divided into less than 8 metres, 8 to 12 metres, and more than 12 metres.
• The different vehicle types in the market are light commercial vehicle (LCV), medium and heavy commercial vehicle (MHCV), and trailer (container). Trailers are further divided into 20 feet trailer and 40 feet trailer, among others.
• The regional markets for truck refrigeration unit include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Governments in several nations are enacting stringent rules which are expected to augment the growth of the market.
• The truck refrigeration unit market will be supported by the rapid recovery of developing countries, which will result in higher disposable income, thereby leading to increased demand in frozen foods.
• Rapid technological advancements in cold chain storage and transport, continue to make cold chain logistics less expensive and much more accessible.
• The growing traction for refrigerated transportation has created considerable demand and adoption of truck refrigeration units.
• The increasing investments in developing smart cities are also driving the truck refrigeration unit market.

Key Offerings of the report:

• The EMR report gives an overview of the global truck refrigeration unit market for the periods (2018-2023) and (2024-2032). 
• The report also offers the historical (2018-2023) and forecasted (2024-2032) markets for type, application, industry verticals, bus length, vehicle type, and major regions of truck refrigeration unit.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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