Reports
Global Truck Refrigeration Unit Market Analysis, Forecast: By Type: Roof Mount System, Split System; By Application: Frozen, Chilled; By Industry Vertical: Frozen Food, Pharma Drugs and Chemical, Ambulance and Passenger Transport; By Bus Length; By Vehicle Type; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
Global Truck Refrigeration Unit Market Outlook
The global truck refrigeration unit market reached a value of about USD 13.55 billion in 2023. The market is further expected to grow at a CAGR of 5.2% in the forecast period of 2024-2032 to reach a value of nearly USD 21.43 billion by 2032.
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The Asia Pacific Region is Expected to Hold a Significant Share in the Growth of the Overall Market
The Asia Pacific region is one of the leading regions contributing to the market growth. This can be associated with the high consumption rates of frozen and chilled products in the region. Factors such as changing lifestyles, e-commerce expansion, increased spending power, and the need for convenience, among others, are boosting the market for frozen food, snacks, and fresh vegetables, which, in turn, is driving the refrigeration unit industry.
In addition to this, the market is growing on account of rising investments in the foodservice sectors of countries like India and China on upgrading their cold storage facilities to avoid wasting goods. Moreover, with increasing investments in the development of smart cities in countries, such as China and India, the demand for truck refrigeration for the storage and transportation of food, chemicals, and pharmaceuticals are further anticipated to expand the growth of the market during the forecast period.
Truck Refrigeration Unit: Market Segmentation
A truck refrigeration unit refers to a refrigerator system installed in logistics vehicles such as trucks and buses and are designed to transport temperature-sensitive goods. A refrigeration unit aids in the prevention of heat intrusion as well as the usage of refrigeration equipment to maintain the temperature by using carbon dioxide in the form of ice or liquid as a cooling agent.
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By type, the market is divided into:
- Roof Mount System
- Split System
The significant applications of truck refrigeration unit are:
- Frozen
- Chilled
On the basis of industry vertical, the market can be classified into:
- Frozen Food
- Pharma Drugs and Chemical
- Ambulance and Passenger Transport
Based on bus length, the market can be segmented into:
- Less than 8 Metres
- 8 to 12 Metres
- More than 12 Metres
On the basis of vehicle type, the market is categorised into:
- Light Commercial Vehicle (LCV)
- Medium and Heavy Commercial Vehicle (MHCV)
- Trailer (Container)
- 20 Feet Trailer
- 40 Feet Trailer
- Others
The EMR report looks into the regional markets for truck refrigeration unit like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Growing Demand for Frozen Food and Fresh Vegetables is Boosting the Market Growth
The global market for truck refrigeration units is being driven by rising consumer demand for frozen food and fresh vegetables owing to shifting customer preferences on account of busy lifestyles. In order to protect the food items from going stale, the increasing adoption of truck refrigeration units to keep the freshness of food intact during transportation is a key factor shaping the growth of the market. Moreover, the growth of the truck refrigeration unit is further accelerated by the expansion of supermarkets and quick-service restaurants such as Burger King, Subway, Taco Bell, KFC, and Pizza Hut in various regions.
The market is positively influenced by the increased research and development activities in refrigeration technologies and increased investments in the development of smart cities. Apart from the foodservice sector, the increasing need to refrigerate pharmaceuticals, vaccinations, and other chemicals is augmenting the growth of the market. Furthermore, in the forecast period, the increasing popularity of electric and autonomous vehicles coupled with technological advancements in refrigerated systems and equipment are anticipated to provide profitable prospects for truck refrigeration unit market players, thereby boosting the market growth.
Key Industry Players in the Global Truck Refrigeration Unit Market
The report gives a detailed analysis of the following key players in the global truck refrigeration unit market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Daikin Industries, Ltd.
- DENSO Corporation
- Thermo King Corporation
- VBG Group AB
- Carrier Global Corporation
- Mitsubishi Heavy Industries Thermal Systems, Ltd.
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, Application, Industry Vertical, Bus Length, Vehicle Type, Region |
| Breakup by Type | Roof Mount System, Split System |
| Breakup by Application | Frozen, Chilled |
| Breakup by Industry Vertical | Frozen Food, Pharma Drugs and Chemical, Ambulance and Passenger Transport |
| Breakup by Bus Length | Less than 8 Metres, 8 to 12 Metres, More than 12 Metres |
| Breakup by Vehicle Type | Light Commercial Vehicle (LCV), Medium and Heavy Commercial Vehicle (MHCV), Trailer (Container) |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Trade Data Analysis | Major Importing Countries by Value and Volume, Major Exporting Countries by Value and Volume |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Daikin Industries, Ltd., DENSO Corporation, Thermo King Corporation, VBG Group AB, Carrier Global Corporation, Mitsubishi Heavy Industries Thermal Systems, Ltd., Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Truck Refrigeration Unit Market Analysis
8.1 Key Industry Highlights
8.2 Global Truck Refrigeration Unit Historical Market (2018-2023)
8.3 Global Truck Refrigeration Unit Market Forecast (2024-2032)
8.4 Global Truck Refrigeration Unit Market by Type
8.4.1 Roof Mount System
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Split System
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Truck Refrigeration Unit Market by Application
8.5.1 Frozen
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Chilled
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Truck Refrigeration Unit Market by Industry Vertical
8.6.1 Frozen Food
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Pharma Drugs and Chemical
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Ambulance and Passenger Transport
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global Truck Refrigeration Unit Market by Bus Length
8.7.1 Less than 8 Metres
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 8 to 12 Metres
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 More than 12 Metres
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.8 Global Truck Refrigeration Unit Market by Vehicle Type
8.8.1 Light Commercial Vehicle (LCV)
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Medium and Heavy Commercial Vehicle (MHCV)
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Trailer (Container)
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.3.2.1 20 Feet Trailer
8.8.3.2.2 40 Feet Trailer
8.8.3.2.3 Others
8.9 Global Truck Refrigeration Unit Market by Region
8.9.1 North America
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Europe
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 Asia Pacific
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Latin America
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.9.5 Middle East and Africa
8.9.5.1 Historical Trend (2018-2023)
8.9.5.2 Forecast Trend (2024-2032)
9 North America Truck Refrigeration Unit Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Truck Refrigeration Unit Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Truck Refrigeration Unit Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Truck Refrigeration Unit Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Truck Refrigeration Unit Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Trade Data Analysis (HS Code: 841869)
16.1 Major Importing Countries
16.1.1 By Volume
16.1.2 By Value
16.2 Major Exporting Countries
16.2.1 By Volume
16.2.2 By Value
17 Competitive Landscape
17.1 Market Structure
17.2 Company Profiles
17.2.1 Daikin Industries, Ltd.
17.2.1.1 Company Overview
17.2.1.2 Product Portfolio
17.2.1.3 Demographic Reach and Achievements
17.2.1.4 Certifications
17.2.2 DENSO Corporation
17.2.2.1 Company Overview
17.2.2.2 Product Portfolio
17.2.2.3 Demographic Reach and Achievements
17.2.2.4 Certifications
17.2.3 Thermo King Corporation
17.2.3.1 Company Overview
17.2.3.2 Product Portfolio
17.2.3.3 Demographic Reach and Achievements
17.2.3.4 Certifications
17.2.4 VBG Group AB
17.2.4.1 Company Overview
17.2.4.2 Product Portfolio
17.2.4.3 Demographic Reach and Achievements
17.2.4.4 Certifications
17.2.5 Carrier Global Corporation
17.2.5.1 Company Overview
17.2.5.2 Product Portfolio
17.2.5.3 Demographic Reach and Achievements
17.2.5.4 Certifications
17.2.6 Mitsubishi Heavy Industries Thermal Systems, Ltd.
17.2.6.1 Company Overview
17.2.6.2 Product Portfolio
17.2.6.3 Demographic Reach and Achievements
17.2.6.4 Certifications
17.2.7 Others
18 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Truck Refrigeration Unit Market: Key Industry Highlights, 2018 and 2032
2. Global Truck Refrigeration Unit Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Global Truck Refrigeration Unit Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Global Truck Refrigeration Unit Historical Market: Breakup by Application (USD Billion), 2018-2023
5. Global Truck Refrigeration Unit Market Forecast: Breakup by Application (USD Billion), 2024-2032
6. Global Truck Refrigeration Unit Historical Market: Breakup by Industry Vertical (USD Billion), 2018-2023
7. Global Truck Refrigeration Unit Market Forecast: Breakup by Industry Vertical (USD Billion), 2024-2032
8. Global Truck Refrigeration Unit Historical Market: Breakup by Bus Length (USD Billion), 2018-2023
9. Global Truck Refrigeration Unit Market Forecast: Breakup by Bus Length (USD Billion), 2024-2032
10. Global Truck Refrigeration Unit Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
11. Global Truck Refrigeration Unit Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
12. Global Truck Refrigeration Unit Historical Market: Breakup by Region (USD Billion), 2018-2023
13. Global Truck Refrigeration Unit Market Forecast: Breakup by Region (USD Billion), 2024-2032
14. North America Truck Refrigeration Unit Historical Market: Breakup by Country (USD Billion), 2018-2023
15. North America Truck Refrigeration Unit Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Europe Truck Refrigeration Unit Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Europe Truck Refrigeration Unit Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Asia Pacific Truck Refrigeration Unit Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Asia Pacific Truck Refrigeration Unit Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Latin America Truck Refrigeration Unit Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Latin America Truck Refrigeration Unit Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Middle East and Africa Truck Refrigeration Unit Historical Market: Breakup by Country (USD Billion), 2018-2023
23. Middle East and Africa Truck Refrigeration Unit Market Forecast: Breakup by Country (USD Billion), 2024-2032
24. Major Importing Countries by Volume (2021)
25. Major Exporting Countries by Volume (2021)
26. Major Importing Countries by Value (2021)
27. Major Exporting Countries by Value (2021)
28. Global Truck Refrigeration Unit Market Structure
Key Questions Answered in the Report
In 2021, the global truck refrigeration unit market attained a value of about USD 13.55 billion.
The market is projected to grow at a CAGR of 5.20% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach nearly USD 21.43 billion by 2032.
The market is being driven by the rising demand for frozen food products, expansion of the foodservice sector, and increasing consumer awareness regarding the quality of frozen foods.
The market is anticipated to benefit from the increasing transportation of perishable items, such as pharmaceuticals, food products, and chemicals, and technological advancements in the refrigeration technologies.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major types of truck refrigeration units are roof mount system and split system.
The significant applications of truck refrigeration units are frozen and chilled.
The various industry verticals of truck refrigeration units are frozen food, pharma drugs and chemical, ambulance and passenger transport.
The different bus lengths of truck refrigeration units are less than 8 metres, 8 to 12 metres, and more than 12 metres.
The different vehicle types of truck refrigeration units are light commercial vehicle (LCV), medium and heavy commercial vehicle (MHCV), and trailer (container).
The major players in the 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.
Analyst Review
The global truck refrigeration unit market attained a value of about USD 13.55 billion in 2023, driven by the rising consumer demand for frozen food and fresh vegetables. Aided by the shift in customer preference and exports of perishable goods, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 5.20% to record a value of nearly USD 21.43 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on type, the market is categorised into roof mount system and split system. On the basis of application, the market can be divided frozen and chilled. The market, based on industry verticals, can be classified into 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). The major regional markets for truck refrigeration unit are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market are Daikin Industries, Ltd., DENSO Corporation, Thermo King Corporation, VBG Group AB, Carrier Global Corporation, and Mitsubishi Heavy Industries Thermal Systems, Ltd., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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