Truck Refrigeration Unit Market worth $8.83 billion by 2030 | MarketsandMarkets
DELRAY BEACH, Fla., Dec. 10, 2024 /PRNewswire/ -- Truck Refrigeration Unit market is projected to grow to USD 8.83 billion by 2030 from USD 6.83 billion in 2024, at a CAGR of 4.4% from 2024 to 2030, according to a new report by MarketsandMarkets. The growing demand for perishable goods, including food items, beverages, medicines & drugs, primarily drives the demand for truck refrigeration units. The rising demand for cold chain solutions in the chemicals & pharmaceuticals industry with the growing demand for e-commerce, particularly in online grocery and food delivery services, has further fuelled the demand for cold chain logistics and, thereby, refrigerated trucks to an extent. Adaptability for urban & long-haul deliveries and temperature control capabilities essential for preserving perishable goods make refrigerated trucks ideal for last-mile logistics and interstate transport.
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Browse in-depth TOC on "Truck Refrigeration Unit Market"210 - Tables 110 - Figures355 - Pages
The chilled refrigerated truck units are expected to have the largest market share in the Truck refrigerated unit market by application.
Chilled food items transported using truck refrigeration units include various perishable products that require careful temperature management, typically maintained between 0°C and 4°C. These include fresh produce (fruits and vegetables), dairy products (milk, curd, cheese, etc.), condiments, pharmaceuticals, drugs, chemicals, confectionaries, and sauces. Most items shared in chilled applications are dairy and fresh fruits and vegetables. Retailers and distributors prioritize chilled goods to meet regulatory standards and maintain customer satisfaction, particularly as e-commerce platforms expand their offerings of perishable items. Asia Pacific has the higher market share in chilled items, driven by the higher population and their daily needs in countries like China, India, Japan, South Korea, and other countries.
Multi-temperature Units are expected to be the fastest growing mode of operation for refrigeration units.
Multi-temperature units allow for the simultaneous transportation of goods requiring different temperature settings, and this can be done when the entire refrigeration area can be divided into smaller segments, and various temperatures can be maintained for multiple items in each segment. These are particularly beneficial for food distributors who must keep fresh produce (fruits and vegetables) at 2-8°C while transporting frozen items at -15°C to -18°C or lower. The FMCG industry uses multi-temperature refrigeration units to transport fruits, vegetables, dairy products, and confectioneries. According to industry experts, Walmart (US) uses multi-temperature units to move its supplies to different outlets. Multi-temperature truck refrigeration units are mostly preferred for multi-purpose logistics in heavy vehicles. These units can carry frozen, chilled, and low-temperature items in the same truck/trailer by making separate compartments for individual items. The market for multi-temperature units is currently less than single-temperature units but is expected to rise significantly during the forecasted period.
North America is the largest market for truck refrigeration units over the forecast period.
North America's market dominance is mainly attributed to the region's rising demand for cold chain solutions. The eating habits of citizens in the US and Canada primarily revolve around frozen food. According to industry experts, the US people consume nearly 2.5 liters to 3 liters of ice cream per year, which is at least double that of other regions. In the US, around 37% of adults consume fast food daily. Most fast food is available in ready-to-eat packages, which are transported with the help of refrigeration units. There were 207,827 fast-food restaurants in the US in 2023, an increase of 1.5% compared to 2022. This restaurant mainly serves food whose raw materials are transported using these units. North America comprises major refrigeration unit manufacturers working on developing new technologies for transport refrigeration, including Carrier Transicold (US), Thermo King (US), and Utility Trailer Manufacturing Company, LLC. (US), Kidron (US), and Advanced Temperature Control (US). Carrier Transicold (US) and Thermo King (US) have already launched electric and hybrid variants of refrigeration units and are focusing on reducing GHG emissions from refrigeration units. Citizens of Canada are shifting their preference towards frozen food. According to a survey, 31% of people buying frozen food mentioned ease of preparation and the need for little to no planning as the driving factors for their preferences. Thus, the presence of key OEMs and North America's rising demand for cold chain solutions will drive the market for refrigeration units in the region.
Key Market Players Truck Refrigeration Unit Industry:
Prominent players in the Truck Refrigeration Unit Market include as Carrier Transicold (US), Thermo King (US), Denso Corporation (Japan), Daikin Industries, Ltd. (Japan), and Webasto Group (Germany).
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This report provides insights on:
- Analysis of key drivers (Rising demand for cold chain solutions in chemical and pharmaceuticals industries and Growth in the food and beverages industry), Restraints (higher initial investment), opportunities (Surge in investment to increase cold chain logistics and Technological innovations in Refrigerated systems and equipment), and challenges (Management of regulatory compliance) are fueling the demand of the Truck Refrigeration Unit market.
- Product Development/Innovation: Detailed insights into upcoming technologies, research & development activities, and new product & service launches in the Truck Refrigeration Unit market.
- Market Development: Comprehensive information on the lucrative emerging markets by units, applications (frozen and chilled), propulsions (diesel and electric/hybrid) and regions (Asia Pacific, Americas and Europe)
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the Truck Refrigeration Unit market.
- Competitive Assessment: In-depth assessment of market ranking, growth strategies, and product offerings of leading players in the Truck Refrigeration Unit market, such as Carrier Transicold (US), Thermo King (US), Denso Corporation (Japan), Daikin Industries, Ltd. (Japan), Webasto Group (Germany) Mitsubishi Heavy Industries, Ltd. (Japan), Utility Trailer Manufacturing Company, LLC. (US), Kidron (US), Subros Limited (India), Advanced Temperature Control (US).
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