Truck Refrigeration Unit Market
Truck Refrigeration Unit Market Forecasts to 2030 - Global Analysis By Product (Chiller, Freezer and Other Products), Type (Split System, Roof Mount System and Other Types), Vehicle Type, Size, Power, Power Capacity, Application, End User and by Geography
|
Years Covered |
2022-2030 |
|
Estimated Year Value (2024) |
US $15.94 BN |
|
Projected Year Value (2030) |
US $24.21 BN |
|
CAGR (2024 - 2030) |
7.21% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Truck Refrigeration Unit Market is accounted for $15.94 billion in 2024 and is expected to reach $24.21 billion by 2030 growing at a CAGR of 7.21% during the forecast period. A truck refrigeration unit (TRU) is a vital component for the transportation of perishable goods, ensuring that products such as food, pharmaceuticals, and other temperature-sensitive items remain fresh and safe during transit. These units are typically mounted on trucks, trailers, or vans and use advanced cooling technology to maintain specific temperature ranges as required by the cargo. Moreover, TRUs can operate independently of the vehicle's engine, often powered by diesel engines or electric systems, providing consistent and reliable cooling even during long hauls.
According to the International Refrigerated Transportation Association (IRTA), the proper use of Truck Refrigeration Units is essential for maintaining the cold chain and ensuring that perishable goods reach their destination in optimal condition.
Market Dynamics:
Driver:
Growing demand for fresh and frozen food products
The global population is increasing, leading to higher consumption of perishable goods such as fruits, vegetables, dairy products, and meat. Changing dietary preferences towards fresh and organic produce also contribute to this demand. Efficient cold chain logistics are essential to preserving the quality and safety of these products from farm to table. Furthermore, there is a growing need for advanced truck refrigeration units to support the expanding market for fresh and frozen foods.
Restraint:
Exorbitant up-front and ongoing costs
Due to the advanced technology and materials used, truck refrigeration units require a substantial initial investment. For small and medium-sized businesses, the cost of installing and buying these units may be unaffordable. The total cost of ownership may also increase due to maintenance costs, which include routine servicing, repairs, and part replacements. Additionally, these costs could discourage some businesses from implementing these systems, especially in areas where the transportation industry has smaller profit margins.
Opportunity:
Expansion of cold chain infrastructure
Improving cold chain infrastructure is becoming more and more important on a global scale to guarantee the efficient and safe transportation of perishable goods. Manufacturers of truck refrigeration units can benefit greatly from investments in the development of infrastructure, including cold storage facilities, temperature-controlled warehouses, and refrigerated transportation networks. Moreover, the need for dependable refrigerated transport solutions is anticipated to rise as nations work to improve their regulations pertaining to food safety and minimize food waste.
Threat:
Technological upheavals and risks to cybersecurity
There are new cybersecurity risks associated with the growing integration of digital technologies and IoT (Internet of Things) in truck refrigeration units. Possible hazards encompass security lapses, unapproved entry into confidential data, and interference with functional systems. Additionally, to safeguard against cyberattacks and guarantee the dependability and security of refrigeration units and data, manufacturers and fleet managers need to make significant investments in strong cybersecurity measures.
Covid-19 Impact:
The COVID-19 pandemic had a multifaceted impact on the truck refrigeration unit market. Initially, widespread lockdowns and supply chain disruptions disrupted manufacturing operations and delayed shipments of refrigeration units and components. As travel restrictions and economic uncertainties persisted, consumer spending patterns shifted, affecting demand for perishable goods and, consequently, refrigerated transport services. However, the pandemic also underscored the critical role of efficient cold chain logistics, especially for transporting vaccines and essential medical supplies, leading to an increased focus on enhancing cold chain infrastructure and investing in more resilient and adaptable refrigeration technologies.
The Freezer segment is expected to be the largest during the forecast period
The freezer segment usually holds the largest share in the truck refrigeration unit market. Because they precisely control temperature, freezers are crucial for the long-distance transportation of perishable goods, as they ensure food safety and quality. They are essential in sectors like food and medicine, where it's vital to maintain precise temperature conditions while in transit. Moreover, the freezer units found in truck refrigeration systems are engineered to withstand a broad spectrum of temperatures, guaranteeing the stability and security of frozen goods during transportation.
The Pharmaceutical Transportation segment is expected to have the highest CAGR during the forecast period
The segment with the highest CAGR is usually pharmaceutical transportation. This is a result of the strict regulations governing the temperature-controlled transportation of biologics, pharmaceuticals, and vaccines, which demand accurate and dependable refrigeration systems. Furthermore, advanced refrigeration technologies in trucks are becoming more and more common as a result of the pharmaceutical industry's growing emphasis on maintaining product integrity throughout the supply chain and the growing demand for biologics and medications that are sensitive to temperature.
Region with largest share:
Due to strong demand in both Canada and the United States, the truck refrigeration unit market is dominated by the North American region. The reasons behind this dominance are a well-established cold chain infrastructure, strict food safety regulations, and a high degree of advanced refrigeration technology adoption in the logistics and transportation sectors. Additionally, the area gains from the robust presence of major industry players providing cutting-edge refrigeration solutions suited to a range of industry demands, such as fresh produce transportation, pharmaceutical logistics, and food and beverage distribution.
Region with highest CAGR:
The truck refrigeration unit market is growing at the highest CAGR in the Asia-Pacific region. Rapid urbanization, industrialization, and the development of cold chain logistics throughout nations like South Korea, Japan, China, and India are the main drivers of this growth. The use of refrigerated transport solutions is fueled by rising consumer demand for perishable goods, such as fresh produce, dairy products, and medications. Moreover, the strict laws controlling the distribution of pharmaceuticals and food safety also increase the need for cutting-edge refrigeration technologies in the area.
Key players in the market
Some of the key players in Truck Refrigeration Unit market include Sanden Corporation, Carrier Inc, Klinge Corporation, Mitsubishi Heavy Industries, Ltd, Advanced Temperature Control (ATC), Utility Trailer Manufacturing Company, LLC, Denso Corporation, Webasto Group, Subros Limited, Daikin Industries, Ltd and Thermo King.
Key Developments:
In June 2024, Denso Corporation and NTT DATA Japan Corporation have signed a memorandum of understanding to form a strategic partnership for software development. Through the agreement, the companies will deepen their collaboration on strategy, talent management, and technology as they jointly contribute to the advancement of Japan’s automotive industry and help address social issues.
In February 2024, Mitsubishi Heavy Industries, Ltd. (MHI) has concluded a Nissay Positive Impact Finance agreement with Nippon Life Insurance Company. MHI Group, in response to the growing need to address the global challenge of climate change, in 2020, identified five material issues, including ""Provide energy solutions to enable a carbon neutral world,"" as priority measures to contribute to solving societal issues and ensuring continued growth over the medium to long term.
In December 2023, Carrier Global Corporation, global leader in intelligent climate and energy solutions, entered into a definitive agreement today to sell its global commercial refrigeration business to its decades-long joint venture partner Haier for an enterprise value of $775 million, including approximately $200 million of net pension liabilities. This represents about 16.5x 2023 expected EBITDA.
Products Covered:
• Chiller
• Freezer
• Other Products
Types Covered:
• Split System
• Roof Mount System
• Other Types
Vehicle Types Covered:
• Trucks
• Vans
• Trailer (Container)
• Buses
• Other Vehicle Types
Sizes Covered:
• Below 20ft
• 20-40ft
• Above 40ft
Powers Covered:
• Vehicle Powered
• Diesel Powered
Power Capacities Covered:
• Below 5 Kw
• 5 Kw - 19 Kw
• Above 19 Kw
Applications Covered:
• Frozen Food Transportation
• Chilled Food Transportation
• Pharmaceutical Transportation
• Other Applications
End Users Covered:
• Retail and Supermarkets
• Food and Beverages Industry
• Chemical Industry
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Truck Refrigeration Unit Market, By Product
5.1 Introduction
5.2 Chiller
5.3 Freezer
5.4 Other Products
6 Global Truck Refrigeration Unit Market, By Type
6.1 Introduction
6.2 Split System
6.3 Roof Mount System
6.4 Other Types
7 Global Truck Refrigeration Unit Market, By Vehicle Type
7.1 Introduction
7.2 Trucks
7.3 Vans
7.4 Trailer (Container)
7.5 Buses
7.6 Other Vehicle Types
8 Global Truck Refrigeration Unit Market, By Size
8.1 Introduction
8.2 Below 20ft
8.3 20-40ft
8.4 Above 40ft
9 Global Truck Refrigeration Unit Market, By Power
9.1 Introduction
9.2 Vehicle Powered
9.3 Diesel Powered
10 Global Truck Refrigeration Unit Market, By Power Capacity
10.1 Introduction
10.2 Below 5 Kw
10.3 5 Kw - 19 Kw
10.4 Above 19 Kw
11 Global Truck Refrigeration Unit Market, By Application
11.1 Introduction
11.2 Frozen Food Transportation
11.3 Chilled Food Transportation
11.4 Pharmaceutical Transportation
11.5 Other Applications
12 Global Truck Refrigeration Unit Market, By End User
12.1 Introduction
12.2 Retail and Supermarkets
12.3 Food and Beverages Industry
12.4 Chemical Industry
12.5 Other End Users
13 Global Truck Refrigeration Unit Market, By Geography
13.1 Introduction
13.2 North America
13.2.1 US
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Germany
13.3.2 UK
13.3.3 Italy
13.3.4 France
13.3.5 Spain
13.3.6 Rest of Europe
13.4 Asia Pacific
13.4.1 Japan
13.4.2 China
13.4.3 India
13.4.4 Australia
13.4.5 New Zealand
13.4.6 South Korea
13.4.7 Rest of Asia Pacific
13.5 South America
13.5.1 Argentina
13.5.2 Brazil
13.5.3 Chile
13.5.4 Rest of South America
13.6 Middle East & Africa
13.6.1 Saudi Arabia
13.6.2 UAE
13.6.3 Qatar
13.6.4 South Africa
13.6.5 Rest of Middle East & Africa
14 Key Developments
14.1 Agreements, Partnerships, Collaborations and Joint Ventures
14.2 Acquisitions & Mergers
14.3 New Product Launch
14.4 Expansions
14.5 Other Key Strategies
15 Company Profiling
15.1 Sanden Corporation
15.2 Carrier Inc
15.3 Klinge Corporation
15.4 Mitsubishi Heavy Industries, Ltd
15.5 Advanced Temperature Control (ATC)
15.6 Utility Trailer Manufacturing Company, LLC
15.7 Denso Corporation
15.8 Webasto Group
15.9 Subros Limited
15.10 Daikin Industries, Ltd
15.11 Thermo King
List of Tables
1 Global Truck Refrigeration Unit Market Outlook, By Region (2022-2030) ($MN)
2 Global Truck Refrigeration Unit Market Outlook, By Product (2022-2030) ($MN)
3 Global Truck Refrigeration Unit Market Outlook, By Chiller (2022-2030) ($MN)
4 Global Truck Refrigeration Unit Market Outlook, By Freezer (2022-2030) ($MN)
5 Global Truck Refrigeration Unit Market Outlook, By Other Products (2022-2030) ($MN)
6 Global Truck Refrigeration Unit Market Outlook, By Type (2022-2030) ($MN)
7 Global Truck Refrigeration Unit Market Outlook, By Split System (2022-2030) ($MN)
8 Global Truck Refrigeration Unit Market Outlook, By Roof Mount System (2022-2030) ($MN)
9 Global Truck Refrigeration Unit Market Outlook, By Other Types (2022-2030) ($MN)
10 Global Truck Refrigeration Unit Market Outlook, By Vehicle Type (2022-2030) ($MN)
11 Global Truck Refrigeration Unit Market Outlook, By Trucks (2022-2030) ($MN)
12 Global Truck Refrigeration Unit Market Outlook, By Vans (2022-2030) ($MN)
13 Global Truck Refrigeration Unit Market Outlook, By Trailer (Container) (2022-2030) ($MN)
14 Global Truck Refrigeration Unit Market Outlook, By Buses (2022-2030) ($MN)
15 Global Truck Refrigeration Unit Market Outlook, By Other Vehicle Types (2022-2030) ($MN)
16 Global Truck Refrigeration Unit Market Outlook, By Size (2022-2030) ($MN)
17 Global Truck Refrigeration Unit Market Outlook, By Below 20ft (2022-2030) ($MN)
18 Global Truck Refrigeration Unit Market Outlook, By 20-40ft (2022-2030) ($MN)
19 Global Truck Refrigeration Unit Market Outlook, By Above 40ft (2022-2030) ($MN)
20 Global Truck Refrigeration Unit Market Outlook, By Power (2022-2030) ($MN)
21 Global Truck Refrigeration Unit Market Outlook, By Vehicle Powered (2022-2030) ($MN)
22 Global Truck Refrigeration Unit Market Outlook, By Diesel Powered (2022-2030) ($MN)
23 Global Truck Refrigeration Unit Market Outlook, By Power Capacity (2022-2030) ($MN)
24 Global Truck Refrigeration Unit Market Outlook, By Below 5 Kw (2022-2030) ($MN)
25 Global Truck Refrigeration Unit Market Outlook, By 5 Kw - 19 Kw (2022-2030) ($MN)
26 Global Truck Refrigeration Unit Market Outlook, By Above 19 Kw (2022-2030) ($MN)
27 Global Truck Refrigeration Unit Market Outlook, By Application (2022-2030) ($MN)
28 Global Truck Refrigeration Unit Market Outlook, By Frozen Food Transportation (2022-2030) ($MN)
29 Global Truck Refrigeration Unit Market Outlook, By Chilled Food Transportation (2022-2030) ($MN)
30 Global Truck Refrigeration Unit Market Outlook, By Pharmaceutical Transportation (2022-2030) ($MN)
31 Global Truck Refrigeration Unit Market Outlook, By Other Applications (2022-2030) ($MN)
32 Global Truck Refrigeration Unit Market Outlook, By End User (2022-2030) ($MN)
33 Global Truck Refrigeration Unit Market Outlook, By Retail and Supermarkets (2022-2030) ($MN)
34 Global Truck Refrigeration Unit Market Outlook, By Food and Beverages Industry (2022-2030) ($MN)
35 Global Truck Refrigeration Unit Market Outlook, By Chemical Industry (2022-2030) ($MN)
36 Global Truck Refrigeration Unit Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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