Truck Refrigeration Unit Market Study for Frozen Food, Pharma & Chemical, Ambulance & Passenger Transport to 2024 - Global Manufacturers, Industry Size, Applications, Opportunity and Forecast

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Asia Pacific region is projected to lead the truck refrigeration market during the forecast period owing to the highest consumption of frozen and chilled products compared to other regions such as the Americas and EMEA. Commercial vehicle sales in the Asia Pacific region has increased by 12% from 2015 to 2017.

The truck refrigeration unit market is estimated to be USD 10.5 billion in 2018 and is projected to reach USD 15.0 billion by 2025, at a CAGR of 5.21%. The demand for refrigeration unit is driven by the increasing vehicle sales, falling transportation cost, and rising cross-country imports, and exports of perishable goods.

The demand for refrigeration unitis driven by the increasing demand for frozen and chilled products and increasing sales of commercial vehicles.However, cabin comfort norms are acting as restraints for the refrigeration unit market as cabin comfort is no more an optional technology for trucks, mainly in developed regions. The Light Commercial Vehicle (LCV) segment is estimated to be the largest truck refrigeration unit market, by vehicle type.

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The truck refrigeration unit market has been segmented on the basis of vehicle type (LCV, M&HCV, trailer, bus), LCV [by type (roof mount, split system), application (frozen, chilled), industry (frozen food, pharma drugs & chemicals, and ambulance & passenger transport)], trailer size (20-feet, 40-feet, and others), bus length (< 8meters, 8–12meters, >12meters), and region [Asia Pacific (China, Japan, India, South Korea, Thailand), EMEA (UK, Germany, France, Spain, Russia, Turkey, and South Africa), and The Americas (US, Canada, Mexico, Brazil).

The roof mount system segment is estimated to be the fastest light commercial vehicle refrigeration unit market during the forecast period. The reasons attributed to the growth of this system are enhanced operational efficiency, simple working mechanism, lightweight, compact size, and low maintenance costamong others. Hence it becomes useful for a variety of items such as meat, ice-cream, dairy products, and frozen snacks. Thus, owing to changing consumer preferences and cross culture diversification, the frozen packed eatable items market is expected to grow worldwide that would consequently boost the LCVs refrigeration units market to cater to the requirement for frozen foods.

In-depth interviews were conducted with CEOs, marketing directors, innovation and technology directors, and executives from various key organizations operating in the refrigeration unit marketplace.
• By Company Type: System Manufacturer-45%, Tier I-35%, and Others-20%
• By Designation: C level - 40%,D level -35%,Other-25%
• By Region: The Americas-40%, EMEA- 35%, Asia Pacific-25%

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However, as per an industry expert’s insights, for fitment of the frozen refrigeration unit require certain power output of light trucks as frozen refrigeration unit comes with high capacity compressor. So, the refrigeration unit fitted in LCV is economical, which would offer lucrative business opportunities with low investment.

For transportation of frozen foods and vegetables, pickup trucks are generally used for the transportation within intracity and intercity distances. The suppliers offer several temperature variations options ranging from -25 degree centigrade to +5 degree centigrade. On the other hand, the split systems are economical compared to the roof mount system, and hence, presently it has a higher adoption rate in the developing countries of Asia Pacific.

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