Sales of Truck Refrigeration Units is Expected to Reach US$ 1,045 Mn by 2031 End

The global COVID-19 pandemic has turned several industries upside down by causing disruptions in their daily operations and limiting the supply of raw materials, hampering production and growth.

This newly published and insightful report sheds light on Market Insights of Truck Refrigeration Unit, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Truck Refrigeration Unit Market.

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According to a recent Fact.MR study, ~97,969 truck refrigeration units were sold in the 2018, and sales are highly likely to expand 1.5X during 2019 to 2029. The use of truck refrigeration units for the transportation of fruits and vegetables is envisaged to account for a substantial market share in 2019, and will be accountable for ~40% of the overall sales through 2029.

Chillers Remains the Key Asset for Stakeholders

The Fact.MR study opines that the demand for highly perishable foods has been expanding at an unprecedented pace, which in turn continues to hard press the food and beverage companies to strengthen their product cold supply logistics/chain. This has led to an increased demand for proper transportation refrigeration infrastructure, while creating a window of opportunities for the market players.

In light of the dire need for the proper and safe transportation of highly temperature-sensitive products, such as fruits and vegetables, meat and sea food, and dairy products among others, chillers have been witnessing a significant demand over freezers. Growing agriculture sector, specifically in countries like India is further underpinning the adoption of chillers, which the Fact.MR study estimates that is likely to exhibit the incremental opportunity of ~510 Mn between 2019 and 2029.

The demand for chillers has been primarily driven by the rapidly growing global meat production, which is anticipated to be 16% higher in next five years. As per the study, higher meat and sea food production will create an increased demand for refrigeration transportation, which in turn is projected to create innumerable opportunities for the market players in the forthcoming years.

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Truck Refrigeration Units Market – Segmentation

Fact.MR’s study analyzes the truck refrigeration units market on the basis of power, product, vehicle, end use and region. The report also offers comprehensive information about the market dynamics as well as the various trends associated with varying segments, and how they are shaping the growth of the truck refrigeration units market.

Product ·         Chiller
 

·         Freezer

Vehicle ·         Light Duty Trucks
 

·         Medium Duty Trucks

·         Heavy Duty Trucks

End Use ·         Dairy
 

·         Fruits and Vegetables

·         Meat and Sea Food

·         Others

Power ·         Vehicle Powered
 

·         Diesel Powered

Region ·         North America
 

·         Latin America

·         Europe

·         East Asia

·         South Asia

·         Oceania

·         MEA

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Attractiveness of Light Duty Truck Growing

The study indicates that the light duty vehicles will continue to remain the bedrock of sales for truck refrigeration units, owing to the increasing demand for smaller size vehicles for in-city product transportation. As per the Fact.MR analysis, light-duty vehicles accounted for ~46% market volume share in 2018, and their sales are highly likely to reach 46,862 units in 2019.

As per the study, this steady growth in the adoption of light weight duty vehicle falls in line with the rising population, coupled with smaller lane size, specifically in developing regions. Though the demand for light weight duty vehicles continues to pick pace, the medium size trucks are also estimated to grow at volume CAGR of 4.4% during the foreseeable period.

As the world continues to focus on reducing carbon-emission, the automakers are increasingly developing electric vehicles to cut emissions significantly. In view of this shift in development and preference, a large number of manufacturers of truck refrigeration units’ are focusing on electric variants.

Moreover, as per the Fact.MR analysis the adoption of vehicle powered truck refrigeration units continues to grow at a steady pace, whereas high cost diesel powered variants are increasingly losing their attractiveness. The adoption of vehicle powered truck refrigeration units reached ~61,129 units in 2018, and is likely to account for ~60% market share in 2019.

Steady Market Growth Ahead in Developing Regions

The Fact.MR research study indicates that the rapidly proliferating agriculture sector in the developing regions has been creating an increased demand for proper transportation of temperature-sensitive fruits and vegetables. As per the study, the fruits and vegetables sector is envisaged to remain a considerable mine of opportunities for stakeholders that are looking forward to expand their business and extend their reach in the rapidly developing regions.

In East Asia, China is projected to be the most attractive country through 2029, and accounted for ~70% regional market share in 2018. The traction for truck refrigeration units continues to pick pace in line with the rapidly growing cold chain industry and increasing demand for quality-ensuring packaged foods. Additionally, truck refrigeration units are also witnessing wide adoption for the accelerating applications in the pharmaceuticals industry, which in turn continues to promise lucrative growth opportunities for truck refrigeration units market in the future.

This Fact.MR research study offers a long-term perspective of the truck refrigeration units market for the duration 2019 to 2029. The truck refrigeration units market is envisaged to register a volume CAGR of ~4.5% through 2029.

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More Valuable Insights on Truck Refrigeration Unit Market

Fact.MR, in its new report, offers an unbiased Market Analysis of Truck Refrigeration Unit, Sales and Demand of Truck Refrigeration Unit, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.

Explore Fact.MR’s Comprehensive Coverage on Industrial Goods Domain:

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Centrifugal Chiller Market - https://www.factmr.com/report/4231/centrifugal-chiller-market

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