Truck Refrigeration Unit Market to Reach $22,997.7 million by 2032, Growing at 6.3% CAGR | AMR

The increasing demand for transporting perishable goods, such as food and pharmaceuticals, has been a significant driver. As global trade continues to surge, the need for reliable and efficient refrigeration solutions to maintain the integrity of temperature-sensitive products during transportation becomes paramount. In addition, stringent regulations and quality standards imposed by various governing bodies amplify the requirement for advanced refrigeration units that comply with these specifications. Technological advancements in truck refrigeration units, including the integration of smart and sustainable features, further fuel market growth. The rising awareness of environmental concerns and the pursuit of greener alternatives in the logistics industry contribute to the demand for energy-efficient and eco-friendly refrigeration solutions. Moreover, the expansion of cold chain logistics and the continuous growth of e-commerce, especially in the food and pharmaceutical sectors, play a pivotal role in propelling the truck refrigeration unit market forward. The global truck refrigeration unit market size was estimated at $12,682.3 million in 2022 and is estimated to reach $22,997.7 million by 2032, exhibiting a CAGR of 6.3% from 2023 to 2032.

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The truck refrigeration unit market all over the world is affected by several things like more need for items that are temperature sensitive and likely to spoil, leading to cold storage logistics business growth, improved technology, and strict food safety rules. The main reasons for the growth of this market are more people demanding fresh food, availability of fast and easy meals to eat, as well as consumption of fruits and vegetables normally not available in off season. Today, people want fresh and good food that they can easily get at home. So, online shopping places need to make sure they keep things at the right temperature when transporting. This is because people expect quality service during the delivery of their orders.

Moreover, a lot of cool new tech is being made to meet the rising needs of the truck refrigeration unit market. These changes will make things work better and use less fuel. This will improve performance all around, providing a boost to the market too. Combining telematics, IoT, and real-time watch systems from these new changes is expected to give positive results. They help to make sure the temperature is correct and keep important things safe. Furthermore, all over the world governments and agencies are placing strict rules in place to make sure food is safe. Refrigeration units in trucks have to follow these rules by keeping the right temperature all through the delivery line.

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In addition, with an increasing number of truck OEMs shifting towards electrification, refrigeration unit manufacturers have also placed their focus on developing electric-powered reef units. This also falls in line with the shifting consumer preference for high-efficiency products and low operation costs. For instance, in March 2023, Mitsubishi Heavy Industries Thermal Systems, Ltd. (MHI Thermal Systems), a part of Mitsubishi Heavy Industries (MHI) Group, has developed a new electric-driven transport refrigeration unit exclusively for electric vehicles (EVs), the TEJ35AM, which is equipped with a heat-pump heating function. The unit also features a multi-system that enables multiple temperature settings appropriate to the specific cargo volume or type. This enables the TEJ35AM to accommodate diverse transport modes, including simultaneous transport of products requiring multiple temperatures, to meet the needs of convenience stores and the like.

The key players profiled in this report include

Advanced Temperature Control
Carrier
Daikin
Denso
Mitsubishi Heavy Industries
Klinge Corporation
Subros
Thermo King
Utility Trailer Manufacturing Company
Webasto Group

The report provides a detailed analysis of these key players in the global truck refrigeration unit market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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However, the major restraint for this market growth may be the cost of installing and keeping refrigeration units in trucks. For even small and middle-sized businesses, it can be costly to buy and set up the equipment. In some areas, like places with growing economies, the growth of the truck refrigeration unit industry might be slowed because there is not enough infrastructure. The structures have cooling rooms to keep items at the right temperature, transport services for moving goods, and chest freezers. Also, the growth of markets might be slowed down because people in different areas are not aware of how refrigerated transport can be beneficial to them.

Based on end-users, the food segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period. Due to the increasing globalization of the food supply chain, there is a growing need for advanced truck refrigeration units that can maintain precise temperature control during transit. However, the pharmaceutical segment is projected to have the highest CAGR of 7.1% from 2023 to 2032, due to increasing global demand for pharmaceuticals, including vaccines, biologics, and temperature-sensitive medications, necessitating a reliable and precise cold chain logistics system. Truck refrigeration units, equipped with advanced temperature monitoring and control features, have become indispensable for pharmaceutical companies striving to meet these regulatory standards.

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Furthermore, as Europe is growing fast it means there is more need for moving fresh goods across the area that must be kept at a certain temperature. The more the importance of keeping food and medicine cold is known, the faster trucks with special cooling systems will be used. Also, the increase in online shopping and the need for better ways to keep food cold during transport has made this market grow even more.

Regional Analysis:

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period, owing to the expanding cold chain logistics sector, propelled by the increasing demand for temperature-sensitive goods, such as fresh produce, pharmaceuticals, and processed foods, which plays a pivotal role. However, the Europe region is expected to witness the fastest CAGR of 7.2% from 2023 to 2032. Due to the region's strategic location and the increasing consumer preference for online shopping and the transportation of temperature-sensitive goods, there is a heightened requirement for sophisticated refrigeration units that ensure the safe and compliant delivery of products which plays a pivotal role in the growth of the truck refrigeration unit industry in the region.

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