Global Truck Refrigeration Unit Market to Grow from $12.68B in 2022 to $22.99B by 2032 at 6.3% CAGR

According to a new report published by Allied Market Research, titled, "Truck Refrigeration Unit Market," The truck refrigeration unit industry was valued at $12.7 billion in 2022, and is projected to garner $23.0 billion by 2032, growing at 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.

Prime Determinants of Growth

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.

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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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.

The truck refrigeration unit industry is segmented based on type, trailer size, end-user, and region. Depending on the type, the market is segregated into roof mount and split. By trailer size, it is categorized into below 20ft, 20-40ft, and above 40ft. As an end-user, it is fragmented into food pharmaceutical, chemical industry, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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.

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Also, government initiatives play a crucial role in shaping the landscape of the truck refrigeration unit market. Rule makers are working to put in place standards that will cut down on polluting gases, like those causing climate change. They also have the goal of encouraging eco-friendly actions in areas related to travel and transportation sectors. Providing funds and help to businesses that use good energy-saving cooling systems encourages companies to buy new environmentally friendly solutions. This helps save cash, makes the world greener, and builds up business. For instance, the law says that after December 31, 2023 in California no truck owner can drive or make others drive a regular straight truck unless their whole fleet is full of electric zero emission trucks up to the number allowed by law.

Asia-Pacific to maintain its dominance by 2032

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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Leading Market Players: -

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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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