Truck Refrigeration Unit Market to Reach $22,997.7 Million, Globally, by 2032 at 6.3% CAGR: Allied Market Research

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Feb 09, 2024, 03:31 ET

The increase in demand for frozen food products, the rise in global trade of perishable products, especially in emerging economies, and the growth in trend of e-commerce have led to increased demand for last-mile delivery services which is driving the growth of the global truck refrigeration unit market.

WILMINGTON, Del., Feb. 9, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Truck Refrigeration Unit Market by Type (Roof Mount and Split), Trailer Size (Below 20ft, 20-40ft, and Above 40ft), and End-User (Food, Pharmaceutical, Chemical Industry, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global truck refrigeration unit industry size generated $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.

(We are providing truck refrigeration unit industry report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and Russia-Ukraine War Impact Analysis)

137 - Tables
43 - Charts
287 – Pages

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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.

Report Coverage and Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size In 2022	$12,682.3 Million
Market Size In 2032	$22,997.7 Million
CAGR	6.3 %
No. Of Pages in Report	360
Segments Covered	Type, Trailer Size, And End-User
Drivers	Increase In Demand for Advanced Temperature Control and Monitoring System In Trucks Growth Of the Processed Food Sector and Focus on Reducing Food Waste
Opportunities	Development Of Eco-Friendly Refrigerants
Restraints	Environmental Effects of Refrigerants Used

Russia-Ukraine War Impact Analysis

The conflict has implications for the agricultural sector, as both Russia and Ukraine are major exporters of wheat and other commodities. The disruption in agricultural production and supply chains can lead to fluctuations in food prices on the global market, impacting both consumers and businesses.
The conflict also raises concerns about the potential for cyberattacks and disruptions to critical infrastructure. Businesses may need to reassess their cybersecurity measures and investment strategies to mitigate potential risks associated with geopolitical tensions.

The split segment to maintain its leadership status throughout the forecast period

Based on type, the split segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032. Due to the split-type configuration, with separate units for the refrigeration and engine components, the segment offers flexibility and ease of installation, making it a preferred choice for many truck operators. However, the roof mount segment is projected for highest CAGR of 7.1% from 2023 to 2032, due to roof mount units, being installed on the roof of the truck or trailer, optimizing the use of available space within the vehicle, allowing for greater cargo capacity and flexibility.

The below 20ft segment to maintain its leadership status throughout the forecast period

Based on trailer size, the below 20ft segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032. Due to the increasing demand for last-mile delivery services, particularly in urban areas, this segment is fueling the need for compact and maneuverable refrigerated trailers that can efficiently navigate through congested spaces. However, the 20-40ft segment is projected for highest CAGR of 7.2% from 2023 to 2032, due the continuous technological advancements in truck refrigeration units, including innovations such as smart monitoring systems and energy-efficient technologies, contributing to the appeal of the 20-40ft trailer size segment.

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The food segment to maintain its lead position during the forecast period

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.

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.

Key Highlights of the Truck Refrigeration Unit Market Report:

In-depth study spanning 14 countries with regional and segment analysis, projecting values ($million) from 2023 to 2032.
Integration of high-quality data, expert opinions, and critical independent perspectives for a comprehensive market understanding.
Research methodology designed to offer a balanced view of global markets, empowering stakeholders to make informed decisions for ambitious growth goals.
Extensive review of 3,700+ product literature, annual reports, industry statements, and materials from major industry participants for enhanced insights.

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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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