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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Truck Refrigeration Unit Market Size
The global truck refrigeration unit market reached a value of about USD 13.55 billion in 2023. The market is further expected to grow at a CAGR of 5.2% in the forecast period of 2024-2032 to reach nearly USD 21.43 billion by 2032.
Truck Refrigeration Unit Market Outlook
- As per the United States Census Bureau, frozen food manufacturing generated sales, shipments, receipts, and production amounting to $32,376,184 in 2021.
- According to Destatis, road transport by national lorries in Germany reached 2,954,735 in 2022.
- According to ABS, the percentage of fresh, frozen, or canned fruit in 2022-23 stood at 67.7%, favouring the demand for truck refrigeration units.
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Truck Refrigeration Unit Market Growth Rate
Rising consumer demand for frozen food and fresh produce propels the global market for truck refrigeration unit. Essential for maintaining food freshness, and pharmaceuticals during transport, these units are increasingly utilized. Expansion of supermarkets and quick-service restaurants like Burger King, Subway, Taco Bell, KFC, and Pizza Hut further stimulates market growth.
Subway® saw a 9.2% surge in same-store sales compared to the previous year and a significant 29.1% increase from 2020. Meanwhile, Chipotle Mexican Grill, a fast-casual dining chain, reported $9.9 billion in total revenue for 2023, marking a 14.3% rise compared to the prior year.
Key Trends and Developments
Rising demand for perishables, increasing electrification efforts, regulatory compliance, customization, and modular designs are the major trends impacting the truck refrigeration unit market growth.
February 16, 2024
Carrier Transicold introduced the Neos 200e refrigeration unit for small electric and engine-powered delivery vehicles in North America, offering enhanced cooling capacity and efficiency.
September 22, 2023
Singapore's Singauto Technology entered China's electric vehicle market with refrigerated trucks for pharmaceutical and food deliveries, unveiling their electrified cold storage truck after securing a $20 million funding round.
September 13, 2023
Mitsubishi Heavy Industries Thermal Systems launched the TEJ35GAM for domestic sales. This electric-driven refrigeration unit, designed for small and mid-size trucks, features a plug-in hybrid system.
December 21, 2022
Thermo King®, the transport refrigeration brand of Trane Technologies, introduced the TH-350, an ultra-thin electric refrigeration unit, boasting superior cold chain logistics performance with innovative design, reliability, and user-friendly features.
Rising demand for perishables
Increasing consumer desire for fresh and frozen food drives demand for reliable temperature-controlled transport, fuelling growth in the cold chain logistics sector.
Electrification on the rise
Electric transport refrigeration units are challenging traditional diesel-powered ones, offering greater environmental sustainability and operational cost-effectiveness.
Regulatory compliance
Regulatory pressures drive refrigeration unit innovation. Manufacturers prioritise designs meeting standards for safety, emissions, and noise while ensuring performance reliability.
Customization and modular designs
Customers demand customisable refrigeration units. Modular designs enjoy popularity for simpler installation, maintenance, and upgrades, aligning with evolving needs.
Truck Refrigeration Unit Market Trends
As the demand for perishable goods and pharmaceuticals rises, efficient cold-chain logistics become crucial. Truck refrigeration units are adapting to provide superior temperature control, enhanced insulation, and optimized airflow, ensuring cargo integrity during transit.
Moreover, truck refrigeration units are integrating telematics and IoT technologies for real-time monitoring of temperature, location, and performance. This enables fleet managers to optimize routes, uphold cold chain integrity, and enhance overall efficiency.
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Truck Refrigeration Unit Industry Segmentation
“Global Truck Refrigeration Unit Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
- Roof Mount System
- Split System
Market Breakup by Application
- Frozen
- Chilled
Market Breakup by Industry Vertical
- Frozen Food
- Pharma Drugs and Chemical
- Ambulance and Passenger Transport
Market Breakup by Bus Length
- Less than 8 Metres
- 8 to 12 Metres
- More than 12 Metres
Market Breakup by Vehicle Type
- Light Commercial Vehicle (LCV)
- Medium and Heavy Commercial Vehicle (MHCV)
- Trailer (Container)
- 20 Feet Trailer
- 40 Feet Trailer
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Truck Refrigeration Unit Market Share
Frozen applications support the demand for truck refrigeration units, as they help maintain lower temperatures, making it easier to transport a variety of goods such as frozen foods, ice cream, and specialized pharmaceuticals
Frozen transportation stops microbial growth, preserving product quality and extending shelf life. It broadens market reach, offers diverse product options, provides seasonal flexibility, reduces food waste, enhances operational efficiency, and ensures regulatory compliance.
Chilled transportation maintains freshness, extends shelf life, preserves quality, and broadens market reach. It supports product diversity, enhances consumer satisfaction, reduces food waste, and ensures regulatory compliance in perishable goods supply chains.
Pharma drugs and chemical products are significant contributors to the truck refrigeration unit market revenue
Refrigerated transportation upholds drug efficacy and integrity, ensuring regulatory adherence, extending shelf life, improving supply chain efficiency, mitigating risks, ensuring product safety, and broadening market access for pharmaceuticals and chemicals.
Frozen transportation extends product shelf life, maintains quality, broadens market reach, offers product diversity, enables seasonal flexibility, minimizes waste, enhances efficiency, and ensures regulatory compliance in the food industry.
Leading Manufacturers in the Truck Refrigeration Unit Market
Daikin Industries, Ltd.
Founded in 1924 and headquartered in Osaka, Japan, Daikin Industries, Ltd. is a renowned global leader in air conditioning, heating, ventilation, and refrigeration systems, recognized for its innovative technology and sustainable solutions worldwide.
DENSO Corporation
Established in 1949 and based in Kariya, Japan, DENSO Corporation is a prominent supplier of automotive technology and components, specializing in advanced systems for vehicles to enhance safety, efficiency, and environmental sustainability.
Thermo King Corporation
Founded in 1938 and headquartered in the USA, it is a pioneer in transport temperature control. It manufactures innovative systems for trucks, trailers, and railcars, ensuring the integrity of temperature-sensitive cargo worldwide.
VBG Group AB
Established in 1951 and located in Sweden, it is a global provider of products and services for the truck and trailer industry. It offers advanced coupling systems and solutions to optimize safety and efficiency.
Other players operating in the truck refrigeration unit market are Carrier Global Corporation, and Mitsubishi Heavy Industries Thermal Systems, Ltd., among others.
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Truck Refrigeration Unit Market Analysis by Region
Asia Pacific dominates the market with the heightened demand for transporting perishable goods like food, pharmaceuticals, and healthcare products.
The Asia Pacific region significantly contributes to market growth due to high consumption rates of frozen and chilled products, driven by factors like changing lifestyles, e-commerce expansion, increased spending power, and convenience needs.
Domino's annual report indicated that as of January 1, 2023, there were 1,758 Domino's stores in India, driving demand for truck refrigeration units due to the necessity of transporting frozen and chilled food materials.
Additionally, rising investments in India and China's food service sectors to upgrade cold storage facilities and in smart city development across countries like China and India further spur demand for truck refrigeration units for transporting food, chemicals, and pharmaceuticals, fuelling market expansion.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Application |
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| Breakup by Industry Vertical |
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| Breakup by Bus Length |
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| Breakup by Vehicle Type |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is estimated to be valued at USD 13.55 billion in 2023.
The market is projected to grow at a CAGR of 5.2% between 2024 and 2032.
The revenue generated from the truck refrigeration unit market is expected to reach USD 21.43 billion in 2032.
The market is categorised according to the type, which includes roof mount systems and split systems.
The market key players are Daikin Industries, Ltd., DENSO Corporation, Thermo King Corporation, VBG Group AB, Carrier Global Corporation, and Mitsubishi Heavy Industries Thermal Systems, Ltd., among others.
Based on the application, the market is divided into frozen and chilled.
Based on the industry vertical, the market is divided into frozen food, pharma drugs and chemical, and ambulance and passenger transport.
The market is broken down into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
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