Rising Demand for Frozen Foods by Consumers Drives the Demand for Global Truck Refrigeration Unit Market

In July 2019, The Food Hygiene Regulation 2006 legally obliged food companies to carry out food tasks in a safe and hygienic manner. Providing unhealthy food to consumers is punishable under the Food Hygiene Regulations 2006. Food companies have a duty of care when providing food to consumers; therefore, food safety and hygiene must be a priority. Thus, the global truck refrigeration unit market is estimated to increase rapidly in the near future.

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Data Bridge Market Research analyses that the Global Truck Refrigeration Unit Market is expected to grow at a CAGR of 5.4% in the forecast period of 2023 to 2030 and is expected to reach USD 19,300.19 million by 2030. Increasing transportation of perishable goods such as food items, and pharmaceuticals is projected to propel the market's growth.

Increasing growth of supermarkets and restaurants such as KFC and Subway

The increasing growth of restaurants and supermarkets is promoting frozen food products to a larger extent. After the COVID era, the usage of frozen foods has increased tremendously due to lifestyle and less time. Food delivery services became immensely important but brought unique challenges. Trust in the food handling process, delivery methods, and demand for contactless transactions became front and center for those using restaurants for home delivery. Remembering that more than 900,000 people died in the U.S. makes the ongoing situation a long-term consideration for food service workers, field workers, and other employees related to the field.

Report Scope and Market Segmentation

Segment Analysis:

The global truck refrigeration unit market is segmented into six notable segments based on type, length, application, power source, power capacity, and vehicle type.

• On the basis of type, the global truck refrigeration unit market is segmented into split system and roof mount system.

In 2023, the split system of type segment is anticipated to dominate the global truck refrigeration unit market

In 2023, the split system segment is expected to dominate the global truck refrigeration unit market owing to the increasing adoption of split system air conditioning in the automotive segment.

• On the basis of type, the global truck refrigeration unit market is segmented into split system and roof mount system. In 2023, the split system is expected to dominate the global truck refrigeration unit market with a 58.59% share and is expected to reach USD 10,783.91 million by 2030 growing with the highest CAGR of 4.7% in the forecast period of 2023 to 2030.
• On the basis of length, the global truck refrigeration unit market is segmented into < 8-meter, 8-12-Meter, and >12-meter. In 2023, the < 8-meter segment is expected to dominate the global truck refrigeration unit market with a 51.54% share and is expected to reach USD 10,422.92 million by 2030 growing with the highest CAGR of 6.1% in the forecast period of 2023 to 2030.
• On the basis of application, the global truck refrigeration unit market is segmented into chilled and frozen. In 2023, chilled is expected to dominate the global truck refrigeration unit market with a 59.98% share and is expected to reach USD 11,941.19 million by 2030 growing with the highest CAGR of 5.9% in the forecast period of 2023 to 2030.
• On the basis of power source, the global truck refrigeration unit market is segmented into engine powered and independent. In 2023, engine powered is expected to dominate the global truck refrigeration unit market with a 68.89% share and is expected to reach USD 13,077.02 million by 2030 growing with the highest CAGR of 5.1% in the forecast period of 2023 to 2030.
• On the basis of power capacity, the global truck refrigeration unit market is segmented into below 5 kW, 5 kW - 19 kW, and above 19 kW. In 2023, below 5 kW is expected to dominate the global truck refrigeration unit market with a 45.23% share and is expected to reach USD 9,208.09 million by 2030 growing with the highest CAGR of 6.2% in the forecast period of 2023 to 2030.
• On the basis of vehicle type, the global truck refrigeration unit market is segmented into Light Commercial Vehicles (LCV), medium & heavy commercial vehicles, trailer (container), bus, and others. In 2023, the Light Commercial Vehicles segment (LCV) is expected to dominate the global truck refrigeration unit market with a 39.80% share and is expected to reach USD 8,393.40 million by 2030 growing with the highest CAGR of 6.7% in the forecast period of 2023 to 2030.

Major Players

Data Bridge Market Research recognizes the following companies as the major global truck refrigeration unit market. These are MITSUBISHI HEAVY INDUSTRIES THERMAL SYSTEMS, LTD., Daikin, Carrier, DENSO Corporation, Grayson, SANDEN CORPORATION, Mobile Climate Control, Advanced Temperature Control, ZHENGZHOU GUCHEN INDUSTRY CO., LTD., TRANE TECHNOLOGIES PLC, Subros Limited, Klinge Corporation, Utility Trailer Manufacturing Company, Webasto SE, FAHRZEUGWERK KRONE, SONGZ AUTOMOBILE AIR CONDITIONING CO., LTD, Kidron, and Schmitz Cargobull among others.

Market Developments

• In July 2022, Carrier commercial completed the acquisition of Toshiba's global residential and light commercial HVAC businesses, including VRF and heat pumps. The step will help the companies to expand their product portfolio and increase the manufacturing capacity of heat pumps for the global market. The step will help the companies to substantially utilize the workforce and increase their customer base
• In March 2022, KRONE entered into a partnership with ECR Solutions to offer and become a logistics service provider and shippers and provide complete customized solutions for the management of trailer fleets for their customer base. This step will help the companies expand their service offerings in different parts of the world and increase their customer base
• In September 2019, MITSUBISHI HEAVY INDUSTRIES THERMAL SYSTEMS, LTD was awarded the contract to supply high-tech traction equipment for Construcciones y Auxiliar de Ferrocarriles, S.A. (CAF) company. The company delivered traction equipment for the 88 trains used in the Dutch rail network. This company enhanced its brand value in the market and the customer base
• In May 2018, Advanced Temperature Control launched refrigerated delivery trucks to deliver goods such as flowers, bakery, dairy products, frozen foods, and pharmaceuticals without getting affected by surrounding conditions. Mobile refrigeration has continued to improve as the demand has increased. Refrigerator trucks have made it easier for different companies to transport goods. This will help the company to diversify its product portfolio and increase its profit margin
• In May 2017, DENSO CORPORATION announced that they were entering the cold chain market with new thermal system business unit refrigerators. The company is able to bring advanced technology capable of reducing energy consumption by 33%. This has helped the company enhance its brand image and expand its product portfolio in the market

Regional Analysis

Geographically, the countries covered in the global truck refrigeration unit market report are U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Netherlands, Norway, Sweden, Austria, Hungary, Turkey, Finland, Poland, Denmark and Rest of Europe, China, India, Japan, South Korea, Australia, Singapore, Taiwan, New Zealand, Thailand, Malaysia, Vietnam, Philippines and Rest of Asia-Pacific, Brazil, Argentina, and the rest of South America, South Africa, Egypt, Bahrain, Qatar, Kuwait, Oman, Saudi Arabia, U.A.E, Israel, rest of the Middle East and Africa.

As per Data Bridge Market Research analysis:

Asia-Pacific is the dominant region in the global truck refrigeration unit market during the forecast period 2023 - 2030

In 2023, the Asia-Pacific region is expected to dominate the market due to consumers' increasing consumption of frozen foods due to the lifestyle of various developing countries in the Asia-Pacific region, which is increasing the region's dominance in the global truck refrigeration unit market.

Asia-Pacific is estimated to be the fastest-growing region in the global truck refrigeration unit market for the forecast period 2023 - 2030

Asia-Pacific is expected to grow during the forecast period due to the presence of major market players and the rapid development of refrigerated truck units in the region. Also, the growing market for perishable food items in the region is fueling the demand for refrigerated truck transports.

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