Truck Refrigeration Unit Market Forecasts to 2030 - Global Analysis By Product, Type, Vehicle Type, Size, Power, Power Capacity, Application, End User and by Geography

According to Stratistics MRC, the Global Truck Refrigeration Unit Market is accounted for $15.94 billion in 2024 and is expected to reach $24.21 billion by 2030 growing at a CAGR of 7.21% during the forecast period. A truck refrigeration unit (TRU) is a vital component for the transportation of perishable goods, ensuring that products such as food, pharmaceuticals, and other temperature-sensitive items remain fresh and safe during transit. These units are typically mounted on trucks, trailers, or vans and use advanced cooling technology to maintain specific temperature ranges as required by the cargo. Moreover, TRUs can operate independently of the vehicle's engine, often powered by diesel engines or electric systems, providing consistent and reliable cooling even during long hauls.

According to the International Refrigerated Transportation Association (IRTA), the proper use of Truck Refrigeration Units is essential for maintaining the cold chain and ensuring that perishable goods reach their destination in optimal condition.

Market Dynamics:

Driver:

Growing demand for fresh and frozen food products

The global population is increasing, leading to higher consumption of perishable goods such as fruits, vegetables, dairy products, and meat. Changing dietary preferences towards fresh and organic produce also contribute to this demand. Efficient cold chain logistics are essential to preserving the quality and safety of these products from farm to table. Furthermore, there is a growing need for advanced truck refrigeration units to support the expanding market for fresh and frozen foods.

Restraint:

Exorbitant up-front and ongoing costs

Due to the advanced technology and materials used, truck refrigeration units require a substantial initial investment. For small and medium-sized businesses, the cost of installing and buying these units may be unaffordable. The total cost of ownership may also increase due to maintenance costs, which include routine servicing, repairs, and part replacements. Additionally, these costs could discourage some businesses from implementing these systems, especially in areas where the transportation industry has smaller profit margins.

Opportunity:

Expansion of cold chain infrastructure

Improving cold chain infrastructure is becoming more and more important on a global scale to guarantee the efficient and safe transportation of perishable goods. Manufacturers of truck refrigeration units can benefit greatly from investments in the development of infrastructure, including cold storage facilities, temperature-controlled warehouses, and refrigerated transportation networks. Moreover, the need for dependable refrigerated transport solutions is anticipated to rise as nations work to improve their regulations pertaining to food safety and minimize food waste.

Threat:

Technological upheavals and risks to cybersecurity

There are new cybersecurity risks associated with the growing integration of digital technologies and IoT (Internet of Things) in truck refrigeration units. Possible hazards encompass security lapses, unapproved entry into confidential data, and interference with functional systems. Additionally, to safeguard against cyberattacks and guarantee the dependability and security of refrigeration units and data, manufacturers and fleet managers need to make significant investments in strong cybersecurity measures.

Covid-19 Impact:

The COVID-19 pandemic had a multifaceted impact on the truck refrigeration unit market. Initially, widespread lockdowns and supply chain disruptions disrupted manufacturing operations and delayed shipments of refrigeration units and components. As travel restrictions and economic uncertainties persisted, consumer spending patterns shifted, affecting demand for perishable goods and, consequently, refrigerated transport services. However, the pandemic also underscored the critical role of efficient cold chain logistics, especially for transporting vaccines and essential medical supplies, leading to an increased focus on enhancing cold chain infrastructure and investing in more resilient and adaptable refrigeration technologies.

The Freezer segment is expected to be the largest during the forecast period

The freezer segment usually holds the largest share in the truck refrigeration unit market. Because they precisely control temperature, freezers are crucial for the long-distance transportation of perishable goods, as they ensure food safety and quality. They are essential in sectors like food and medicine, where it's vital to maintain precise temperature conditions while in transit. Moreover, the freezer units found in truck refrigeration systems are engineered to withstand a broad spectrum of temperatures, guaranteeing the stability and security of frozen goods during transportation.

The Pharmaceutical Transportation segment is expected to have the highest CAGR during the forecast period

The segment with the highest CAGR is usually pharmaceutical transportation. This is a result of the strict regulations governing the temperature-controlled transportation of biologics, pharmaceuticals, and vaccines, which demand accurate and dependable refrigeration systems. Furthermore, advanced refrigeration technologies in trucks are becoming more and more common as a result of the pharmaceutical industry's growing emphasis on maintaining product integrity throughout the supply chain and the growing demand for biologics and medications that are sensitive to temperature.

Region with largest share:

Due to strong demand in both Canada and the United States, the truck refrigeration unit market is dominated by the North American region. The reasons behind this dominance are a well-established cold chain infrastructure, strict food safety regulations, and a high degree of advanced refrigeration technology adoption in the logistics and transportation sectors. Additionally, the area gains from the robust presence of major industry players providing cutting-edge refrigeration solutions suited to a range of industry demands, such as fresh produce transportation, pharmaceutical logistics, and food and beverage distribution.

Region with highest CAGR:

The truck refrigeration unit market is growing at the highest CAGR in the Asia-Pacific region. Rapid urbanization, industrialization, and the development of cold chain logistics throughout nations like South Korea, Japan, China, and India are the main drivers of this growth. The use of refrigerated transport solutions is fueled by rising consumer demand for perishable goods, such as fresh produce, dairy products, and medications. Moreover, the strict laws controlling the distribution of pharmaceuticals and food safety also increase the need for cutting-edge refrigeration technologies in the area.

Key players in the market

Some of the key players in Truck Refrigeration Unit market include Sanden Corporation, Carrier Inc, Klinge Corporation, Mitsubishi Heavy Industries, Ltd, Advanced Temperature Control (ATC), Utility Trailer Manufacturing Company, LLC, Denso Corporation, Webasto Group, Subros Limited, Daikin Industries, Ltd and Thermo King.

Key Developments:

In June 2024, Denso Corporation and NTT DATA Japan Corporation have signed a memorandum of understanding to form a strategic partnership for software development. Through the agreement, the companies will deepen their collaboration on strategy, talent management, and technology as they jointly contribute to the advancement of Japan's automotive industry and help address social issues.

In February 2024, Mitsubishi Heavy Industries, Ltd. (MHI) has concluded a Nissay Positive Impact Finance agreement with Nippon Life Insurance Company. MHI Group, in response to the growing need to address the global challenge of climate change, in 2020, identified five material issues, including "Provide energy solutions to enable a carbon neutral world," as priority measures to contribute to solving societal issues and ensuring continued growth over the medium to long term.

In December 2023, Carrier Global Corporation, global leader in intelligent climate and energy solutions, entered into a definitive agreement today to sell its global commercial refrigeration business to its decades-long joint venture partner Haier for an enterprise value of $775 million, including approximately $200 million of net pension liabilities. This represents about 16.5x 2023 expected EBITDA.

Products Covered:

• Chiller
• Freezer
• Other Products

Types Covered:

• Split System
• Roof Mount System
• Other Types

Vehicle Types Covered:

• Trucks
• Vans
• Trailer (Container)
• Buses
• Other Vehicle Types

Sizes Covered:

• Below 20ft
• 20-40ft
• Above 40ft

Powers Covered:

• Vehicle Powered
• Diesel Powered

Power Capacities Covered:

• Below 5 Kw
• 5 Kw - 19 Kw
• Above 19 Kw

Applications Covered:

• Frozen Food Transportation
• Chilled Food Transportation
• Pharmaceutical Transportation
• Other Applications

End Users Covered:

• Retail and Supermarkets
• Food and Beverages Industry
• Chemical Industry
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances