The truck refrigeration unit market is estimated to be USD 11.79 billion in 2020 and is projected to reach USD 16.9 billion by 2027, at a CAGR of 5.3 %. An important application of refrigeration is food preservation. Cold chains play a crucial role in the chilled and frozen food industry.
They help preserve products during transport from farm to consumer by providing transport refrigeration. Refrigerated trucks and trailers are used for food handling under suitable conditions. These types of vehicles are refrigerated to temperatures of 1.5 to 4 °C for cold foods and -18 °C for frozen foods. A rise in demand for safe, high-quality fresh goods from consumers is likely to be a major driving factor for the truck refrigeration unit market during the forecast period. Moreover, an increase in opportunities for food producers and a rise in distances from warehouses to consumers are likely to boost demand for refrigerated trucks, which is anticipated to drive the truck refrigeration unit market. Additionally, an increase in demand for refrigerated vehicles from the health care industry in order to provide adequate controlled temperature, hygiene, and security is estimated to propel the market. Furthermore, governments of different countries are implementing stringent regulations related to pharmaceutical products in order to improve their quality. This is expected to boost the truck refrigerated unit market in the coming years.
For transportation of frozen foods and vegetables, truck refrigeration units are generally used for intercity and intracity transportation. Truck refrigeration units are control devices that enable trailers to cool or heat when switched on or off. These are special trucks equipped with variety of refrigeration unit systems, designed to carry perishable food items by maintaining the temperature.
As a cooling agent carbon dioxide in the form of ice or liquid is utilized to preserve products such as frozen fruits, seafood, meat, dairy products, and vegetables, as they require an ideal temperature to sustain. Truck refrigeration units are available in both Electric Stand by (ES-TRUs) and all-electric options. The electric transport refrigeration units operate completely off the electric shore power which is used for overflow storage or on-site storage whereas electric standby transport refrigeration units, also known as hybrid TRU, are used on the road for diesel and electric shore power when parked. This has influenced the Truck Refrigeration Unit Market.
The factors that drive the truck refrigeration unit market include increasing demand for frozen food and fresh vegetables, growing consumer preference for frozen food items due to lack of time in lifestyle, growth of supermarkets and quick-service restaurants such as KFC, Burger King, Subway, Taco Bell, Pizza Hut, and McDonald's in different regions. Moreover, increasing investments in the development of smart cities is also driving the truck refrigeration unit market. Increasing developments in technology of refrigeration
units is also anticipated to boost the market growth. In addition, the factors that restrain the truck refrigeration unit market growth include growth in health concerns about consumption of frozen fruit and vegetables. Also, if any major breakdown happens to the vehicle perishable food items get damaged.
The major companies profiled in the Truck refrigeration unit market share include Daikin (Japan), Carrier (U.S.), Thermo King (U.S.), Denso (Japan), Webasto (Germany), Mobile Climate Control (Sweden), Subros (India), Sanden (Japan), Klinge (U.S.), and Utility Trailer (U.S.), and others.
The Asia Pacific region is projected to lead the truck refrigeration market during the forecast period owing to the highest consumption of frozen and chilled products compared to other regions such as the Americas and EMEA. Commercial vehicle sales in the Asia Pacific region has increased by 12% from 2015 to 2017. Moreover, increasing investments in the development of smart cities in the developing countries, such as China and India, is also driving the air conditioning unit market for bus. Further, changing lifestyles, increasing spending power, and demand for convenience, among others, are driving the market for frozen food, snacks, fresh vegetables, which, in turn, is driving the refrigeration unit market.