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Truck Refrigeration Unit Market Size, Share & Trends Analysis Report By Type (Split, and Roof Mount), By Trailer size, By End-user (Food, Pharmaceutical, Chemical Industry, and Others), By Regional Outlook and Forecast, 2023 - 2030

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    Report

  • 225 Pages
  • March 2024
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5949628
The Global Truck Refrigeration Unit Market size is expected to reach $19.8 billion by 2030, rising at a market growth of 6.1% CAGR during the forecast period.

The Asia Pacific region has experienced robust economic growth over the past few decades, leading to increased consumer spending power and heightened demand for various goods, including perishable products. Consequently, the Asia Pacific segment captured $4,378.6 million revenue in the market in 2022. As economies expand, so does the need for efficient and reliable transportation solutions, particularly for the growing cold chain industry. Hence, the segment will witness increased demand in the coming years.



The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In September, 2023, Mitsubishi Heavy Industries Thermal Systems, Ltd. has launched the TEJ35GAM, an electric-driven transport refrigeration unit exclusively for small and mid-size trucks. Through this launch, the company will address distribution industry issues. Additionally, In April, 2023, Carrier Transicold, part of Carrier Global Corporation, launched the eCool Truck Refrigeration Series, which will cover 14- to 28-foot, Class 5 to 7 straight truck applications and are designed for fleets seeking regulatory compliance or simply cleaner, more sustainable options.

Cardinal Matrix - Market Competition Analysis

Based on the Analysis presented in the Cardinal Matrix; Denso Corporation, Carrier Global Corporation, Daikin Industries, Ltd., Trane Technologies PLC are the forerunners in the Market. For Instance, In September, 2023, Denso Corporation has launched Everycool, an advanced cooling system that provides comfort and energy efficiency when a commercial vehicle’s engine is off. Through this launch, the company will improve driver working conditions during hot summer seasons, reduce environmental impact, and promote efficient energy utilization by lowering fuel consumption. Companies such as Mitsubishi Heavy Industries Ltd., Subros Limited are some of the key innovators in Market.



Market Growth Factors

Consumers today increasingly prefer fresh and convenient options, including perishable goods like fruits, vegetables, dairy products, and ready-to-eat meals. To satisfy these preferences, e-commerce platforms need to ensure that the products are delivered to consumers in an identical state of excellence as when they are encountered in brick-and-mortar establishments. This necessitates the use of effective refrigeration solutions in delivery trucks. Thus, these aspects will drive the expansion of the market.

Additionally, Regulatory bodies, such as the Food and Drug Administration (FDA) in the United States and the European Food Safety Authority (EFSA) in Europe, have established stringent guidelines for transporting perishable foods. Good Manufacturing Practice (GMP) regulations also influence the design and operation of refrigeration units. Compliance with GMP ensures that manufacturing and transportation processes meet the required hygiene, cleanliness, and product safety standards. Thus, these aspects can increase demand for TRU in the coming years.

Market Restraining Factors

TRU designed to meet advanced environmental standards necessitate incorporating high-quality components and cutting-edge technologies. Fleet operators evaluate the long-term economic feasibility of adopting advanced units, considering fuel efficiency gains, maintenance requirements, and the extended lifespan of environmentally friendly technologies. Thus, these aspects can hamper the growth of the market.

By End User Analysis

Based on end-user, the market is divided into food, pharmaceutical, chemical industry, and others. The food segment recorded the 41.58% revenue share in the market in 2022. Consumer preferences have evolved, emphasizing a greater reliance on fresh and perishable food. A growing awareness of health and nutrition leads consumers to opt for fresh produce, dairy, meat, and other temperature-sensitive goods.



By Type Analysis

On the basis of type, the market is bifurcated into roof mount and split. In 2022, the split segment witnessed the 67.45% revenue share in the market. Having separate temperature zones within the cargo area is crucial when transporting diverse perishable goods with distinct temperature requirements. This characteristic is especially advantageous when handling combined loads of frozen, chilled, and ambient temperature items concurrently; it provides a more flexible and comprehensive solution for conveying various perishable goods. Therefore, the segment will grow rapidly in the upcoming years.

By Trailer size Analysis

Based on trailer size, the market is segmented into below 20ft, 20-40ft, and above 40ft. In 2022, the 20-40ft segment garnered a 39.28% revenue share in the market. As a result of the expansion of cold chain logistics and the rising demand for temperature-sensitive products (pharmaceuticals, fresh produce, and frozen commodities), the demand for truck refrigeration units has increased substantially.

By Regional Analysis

By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the Europe segment acquired a 27.97% revenue share in the market. Europe's focus on optimizing cold chain efficiency, particularly in transporting perishable goods, has increased demand for advanced and reliable truck refrigeration units.

Market Competition and Attributes



The market is characterized by fierce competition among major players such as Carrier Transicold, Thermo King Corporation, Mitsubishi Heavy Industries, and Denso Corporation, alongside several regional and local manufacturers. This competition is driven by technological advancements in energy efficiency and temperature control, expanding applications across various industries including food and pharmaceuticals, strategic partnerships with truck manufacturers, and a focus on aftermarket services and support. As regulatory standards for temperature-sensitive transportation increase, companies vie for market dominance through innovative product offerings and superior customer service, shaping a highly competitive landscape within the sector.

Recent Strategies Deployed in the Market

  • Jan-2024: Carrier Global Corporation had geographically expanded its footprints in India to enhance HVAC products with a range of air handling units (AHUs) and fan coil units (FCUs). Through this expansion, the company will add AHUs and FCUs to its portfolio, which underscores its commitment to comprehensive and sustainable lifecycle HVAC solutions.
  • Feb-2024: Carrier Transicold, part of Carrier Global Corporation, launched the Neos 200e refrigeration unit for small electric and engine-powered delivery vehicles. Through the Neos 200e launch, the company will focus on commercial-vehicle-level reliability and performance, which can help customers achieve their sustainability goals.
  • Dec-2023: Carrier Global Corporation entered into an agreement to sell its global commercial refrigeration business to its decades-long joint venture partner Haier Group Corporation, a Chinese multinational home appliances and consumer electronics company. This acquisition will establish the commercial refrigeration platform, enabling the company to capture additional growth by expanding its presence in food retail refrigeration and cold storage.
  • Dec-2023: Daikin Applied Europe S.p.A., part of the global Daikin Group, acquired Rooktherm Refrigeration Ltd., a UK based company, to strengthen the service and maintenance capability across the UK to benefit all customers. Through this agreement, the company will gain the ability to support their customers with the premium service that both Daikin and Brooktherm are renowned for.
  • Sep-2023: Denso Corporation has launched Everycool, an advanced cooling system that provides comfort and energy efficiency when a commercial vehicle’s engine is off. Through this launch, the company will improve driver working conditions during hot summer seasons, reduce environmental impact, and promote efficient energy utilization by lowering fuel consumption.

List of Key Companies Profiled

  • Denso Corporation
  • Webasto Group
  • Klinge Corporation
  • Carrier Global Corporation
  • Trane Technologies PLC (Thermo King)
  • Daikin Industries, Ltd.
  • Mitsubishi Heavy Industries Ltd.
  • Subros Limited
  • Arctic Traveler Canada (Advanced Temperature Control)
  • Utility Trailer Manufacturing Company, LLC

Market Report Segmentation

By Type
  • Split
  • Roof Mount
By Trailer size
  • Below 20ft
  • 20-40ft
  • Above 40ft
By End User
  • Food
  • Pharmaceutical
  • Chemical Industry
  • Others
By Geography
  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Truck Refrigeration Unit Market, by Type
1.4.2 Global Truck Refrigeration Unit Market, by Trailer size
1.4.3 Global Truck Refrigeration Unit Market, by End User
1.4.4 Global Truck Refrigeration Unit Market, by Geography
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Opportunities
3.2.3 Market Restraints
3.2.4 Market Challenges
Chapter 4. Competition Analysis - Global
4.1 Cardinal Matrix
4.2 Recent Industry Wide Strategic Developments
4.2.1 Partnerships, Collaborations and Agreements
4.2.2 Product Launches and Product Expansions
4.2.3 Acquisition and Mergers
4.2.4 Geographical Expansions
4.3 Top Winning Strategies
4.3.1 Key Leading Strategies: Percentage Distribution (2019-2023)
4.3.2 Key Strategic Move: (Product Launches and Product Expansions : 2021, Feb - 2024, Feb) Leading Players
4.4 Porter’s Five Forces Analysis
Chapter 5. Global Truck Refrigeration Unit Market by Type
5.1 Global Split Market by Region
5.2 Global Roof Mount Market by Region
Chapter 6. Global Truck Refrigeration Unit Market by Trailer size
6.1 Global Below 20ft Market by Region
6.2 Global 20-40ft Market by Region
6.3 Global Above 40ft Market by Region
Chapter 7. Global Truck Refrigeration Unit Market by End-user
7.1 Global Food Market by Region
7.2 Global Pharmaceutical Market by Region
7.3 Global Chemical Industry Market by Region
7.4 Global Others Market by Region
Chapter 8. Global Truck Refrigeration Unit Market by Region
8.1 North America Truck Refrigeration Unit Market
8.1.1 North America Truck Refrigeration Unit Market by Type
8.1.1.1 North America Split Market by Country
8.1.1.2 North America Roof Mount Market by Country
8.1.2 North America Truck Refrigeration Unit Market by Trailer size
8.1.2.1 North America Below 20ft Market by Country
8.1.2.2 North America 20-40ft Market by Country
8.1.2.3 North America Above 40ft Market by Country
8.1.3 North America Truck Refrigeration Unit Market by End-user
8.1.3.1 North America Food Market by Country
8.1.3.2 North America Pharmaceutical Market by Country
8.1.3.3 North America Chemical Industry Market by Country
8.1.3.4 North America Others Market by Country
8.1.4 North America Truck Refrigeration Unit Market by Country
8.1.4.1 US Truck Refrigeration Unit Market
8.1.4.1.1 US Truck Refrigeration Unit Market by Type
8.1.4.1.2 US Truck Refrigeration Unit Market by Trailer size
8.1.4.1.3 US Truck Refrigeration Unit Market by End-user
8.1.4.2 Canada Truck Refrigeration Unit Market
8.1.4.2.1 Canada Truck Refrigeration Unit Market by Type
8.1.4.2.2 Canada Truck Refrigeration Unit Market by Trailer size
8.1.4.2.3 Canada Truck Refrigeration Unit Market by End-user
8.1.4.3 Mexico Truck Refrigeration Unit Market
8.1.4.3.1 Mexico Truck Refrigeration Unit Market by Type
8.1.4.3.2 Mexico Truck Refrigeration Unit Market by Trailer size
8.1.4.3.3 Mexico Truck Refrigeration Unit Market by End-user
8.1.4.4 Rest of North America Truck Refrigeration Unit Market
8.1.4.4.1 Rest of North America Truck Refrigeration Unit Market by Type
8.1.4.4.2 Rest of North America Truck Refrigeration Unit Market by Trailer size
8.1.4.4.3 Rest of North America Truck Refrigeration Unit Market by End-user
8.2 Europe Truck Refrigeration Unit Market
8.2.1 Europe Truck Refrigeration Unit Market by Type
8.2.1.1 Europe Split Market by Country
8.2.1.2 Europe Roof Mount Market by Country
8.2.2 Europe Truck Refrigeration Unit Market by Trailer size
8.2.2.1 Europe Below 20ft Market by Country
8.2.2.2 Europe 20-40ft Market by Country
8.2.2.3 Europe Above 40ft Market by Country
8.2.3 Europe Truck Refrigeration Unit Market by End-user
8.2.3.1 Europe Food Market by Country
8.2.3.2 Europe Pharmaceutical Market by Country
8.2.3.3 Europe Chemical Industry Market by Country
8.2.3.4 Europe Others Market by Country
8.2.4 Europe Truck Refrigeration Unit Market by Country
8.2.4.1 Germany Truck Refrigeration Unit Market
8.2.4.1.1 Germany Truck Refrigeration Unit Market by Type
8.2.4.1.2 Germany Truck Refrigeration Unit Market by Trailer size
8.2.4.1.3 Germany Truck Refrigeration Unit Market by End-user
8.2.4.2 UK Truck Refrigeration Unit Market
8.2.4.2.1 UK Truck Refrigeration Unit Market by Type
8.2.4.2.2 UK Truck Refrigeration Unit Market by Trailer size
8.2.4.2.3 UK Truck Refrigeration Unit Market by End-user
8.2.4.3 France Truck Refrigeration Unit Market
8.2.4.3.1 France Truck Refrigeration Unit Market by Type
8.2.4.3.2 France Truck Refrigeration Unit Market by Trailer size
8.2.4.3.3 France Truck Refrigeration Unit Market by End-user
8.2.4.4 Russia Truck Refrigeration Unit Market
8.2.4.4.1 Russia Truck Refrigeration Unit Market by Type
8.2.4.4.2 Russia Truck Refrigeration Unit Market by Trailer size
8.2.4.4.3 Russia Truck Refrigeration Unit Market by End-user
8.2.4.5 Spain Truck Refrigeration Unit Market
8.2.4.5.1 Spain Truck Refrigeration Unit Market by Type
8.2.4.5.2 Spain Truck Refrigeration Unit Market by Trailer size
8.2.4.5.3 Spain Truck Refrigeration Unit Market by End-user
8.2.4.6 Italy Truck Refrigeration Unit Market
8.2.4.6.1 Italy Truck Refrigeration Unit Market by Type
8.2.4.6.2 Italy Truck Refrigeration Unit Market by Trailer size
8.2.4.6.3 Italy Truck Refrigeration Unit Market by End-user
8.2.4.7 Rest of Europe Truck Refrigeration Unit Market
8.2.4.7.1 Rest of Europe Truck Refrigeration Unit Market by Type
8.2.4.7.2 Rest of Europe Truck Refrigeration Unit Market by Trailer size
8.2.4.7.3 Rest of Europe Truck Refrigeration Unit Market by End-user
8.3 Asia Pacific Truck Refrigeration Unit Market
8.3.1 Asia Pacific Truck Refrigeration Unit Market by Type
8.3.1.1 Asia Pacific Split Market by Country
8.3.1.2 Asia Pacific Roof Mount Market by Country
8.3.2 Asia Pacific Truck Refrigeration Unit Market by Trailer size
8.3.2.1 Asia Pacific Below 20ft Market by Country
8.3.2.2 Asia Pacific 20-40ft Market by Country
8.3.2.3 Asia Pacific Above 40ft Market by Country
8.3.3 Asia Pacific Truck Refrigeration Unit Market by End-user
8.3.3.1 Asia Pacific Food Market by Country
8.3.3.2 Asia Pacific Pharmaceutical Market by Country
8.3.3.3 Asia Pacific Chemical Industry Market by Country
8.3.3.4 Asia Pacific Others Market by Country
8.3.4 Asia Pacific Truck Refrigeration Unit Market by Country
8.3.4.1 China Truck Refrigeration Unit Market
8.3.4.1.1 China Truck Refrigeration Unit Market by Type
8.3.4.1.2 China Truck Refrigeration Unit Market by Trailer size
8.3.4.1.3 China Truck Refrigeration Unit Market by End-user
8.3.4.2 Japan Truck Refrigeration Unit Market
8.3.4.2.1 Japan Truck Refrigeration Unit Market by Type
8.3.4.2.2 Japan Truck Refrigeration Unit Market by Trailer size
8.3.4.2.3 Japan Truck Refrigeration Unit Market by End-user
8.3.4.3 India Truck Refrigeration Unit Market
8.3.4.3.1 India Truck Refrigeration Unit Market by Type
8.3.4.3.2 India Truck Refrigeration Unit Market by Trailer size
8.3.4.3.3 India Truck Refrigeration Unit Market by End-user
8.3.4.4 South Korea Truck Refrigeration Unit Market
8.3.4.4.1 South Korea Truck Refrigeration Unit Market by Type
8.3.4.4.2 South Korea Truck Refrigeration Unit Market by Trailer size
8.3.4.4.3 South Korea Truck Refrigeration Unit Market by End-user
8.3.4.5 Singapore Truck Refrigeration Unit Market
8.3.4.5.1 Singapore Truck Refrigeration Unit Market by Type
8.3.4.5.2 Singapore Truck Refrigeration Unit Market by Trailer size
8.3.4.5.3 Singapore Truck Refrigeration Unit Market by End-user
8.3.4.6 Malaysia Truck Refrigeration Unit Market
8.3.4.6.1 Malaysia Truck Refrigeration Unit Market by Type
8.3.4.6.2 Malaysia Truck Refrigeration Unit Market by Trailer size
8.3.4.6.3 Malaysia Truck Refrigeration Unit Market by End-user
8.3.4.7 Rest of Asia Pacific Truck Refrigeration Unit Market
8.3.4.7.1 Rest of Asia Pacific Truck Refrigeration Unit Market by Type
8.3.4.7.2 Rest of Asia Pacific Truck Refrigeration Unit Market by Trailer size
8.3.4.7.3 Rest of Asia Pacific Truck Refrigeration Unit Market by End-user
8.4 LAMEA Truck Refrigeration Unit Market
8.4.1 LAMEA Truck Refrigeration Unit Market by Type
8.4.1.1 LAMEA Split Market by Country
8.4.1.2 LAMEA Roof Mount Market by Country
8.4.2 LAMEA Truck Refrigeration Unit Market by Trailer size
8.4.2.1 LAMEA Below 20ft Market by Country
8.4.2.2 LAMEA 20-40ft Market by Country
8.4.2.3 LAMEA Above 40ft Market by Country
8.4.3 LAMEA Truck Refrigeration Unit Market by End-user
8.4.3.1 LAMEA Food Market by Country
8.4.3.2 LAMEA Pharmaceutical Market by Country
8.4.3.3 LAMEA Chemical Industry Market by Country
8.4.3.4 LAMEA Others Market by Country
8.4.4 LAMEA Truck Refrigeration Unit Market by Country
8.4.4.1 Brazil Truck Refrigeration Unit Market
8.4.4.1.1 Brazil Truck Refrigeration Unit Market by Type
8.4.4.1.2 Brazil Truck Refrigeration Unit Market by Trailer size
8.4.4.1.3 Brazil Truck Refrigeration Unit Market by End-user
8.4.4.2 Argentina Truck Refrigeration Unit Market
8.4.4.2.1 Argentina Truck Refrigeration Unit Market by Type
8.4.4.2.2 Argentina Truck Refrigeration Unit Market by Trailer size
8.4.4.2.3 Argentina Truck Refrigeration Unit Market by End-user
8.4.4.3 UAE Truck Refrigeration Unit Market
8.4.4.3.1 UAE Truck Refrigeration Unit Market by Type
8.4.4.3.2 UAE Truck Refrigeration Unit Market by Trailer size
8.4.4.3.3 UAE Truck Refrigeration Unit Market by End-user
8.4.4.4 Saudi Arabia Truck Refrigeration Unit Market
8.4.4.4.1 Saudi Arabia Truck Refrigeration Unit Market by Type
8.4.4.4.2 Saudi Arabia Truck Refrigeration Unit Market by Trailer size
8.4.4.4.3 Saudi Arabia Truck Refrigeration Unit Market by End-user
8.4.4.5 South Africa Truck Refrigeration Unit Market
8.4.4.5.1 South Africa Truck Refrigeration Unit Market by Type
8.4.4.5.2 South Africa Truck Refrigeration Unit Market by Trailer size
8.4.4.5.3 South Africa Truck Refrigeration Unit Market by End-user
8.4.4.6 Nigeria Truck Refrigeration Unit Market
8.4.4.6.1 Nigeria Truck Refrigeration Unit Market by Type
8.4.4.6.2 Nigeria Truck Refrigeration Unit Market by Trailer size
8.4.4.6.3 Nigeria Truck Refrigeration Unit Market by End-user
8.4.4.7 Rest of LAMEA Truck Refrigeration Unit Market
8.4.4.7.1 Rest of LAMEA Truck Refrigeration Unit Market by Type
8.4.4.7.2 Rest of LAMEA Truck Refrigeration Unit Market by Trailer size
8.4.4.7.3 Rest of LAMEA Truck Refrigeration Unit Market by End-user
Chapter 9. Company Profiles
9.1 Denso Corporation
9.1.1 Company Overview
9.1.2 Financial Analysis
9.1.3 Regional Analysis
9.1.4 Recent strategies and developments:
9.1.4.1 Product Launches and Product Expansions:
9.1.5 SWOT Analysis
9.2 Webasto Group
9.2.1 Company Overview
9.2.2 Recent strategies and developments:
9.2.2.1 Product Launches and Product Expansions:
9.2.3 SWOT Analysis
9.3 Klinge Corporation
9.3.1 Company Overview
9.4 Carrier Global Corporation
9.4.1 Company Overview
9.4.2 Financial Analysis
9.4.3 Segmental and Regional Analysis
9.4.4 Research & Development Expenses
9.4.5 Recent strategies and developments:
9.4.5.1 Partnerships, Collaborations, and Agreements:
9.4.5.2 Product Launches and Product Expansions:
9.4.5.3 Geographical Expansions:
9.4.6 SWOT Analysis
9.5 Trane Technologies PLC (Thermo King)
9.5.1 Company Overview
9.5.2 Financial Analysis
9.5.3 Segmental Analysis
9.5.4 Research & Development Expenses
9.5.5 Recent strategies and developments:
9.5.5.1 Product Launches and Product Expansions:
9.5.6 SWOT Analysis
9.6 Daikin Industries, Ltd.
9.6.1 Company Overview
9.6.2 Financial Analysis
9.6.3 Segmental and Regional Analysis
9.6.4 Research & Development Expenses
9.6.5 Recent strategies and developments:
9.6.5.1 Product Launches and Product Expansions:
9.6.5.2 Acquisition and Mergers:
9.6.5.3 Geographical Expansions:
9.6.6 SWOT Analysis
9.7 Mitsubishi Heavy Industries Ltd.
9.7.1 Company Overview
9.7.2 Financial Analysis
9.7.3 Segmental Analysis
9.7.4 Research & Development Expenses
9.7.5 Recent strategies and developments:
9.7.5.1 Product Launches and Product Expansions:
9.7.6 SWOT Analysis
9.8 Subros Limited
9.8.1 Company Overview
9.8.2 Financial Analysis
9.8.3 Research & Development Expenses
9.8.4 SWOT Analysis
9.9 Arctic Traveler Canada (Advanced Temperature Control)
9.9.1 Company Overview
9.9.2 SWOT Analysis
9.10. Utility Trailer Manufacturing Company, LLC
9.10.1 Company Overview
Chapter 10. Winning imperative of Truck Refrigeration Unit Market

Companies Mentioned

  • Denso Corporation
  • Webasto Group
  • Klinge Corporation
  • Carrier Global Corporation
  • Trane Technologies PLC (Thermo King)
  • Daikin Industries, Ltd.
  • Mitsubishi Heavy Industries Ltd.
  • Subros Limited
  • Arctic Traveler Canada (Advanced Temperature Control)
  • Utility Trailer Manufacturing Company, LLC

Methodology

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