The Truck Refrigeration Unit market is projected to grow from USD 6.83 billion in 2024 to USD 8.83 billion by 2030, at a CAGR of 4.4% from 2024 to 2030, according to a new report by MarketsandMarkets.
The demand for truck refrigeration units is primarily driven by the growing need for perishable goods such as food items, beverages, medicines, and drugs. The increasing demand for cold chain solutions in the chemicals and pharmaceuticals industry and the growth of e-commerce, particularly online grocery and food delivery services, have further fueled this demand.
"Adaptability for urban & long-haul deliveries and temperature control capabilities essential for preserving perishable goods make refrigerated trucks ideal for last-mile logistics and interstate transport."
Chilled refrigerated truck units are expected to hold the largest market share by application. These units transport various perishable products requiring careful temperature management between 0°C and 4°C, including fresh produce, dairy products, condiments, pharmaceuticals, confectionaries, and sauces.
Multi-temperature Units are anticipated to be the fastest-growing mode of operation. They allow simultaneous transportation of goods requiring different temperature settings within divided segments of a single unit.
"These units are particularly beneficial for food distributors who must keep fresh produce at specific temperatures while transporting frozen items," noted industry experts.
North America is expected to remain the largest market due to its rising demand for cold chain solutions. The eating habits in the US and Canada heavily rely on frozen foods transported using refrigeration units.
"The presence of key OEMs like Carrier Transicold (US) and Thermo King (US), who are developing new technologies such as electric and hybrid variants aimed at reducing GHG emissions from refrigeration units," contributes significantly to North America's market dominance.
Key Market Players
- Carrier Transicold (US)
- Thermo King (US)
- Denso Corporation (Japan)
- Daikin Industries Ltd. (Japan)
- Webasto Group (Germany)