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