Global Truck Refrigeration Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Truck Refrigeration Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Truck refrigeration is the road transportation of perishable goods (such as frozen foods, vegetables, fruits, ice cream, wine) using refrigerated/reefer trucks with mechanical refrigeration systems, to maintain the chilled or frozen products at suitable conditions all the way to the point of sale. It is a vital part of road transport refrigeration. Trucks are the main mode of road transport for refrigerated cargoes all around the world. Truck refrigeration plays an important role in refrigerated transport. It is becoming increasingly popular nowadays because of economy as well as reliability for refrigerated truck/trailer transport of chilled and frozen produce. Compared with van refrigeration, truck refrigeration is long-distance transport of produce.

Market Overview:

The latest research study on the global Truck Refrigeration market finds that the global Truck Refrigeration market reached a value of USD 2695.5 million in 2022. It’s expected that the market will achieve USD 3484.58 million by 2028, exhibiting a CAGR of 4.37% during the forecast period.

In the specific environment based on the outbreak of COVID-19, the global economy has been significantly affected, resulting in challenges and opportunities for the development status of various industries. The report is based on the impact of COVID-19 and conducts research on the Truck Refrigeration industry from different perspectives such as macroeconomics, industrial chains, and regions.

According to the World Health Organization (WHO) report, India, the US, Brazil, Colombia, Argentina, Peru, Spain are among the worst-affected countries due to the COVID-19 outbreak. The tremendous growth in the spread of the virus has urged governments across the world to impose strict restrictions on transportation. The lockdown imposition has resulted in lesser production of goods and commodities. The truck refrigeration market players are also experienced a slowdown in production due to limited workforce availability at production plants. On the contrary, the operational activities of essential goods such as food & beverage, pharmaceuticals, and chemicals for biological or pharmaceutical laboratories, has created a demand for reefer trucks. This has led to rise in demand for truck refrigeration products, especially in countries such as China, Japan, India, the US, and Canada. These countries are among the hardest-hit countries, with extended lockdown periods.

COVID-19 pandemic has placed unprecedented stress on transport and logistics as well as a momentous shift in demand. Road transport refrigeration is experiencing a significant impact of COVID-19 as the refrigeration industry as a whole is suffering from less inventory and more demand. Food products mainly meat and dairy products are transported through refrigerated containers via road transport. According to the Organization for Economic Co-operation and Development (OECD), the transportation of refrigerated containers experiences a downfall by 8.0% owing to, the restrictions including, limitations on crew changes, mandatory quarantines, additional screening during transportation. Moreover, in mid-April. The distance covered by trucks in Europe was 24% below normal.

Strength

The safety of food products is a major concern worldwide, mainly due to the increase in demand for fresh food items. Shipping frozen and perishable food items such as meat, seafood, vegetables, and fruits is a major task in the food & beverages industry, which is increasing the requirement of advanced refrigeration systems for transportation. The rising demand for cold chain products is driving the adoption of Truck Refrigeration. For transportation of frozen foods and vegetables, truck refrigeration is generally used for transportation within intracity and intercity distances. The suppliers offer several temperature variations options ranging from -25 degree centigrade to +5 degree centigrade. Hence it becomes useful for a variety of items such as meat, ice-cream, dairy products, and frozen snacks. Thus, owing to changing consumer preferences and cross culture diversification, the frozen packed eatable items market is expected to grow worldwide that would consequently boost the truck refrigeration market to cater to the requirement for frozen foods.

Weakness

High Maintenance Cost of Transportation to Hamper Market Growth. Challenging factors such as lack of transport infrastructure in developing countries, a rise in fuel costs, and maintenance of products during transportation are hampering the growth of the global truck refrigeration market. Moreover, bad road conditions can lead to loose connections and gas leakages, which can further limit its adoption. The gas leakages rate can vary from 20% - 30% per year. In the case of developing countries, ongoing road construction in remote areas result in interrupted transportation, in turn, impeding the market. The rise in fuel costs is also expected to restrain the growth owing to the high operation cost of fuel technologies. However, developed economies are investing heavily in road construction works to minimize gas leakage from transport refrigeration units.

Region Overview:

In 2021, the share of the Truck Refrigeration market in Asia-Pacific stood at 49.32%.

Company Overview

Carrier Global Corporation, Thermo King Corporation, Denso Corporation, Webasto and Emerson Electric Corporation are the five key players in the global Truck Refrigeration market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Truck Refrigeration market in the past 5 years.
Carrier Global Corporation
Built on Willis Carriers invention of modern air conditioning in 1902, Carrier is a world leader in heating, air-conditioning and refrigeration solutions. Carrier constantly builds upon the history of proven innovation with new products and services that improve global comfort and efficiency.
Thermo King Corporation
Thermo King is the global leader in transport refrigeration and heating for trailers, trucks, buses, rail cars and shipboard containers. Thermo King Corporation is an American manufacturer of transport temperature control systems for trucks, trailers, shipboard containers and railway cars; HVAC systems for bus, shuttle and passenger rail applications; and TriPac hybrid auxiliary idle reduction and temperature management system for truck cabs.

Segmentation Overview:

As for product types, the Small Truck Refrigeration Equipment segment held the largest market share in 2021.

Application Overview:

The market's largest segment by application is the segment Food & Beverages, with a market share of 58.85% in 2021.

Key Companies in the global Truck Refrigeration market covered in Chapter 3:

Denso Corporation
Carrier Global Corporation
Subros Ltd.
Mitsubishi Heavy Industries, LTD
Emerson Electric Corporation
Thermo King Corporation
JINGYI GROUP
SONGZ
Webasto

In Chapter 4 and Chapter 14.2, on the basis of types, the Truck Refrigeration market from 2018 to 2029 is primarily split into:

Small Truck Refrigeration Equipment
Medium Truck Refrigeration Equipment
Large Truck Refrigeration Equipment

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Truck Refrigeration market from 2018 to 2029 covers:

Food & Beverages
Pharmaceuticals
Chemical Industry
Plants/Flowers
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)