The Truck refrigeration unit industry is projected to grow from USD 6.83 billion in 2024 to USD 8.83 billion by 2030, at a CAGR of 4.4%. The growth of this market is primarily driven by the rising demand for perishable goods as consumer preferences for fresh produce, dairy, and pharmaceuticals continue to increase, leading to increased global trade.
The independent refrigeration units, which are diesel-powered, are prone to GHG emissions. California Air Resources Board (CARB), a California Environmental Protection Agency department, has adopted regulations to reduce these emissions. The Truck refrigeration unit manufacturers have designed and developed electric and hybrid units to reduce GHG emissions. Carrier Transicold (US), Thermo King (US), Denso Corporation (Japan), Mitsubishi Heavy Industries, Ltd. (Japan), Webasto Group (Germany), and Daikin Industries, Ltd. (Japan) have developed electric refrigeration units for trucks and trailers. Electric/Hybrid units can maintain the required temperature control even when the truck engine is off, resulting in maintaining the freshness of perishable items.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=243980378
The roof-mounted units are estimated to have the fastest growth rate. Roof-mounted units have better cooling capacity than nose-mounted units because roof-mounted units can accommodate larger compressors and condensers. Roof mounted still face challenges during maintenance. Accessibility to this equipment is tough compared to nose-mounted units and requires specialized equipment. These units can affect the vehicle’s aerodynamics, which may lead to additional fuel consumption. The cost of roof-mounted units is comparatively higher than nose-mounted units. Required cooling capacity is the primary factor in the pricing of roof-mounted units. If additional compressors, condensers, and additional systems are integrated into the systems, the cost of these units will increase proportionally. Currently, the market for roof-mounted units is less due to the larger unit size and additional expenses. Still, it is expected to grow at the fastest CAGR during the projection period.
Electric/Hybrid refrigeration units have come in demand due to the emission norms imposed on these units. As diesel-powered units emit greenhouse gases, governments and environmental agencies have imposed norms on them. Electric units draw power from an additional battery equipped in the truck. In the case of Hybrid units, the power will be drawn from the vehicle engine while the vehicle is on and moving, and when the engine is off, the unit will have to be connected to an external power supply. The CARB has made it mandatory that refrigeration units meet the requirements of zero-emission (ZE) technologies to protect public health. Increasing emission regulations and governments’ focus on renewable and sustainable technologies will drive the growth of electric/hybrid units.
Opportunities in the truck refrigeration unit market stand for unit manufacturers and component providers for these units. The components of these refrigeration units include compressors, condensers, evaporators, control systems, and fuel tanks. Component providers need to develop these products in collaboration with unit manufacturers. Companies involved in the components market are Honeywell International Inc. (US), Emerson (US), Alcoa Corporation (US), and Covestro AG (Germany).
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=243980378
