The truck refrigeration unit market is estimated to be USD 10.5 billion in 2018 and is projected to reach USD 15.0 billion by 2025, at a CAGR of 5.21%. The global need for frozen and chilled goods as well as expanding LCV sales are expected to boost the truck refrigeration unit market.
The 8–12 meter segment is estimated to be the largest bus refrigeration unit market, by bus length
The market for air refrigeration units is predicted to be dominated by the 8–12 meter segment when compared to other types because of the rising demand for buses in major cities in both developed and emerging nations. Additionally, the 8–12 meter bus section of the air conditioning unit market has grown thanks to the movement toward smart cities. For instance, the Smart City initiative was introduced by the Indian government for 100 cities across the nation in 2016. Because China and India have the largest fleets of city buses, Asia Pacific is thought to be the dominant region in the 8–12 meter bus sector. The market for air conditioning units in 8-12-meter buses has grown as a result of the installation of air conditioning units in both new and used buses to improve passenger comfort and satisfaction.
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The M&HCV segment is expected to grow at the highest CAGR in the truck refrigeration unit market during the forecast period.
The M&HCV refrigerated trucks are typically utilized for transportation across medium to large distances between cities or between states. In terms of output, the M&HCV segment has shown phenomenal expansion in recent years. According to OICA figures, the market for heavy trucks grew in the EU-27, the Americas, and Asia Pacific by 17.9%, 14.9%, and 19.5%, respectively, between 2016 and 2017. The need for refrigerated trucks to transport perishable goods including fish, meat, and dairy products will increase dramatically along with the demand for heavy vehicles. Additionally, the use of multi-temperature refrigeration systems has expanded in order to convey multiple products at once, improving the efficiency of truck transportation as a whole. Therefore, it is anticipated that rising import and export around the globe will propel the M&HCV refrigeration unit market.
Increased consumption of frozen food items and other commodities would drive the Asia Pacific truck refrigeration unit market.
Because it consumes more frozen and chilled goods than other areas like the Americas and EMEA, the Asia Pacific is predicted to have the largest truck refrigeration unit market throughout the projected period. With rising purchasing power, the Asia-Pacific region, particularly India and China, has seen a change in food and lifestyle habits. The expansion of supermarkets and quick-service eateries like KFC, Burger King, Subway, Taco Bell, Pizza Hut, and McDonald’s in the area has been driven by rising customer demand for frozen snacks and convenience meals.
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Key Market Players
Some of the key players in the truck refrigeration unit market are Daikin (Japan), Carrier (US), Thermo King (US), Denso (Japan), Webasto (Germany), Mobile Climate Control (Sweden), Subros (India), Sanden (Japan), Klinge (US), and Utility Trailer (US).
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