The increase in demand for frozen food products, the rise in global trade of perishable products, especially in emerging economies, and the growth in trend of e-commerce have led to increased demand for last-mile delivery services which is driving the growth of the global truck refrigeration unit market.
WILMINGTON, Del., Feb. 9, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Truck Refrigeration Unit Market by Type (Roof Mount and Split), Trailer Size (Below 20ft, 20-40ft, and Above 40ft), and End-User (Food, Pharmaceutical, Chemical Industry, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global truck refrigeration unit industry size generated $12,682.3 million in 2022 and is estimated to reach $22,997.7 million by 2032, exhibiting a CAGR of 6.3% from 2023 to 2032.
(We are providing truck refrigeration unit industry report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and Russia-Ukraine War Impact Analysis)
- 137 – Tables
- 43 – Charts
- 287 – Pages
Download Sample Report and Table of Content – https://www.alliedmarketresearch.com/request-sample/5617
Prime Determinants of Growth
The increasing demand for transporting perishable goods, such as food and pharmaceuticals, has been a significant driver. As global trade continues to surge, the need for reliable and efficient refrigeration solutions to maintain the integrity of temperature-sensitive products during transportation becomes paramount. In addition, stringent regulations and quality standards imposed by various governing bodies amplify the requirement for advanced refrigeration units that comply with these specifications. Technological advancements in truck refrigeration units, including the integration of smart and sustainable features, further fuel market growth. The rising awareness of environmental concerns and the pursuit of greener alternatives in the logistics industry contribute to the demand for energy-efficient and eco-friendly refrigeration solutions. Moreover, the expansion of cold chain logistics and the continuous growth of e-commerce, especially in the food and pharmaceutical sectors, play a pivotal role in propelling the truck refrigeration unit market forward.
Report Coverage and Details:
Market Size In 2022
Market Size In 2032
No. Of Pages in Report
Type, Trailer Size, And End-User
Increase In Demand for Advanced Temperature Control and Monitoring System In Trucks
Growth Of the Processed Food Sector and Focus on Reducing Food Waste
Development Of Eco-Friendly Refrigerants
Environmental Effects of Refrigerants Used
Russia-Ukraine War Impact Analysis
- The conflict has implications for the agricultural sector, as both Russia and Ukraine are major exporters of wheat and other commodities. The disruption in agricultural production and supply chains can lead to fluctuations in food prices on the global market, impacting both consumers and businesses.
- The conflict also raises concerns about the potential for cyberattacks and disruptions to critical infrastructure. Businesses may need to reassess their cybersecurity measures and investment strategies to mitigate potential risks associated with geopolitical tensions.
The split segment to maintain its leadership status throughout the forecast period
Based on type, the split segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032. Due to the split-type configuration, with separate units for the refrigeration and engine components, the segment offers flexibility and ease of installation, making it a preferred choice for many truck operators. However, the roof mount segment is projected for highest CAGR of 7.1% from 2023 to 2032, due to roof mount units, being installed on the roof of the truck or trailer, optimizing the use of available space within the vehicle, allowing for greater cargo capacity and flexibility.
The below 20ft segment to maintain its leadership status throughout the forecast period
Based on trailer size, the below 20ft segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032. Due to the increasing demand for last-mile delivery services, particularly in urban areas, this segment is fueling the need for compact and maneuverable refrigerated trailers that can efficiently navigate through congested spaces. However, the 20-40ft segment is projected for highest CAGR of 7.2% from 2023 to 2032, due the continuous technological advancements in truck refrigeration units, including innovations such as smart monitoring systems and energy-efficient technologies, contributing to the appeal of the 20-40ft trailer size segment.
Interested to Procure the Research Report? Inquire Before Buying – https://www.alliedmarketresearch.com/purchase-enquiry/5617
The food segment to maintain its lead position during the forecast period
Based on end-users, the food segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period. Due to the increasing globalization of the food supply chain, there is a growing need for advanced truck refrigeration units that can maintain precise temperature control during transit. However, the pharmaceutical segment is projected to have the highest CAGR of 7.1% from 2023 to 2032, due to increasing global demand for pharmaceuticals, including vaccines, biologics, and temperature-sensitive medications, necessitating a reliable and precise cold chain logistics system. Truck refrigeration units, equipped with advanced temperature monitoring and control features, have become indispensable for pharmaceutical companies striving to meet these regulatory standards.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period, owing to the expanding cold chain logistics sector, propelled by the increasing demand for temperature-sensitive goods, such as fresh produce, pharmaceuticals, and processed foods, which plays a pivotal role. However, the Europe region is expected to witness the fastest CAGR of 7.2% from 2023 to 2032. Due to the region’s strategic location and the increasing consumer preference for online shopping and the transportation of temperature-sensitive goods, there is a heightened requirement for sophisticated refrigeration units that ensure the safe and compliant delivery of products which plays a pivotal role in the growth of the truck refrigeration unit industry in the region.
Key Highlights of the Truck Refrigeration Unit Market Report:
- In-depth study spanning 14 countries with regional and segment analysis, projecting values ($million) from 2023 to 2032.
- Integration of high-quality data, expert opinions, and critical independent perspectives for a comprehensive market understanding.
- Research methodology designed to offer a balanced view of global markets, empowering stakeholders to make informed decisions for ambitious growth goals.
- Extensive review of 3,700+ product literature, annual reports, industry statements, and materials from major industry participants for enhanced insights.
Procure Complete Research Report (PDF with Qualitative and Quotative Data, Insights, Statistics, Tables, Charts, Figures) – https://www.alliedmarketresearch.com/truck-refrigeration-unit-market/purchase-options
Leading Market Players: –
- Advanced Temperature Control
- Mitsubishi Heavy Industries
- Klinge Corporation
- Thermo King
- Utility Trailer Manufacturing Company
- Webasto Group
The report provides a detailed analysis of these key players in the global truck refrigeration unit market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Similar Reports We Have on Automotive Industry:
Automotive HVAC System Market Research Report 2023-2032
Heavy Commercial Vehicle HVAC Market Research Report 2023-2032
Bus HVAC Market Research Report 2023-2032
Asia-Pacific Trucks and Trailer HVAC Market Research Report 2023-2032
Asia-Pacific Bus HVAC Market Research Report 2023-2032
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
USA/Canada (Toll Free):
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
AMR Resource Center: https://www.alliedmarketresearch.com/resource-center
Disclaimer: The above press release comes to you under an arrangement with PR Newswire. TheNewsThisWeek.co.uk takes no editorial responsibility for the same.