The truck refrigeration market size is projected to reach US$ 16.32 billion by 2031 from US$ 10.91 billion in 2023. The market is expected to register a CAGR of 5.2% in 2023–2031. The growing demand for hygienic food products among consumers is likely to remain a key truck refrigeration market trend.
The truck refrigeration market is growing at a rapid pace due to increasing demand for frozen and perishable food products and expanding supermarkets and restaurants such as Subways, Domino, and KFC, among others. The market is expanding steadily, driven by the manufacturer's focus on reducing waste while transporting products. Moreover, countries are increasing their investment in the food service sectors, and the rising demand for advanced temperature control and monitoring systems in trucks is providing lucrative opportunities for market growth.
Truck refrigeration refers to the systems installed in trucks for maintaining specific temperatures for transporting various perishable items, including food, chemicals, and pharmaceuticals. These systems utilize refrigeration units powered by a truck’s engine or independent power sources. Significant benefits offered by truck refrigeration to users are fueling the market during the forecast period. These systems are used for maintaining optimal temperature and preserving the quality and safety of items during transportation by increasing product shelf-life and reducing waste.
The increased consumption of frozen, chilled, and perishable food items will fuel the global refrigerated trucks market in the near future. The changing lifestyles and eating habits of consumers, as well as their hectic schedules, are driving up demand for chilled, packaged, and frozen food items. Moreover, the market is driven by the necessity to transport a variety of food items with diverse temperature requirements at once. These trucks help to keep food secure and fresh while it is being transported. The trucks are equipped with refrigeration equipment that keeps the food fresh and safe. These trucks transport fresh food and beverages from producing facilities to warehouses and distribution locations. Additionally, rising disposable income leads to increased consumption of convenience foods. However, an increase in the number of restaurants and supermarkets, which creates a favorable demand for refrigerated trucks, is boosting the market.
Countries such as China and India are increasing their investment in the food service sectors, which is expected to create opportunities in the global truck refrigeration market. The high importance of the agro-industrial sector in emerging countries like India, China, Brazil, and others increases the demand for truck refrigeration for preserving agricultural products. These countries are heavily investing in the food service sector by expanding cold chain logistics, leading to an increased demand for refrigerated trucks, which is anticipated to create significant growth opportunities in the market during the forecast period.
Key segments that contributed to the derivation of the truck refrigeration market analysis are type, application, vertical, and vehicle type.
The geographic scope of the truck refrigeration market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, Asia Pacific accounted for the largest truck refrigeration market share, due to the high consumption of frozen and chilled items. Changing lifestyles, increased consumer spending, and growing demand for convenience, among other things, are increasing the demand for frozen food, fresh vegetables, and snacks, which in turn is driving the truck refrigeration market during the forecast period. Additionally, the presence of major players, including Daikin Industries, Ltd., Denso Corporation, and Sanden, among others, is creating opportunities in the market. These players are engaged in developing innovative trucks to provide their customers with a better solution, boosting the market.
The regional trends and factors influencing the Truck Refrigeration Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Truck Refrigeration Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 10.91 Billion |
| Market Size by 2031 | US$ 16.32 Billion |
| Global CAGR (2023 - 2031) | 5.2% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Truck Refrigeration Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Truck Refrigeration Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The truck refrigeration market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for truck refrigeration and strategies:
The “Truck Refrigeration Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The incremental growth expected to be recorded for the global truck refrigeration market during the forecast period is US$ 5.42 billion.
The global truck refrigeration market is expected to reach US$ 16.32 billion by 2031.
The key players holding majority shares in the global truck refrigeration market are Carrier Global Corporation, Daikin Industries, Ltd., Denso Corporation, Klinge Corporation, and Mitsubishi Heavy Industries, Ltd.
The growing demand for hygienic food products among consumers will play a significant role in the global truck refrigeration market in the coming years.
The increasing demand for frozen and perishable food products and expanding supermarkets and restaurants such as Subways, Domino, and KFC, among others, are the major factors that propel the global truck refrigeration market.
The global truck refrigeration market was estimated to be US$ 10.91 billion in 2023 and is expected to grow at a CAGR of 5.2% during the forecast period 2023 - 2031.