Truck Refrigeration Market Size - Growth & Trends by 2031
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.
Truck Refrigeration Market Analysis
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 Market Overview
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.
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Truck Refrigeration Market: Strategic Insights
Market Size Value in US$ 9,100.1 Million in 2019 Market Size Value by US$ 13,336.1 Million by 2027 Growth rate CAGR of 5.0% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Truck Refrigeration Market: Strategic Insights
| Market Size Value in | US$ 9,100.1 Million in 2019 |
| Market Size Value by | US$ 13,336.1 Million by 2027 |
| Growth rate | CAGR of 5.0% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Truck Refrigeration Market Drivers and Opportunities
Increasing Demand for Frozen and Perishable Food Products is Driving the Market
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 are Increasing their Investment in the Food Service Sectors – An Opportunity in the Truck Refrigeration 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.
Truck Refrigeration Market Report Segmentation Analysis
Key segments that contributed to the derivation of the truck refrigeration market analysis are type, application, vertical, and vehicle type.
- Based on type, the truck refrigeration market is divided into split systems and roof mounted systems. The roof-mounted segment held a larger market share in 2023.
- On the basis of application, the market is segmented into frozen and chilled. The frozen segment held a larger market share in 2023.
- Based on vertical, the truck refrigeration market is segmented into food & beverage, pharmaceutical & chemical, and ambulance. The food & beverage segment held a larger market share in 2023.
- In terms of vehicle type, the market is categorized as trailers and medium & heavy commercial vehicles. The trailers segment held a larger market share in 2023.
Truck Refrigeration Market Share Analysis by Geography
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.
Truck Refrigeration Market Report Scope
Truck Refrigeration Market News and Recent Developments
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:
- In November 2023, Daikin Industries, Ltd. presented its latest solutions for refrigeration in vans, trucks, and trailers at SOLUTRANS, the global hub for heavy and light commercial vehicles. Daikin's fully electric and plug-in hybrid product range reduces emissions from internal combustion engines. The global manufacturer showcases its innovations for transport refrigeration, including its new trailer refrigeration unit, Exigo, along with the new Daikin Telematics connectivity platform. (Source: Daikin Industries, Ltd., Press Release, 2023)
Truck Refrigeration Market Report Coverage and Deliverables
The “Truck Refrigeration Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type ; Application ; Industry Vertical ; Vehicle Type (Trailers and Medium & Heavy Commercial Vehicles
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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