North America Truck Refrigeration Market to Grow at a CAGR of 4.4% to reach US$ 2,084.80 million from 2023 to 2028

North America Truck Refrigeration Market Forecast to 2028 - Regional Analysis By Type (Split Systems and Roof Mounted Systems), Application (Frozen and Chilled), Industry Vertical (Food & Beverages, Pharmaceutical, Chemical, and Others), and Class [2–3 (Light Commercial Vehicle) and 4–7 (Medium & Heavy Commercial Vehicle)]

  • Report Code : TIPRE00029892
  • Category : Automotive and Transportation
  • Status : Published
  • No. of Pages : 121
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The North America truck refrigeration market is expected to grow from US$ 1,614.12 million in 2022 to US$ 2,084.80 million by 2028; it is estimated to record a CAGR of 4.4% from 2023 to 2028.

Demand for frozen food increased rapidly in North America during the peak of the COVID-19 outbreak in 2020. According to the American Frozen Food Institute (AFFI), frozen food sales increased to US$ 65.8 billion in 2020 from US$ 54 billion in 2019, a rise by 22%. Compared to pre-pandemic levels, the demand for frozen processed meat, frozen snacks, frozen seafood, and other frozen foods has doubled. In 2020, unit sales of frozen processed meat such as chicken nuggets and sausages increased by 21.8% compared to 2019, while the sales of frozen snacks and frozen seafood increased by 25.5% and 12.4%, respectively. The sales of frozen processed meat were US$ 4.9 billion in 2022 and increased by 74.3% compared to 2019. Similarly, frozen snack sales reached US$ 3.5 billion in 2022 and increased by 58.5% compared to 2019, while frozen seafood sales reached US$ 7.1 billion and increased by 36.9%.

Furthermore, according to AFFI’s data, in 2022, frozen food sales reached US$ 72.2 billion and increased by 8.6% from sales in 2021. It was also seen that frozen food sales increased by US$ 19.4 billion between 2018 and 2022. Refrigeration truck is an integral part of the logistic and supply chain of perishable and sensitive goods. Thus, the rising demand for frozen food in North America propels the need for truck refrigeration systems to safely transport frozen food from one place to another, driving the North America truck refrigeration market growth.

North America Truck Refrigeration Market: Key Players

Mitsubishi Heavy Industries Ltd, Denso Corp, Klinge Corporation, Carrier Global Corp, Webasto Thermo & Comfort, Thermo King (Trane Technologies), Daikin Industries Ltd, Arctic Traveler (Canada) Ltd, Zanotti Canada Inc, and Volta Air Technology Inc are a few major North America truck refrigeration market players. The rising technological advancements in refrigeration units by these market players boost the market growth. In March 2023, Carrier Transicold introduced its new X4 7700 trailer refrigeration unit, which offers a 96% reduction in particulate emissions and helps save fuel by ∼20% to 25%. Thus, the growing innovation by market players will further propel the North America truck refrigeration market growth in the coming years.

North America Truck Refrigeration Market: by Type

Based on type, the North America truck refrigeration market is segmented into split systems and roof mounted systems. The split systems segment held a larger market share in 2022. The system is designed to meet the distribution industry's needs and offer the utmost flexibility in handling the temperatures for refrigerated products, such as frozen and chilled goods. 

Impact of COVID-19 Pandemic on North America Truck Refrigeration Market

The sudden onset of the COVID-19 outbreak across North America hampered the market in Q1 of 2020. The regional government bodies temporarily shut down various manufacturing facilities to stop the spread of the novel coronavirus. However, in Q4 of 2020, refrigeration truck manufacturing activities restarted as lockdown restrictions were eased. Thus, the North America truck refrigeration market started to stabilize. In addition, an upsurge in the demand to transport food products and pharmaceutical goods propelled the need for advanced and efficient refrigerated trucks, fueling the growth of the market.

North America Truck Refrigeration Market: Market Initiative

Companies operating in the market adopt various strategies to expand their footprint worldwide and meet the growing customer demand. The North America truck refrigeration market players are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings.

  • In 2022, Four Canadian companies – Cold Star Solutions from Victoria, Volta Air from Burnaby in B.C., Lion Electric from Saint-Jerome, and Fourgons Leclair from Terrebonne in Quebec – worked together to get the Lion6 truck rolling.
  • In 2023, a Chinese auto manufacturer Jianghuai Automobile Co. Ltd. (JAC Motors) announced that it had equipped its first all-electric truck with Carrier Transicold's Xarios 8 refrigeration unit and power box converter.

North America Truck Refrigeration Market Revenue and Forecast to 2028 (US$ Million)

North America Truck Refrigeration Market Revenue and Forecast to 2028 (US$ Million)

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The North America truck refrigeration market is segmented on the basis of type, application, industry vertical, and class. In terms of type, the market is bifurcated into split systems and roof mounted systems. Based on application, the market is bifurcated into frozen and chilled. Based on industry vertical, the market is segmented into food & beverage, pharmaceutical, chemical, and others. By class, the market is segmented into 2–3 (light commercial vehicle) and 4–7 (medium & heavy commercial vehicle). Based on country, the market is segmented into the US, Canada, and Mexico.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Application, Industry Vertical, and Class

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Canada, United States

Frequently Asked Questions


What is the estimated North America market size for the truck refrigeration Market in 2022?

The North America truck refrigeration market is expected to be valued at US$ 1,614.12 million in 2022

What are the driving factors impacting the North America truck refrigeration market?

The driving factors impacting the truck refrigeration market are:
1. Increasing Demand for Frozen Food
2. Growing Technological Advancements in Refrigeration Units

What are the future trends in the truck refrigeration market?

The future trend expected to positively impact the truck refrigeration market is increasing focus on electric trucks across the region.

Which are the key players holding the major market share of the truck refrigeration market?

The key players holding the major market share of the truck refrigeration market are
Carrier; Webasto Thermo & Comfort ; DAIKIN INDUSTRIES, Ltd; Thermo King; and MITSUBISHI HEAVY INDUSTRIES THERMAL SYSTEMS, LTD.

Which is the leading type segment in the truck refrigeration market?

The split systems segment led the truck refrigeration market in 2022.

Which country is holding the major market share of North America truck refrigeration market?

Ans: The US holds a major market share in North America truck refrigeration market in 2022.

1. Introduction

1.1 Study Scope

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Coverage

3.2 Secondary Research

3.3 Primary Research

4. Truck Refrigeration Market Landscape

4.1 Market Overview

4.2 PEST Analysis

4.2.1 North America

4.3 Ecosystem Analysis

4.4 Expert Opinions

5. Truck Refrigeration Market – Key Market Dynamics

5.1 Market Drivers

5.1.1 Increasing Demand for Frozen Food

5.1.2 Growing Technological Advancements in Refrigeration Units

5.2 Market Restraints

5.2.1 High Capital Cost and Maintenance Requirement

5.3 Market Opportunities

5.3.1 Continuously Improving Logistics Sector

5.4 Future Trends

5.4.1 Increasing Focus on Electric Trucks

5.5 Impact Analysis of Drivers and Restraints

6. Truck Refrigeration Market – North America Analysis

6.1 North America: Truck Refrigeration Market Overview

6.2 North America: Truck Refrigeration Market – Revenue and Forecast to 2028 (US$ Million)

6.3 Market Positioning- Top Five Players

7. North America Truck Refrigeration Market Analysis – by Type

7.1 Overview

7.2 North America Truck Refrigeration Market, By Type (2022 And 2028)

7.3 Split Systems

7.3.1 Overview

7.3.2 Split Systems: North America Truck Refrigeration Market Revenue and Forecast To 2028 (US$ Million)

7.4 Roof Mounted Systems

7.4.1 Overview

7.4.2 Roof Mounted Systems: North America Truck Refrigeration Market Revenue and Forecast To 2028 (US$ Million)

8. North America Truck Refrigeration Market Revenue and Forecast to 2028 – Application

8.1 Overview

8.2 North America Truck Refrigeration Market, By Application (2022 And 2028)

8.3 Frozen

8.3.1 Overview

8.3.2 Frozen: North America Truck Refrigeration Market Revenue and Forecast To 2028 (US$ Million)

8.4 Chilled

8.4.1 Overview

8.4.2 Chilled: North America Truck Refrigeration Market Revenue and Forecast To 2028 (US$ Million)

9. North America Truck Refrigeration Market Revenue and Forecast to 2028 – Industry Vertical

9.1 Overview

9.2 North America Truck Refrigeration Market, By Industry Vertical (2022 And 2028)

9.3 Food & Beverage

9.3.1 Overview

9.3.2 Food & Beverage: North America Truck Refrigeration Market Revenue and Forecast To 2028 (US$ Million)

9.4 Pharmaceutical

9.4.1 Overview

9.4.2 Pharmaceutical: North America Truck Refrigeration Market Revenue and Forecast To 2028 (US$ Million)

9.5 Chemical

9.5.1 Overview

9.5.2 Chemical: North America Truck Refrigeration Market Revenue and Forecast To 2028 (US$ Million)

9.6 Others

9.6.1 Overview

9.6.2 Others: North America Truck Refrigeration Market Revenue and Forecast To 2028 (US$ Million)

10. North America Truck Refrigeration Market Revenue and Forecast to 2028 – Class

10.1 Overview

10.2 North America Truck Refrigeration Market, By Class (2022 And 2028)

10.2.1 North America: Truck Refrigeration Market, by Class, by Volume

10.3 2-3 (Light Commercial Vehicle)

10.3.1 Overview

10.3.2 2-3 (Light Commercial Vehicle): North America Truck Refrigeration Market Revenue and Forecast To 2028 (US$ Million)

10.4 4-7 (Medium & Heavy Commercial Vehicle)

10.4.1 Overview

10.4.2 4-7 (Medium & Heavy Commercial Vehicle): North America Truck Refrigeration Market Revenue and Forecast To 2028 (US$ Million)

11. North America Truck Refrigeration Market – Country Analysis

11.1 Overview

11.2 North America: Truck Refrigeration Market

11.2.1 North America Truck Refrigeration Market Breakdown, by Country

11.3 US: Truck Refrigeration Market

11.3.1 US: Truck Refrigeration Market, by Type

11.3.2 US: Truck Refrigeration Market, by Application

11.3.3 US: Truck Refrigeration Market, by Industry Vertical

11.3.4 US: Truck Refrigeration Market, by Class

11.4 Canada: Truck Refrigeration Market

11.4.1 Canada: Truck Refrigeration Market, by Type

11.4.2 Canada: Truck Refrigeration Market, by Application

11.4.3 Canada: Truck Refrigeration Market, by Industry Vertical

11.4.4 Canada: Truck Refrigeration Market, by Class

12. Truck Refrigeration Market- COVID-19 Impact Analysis

12.1 North America

13. Industry Landscape

13.1 Overview

13.2 Market Initiative

13.3 New Product Development

14. Company Profiles

14.1 Mitsubishi Heavy Industries Ltd

14.1.1 Key Facts

14.1.2 Business Description

14.1.3 Products and Services

14.1.4 Financial Overview

14.1.5 SWOT Analysis

14.1.6 Key Developments

14.2 Denso Corp

14.2.1 Key Facts

14.2.2 Business Description

14.2.3 Products and Services

14.2.4 Financial Overview

14.2.5 SWOT Analysis

14.2.6 Key Developments

14.3 Klinge Corporation

14.3.1 Key Facts

14.3.2 Business Description

14.3.3 Products and Services

14.3.4 Financial Overview

14.3.5 SWOT Analysis

14.3.6 Key Developments

14.4 Carrier Global Corp

14.4.1 Key Facts

14.4.2 Business Description

14.4.3 Products and Services

14.4.4 Financial Overview

14.4.5 SWOT Analysis

14.4.6 Key Developments

14.5 Webasto Thermo & Comfort

14.5.1 Key Facts

14.5.2 Business Description

14.5.3 Products and Services

14.5.4 Financial Overview

14.5.5 SWOT Analysis

14.5.6 Key Developments

14.6 Thermo King (Trane Technologies)

14.6.1 Key Facts

14.6.2 Business Description

14.6.3 Products and Services

14.6.4 Financial Overview

14.6.5 SWOT Analysis

14.6.6 Key Developments

14.7 Daikin Industries Ltd

14.7.1 Key Facts

14.7.2 Business Description

14.7.3 Products and Services

14.7.4 Financial Overview

14.7.5 SWOT Analysis

14.7.6 Key Developments

14.8 Arctic Traveler (Canada) Ltd( Advanced Temperature Control)

14.8.1 Key Facts

14.8.2 Business Description

14.8.3 Products and Services

14.8.4 Financial Overview

14.8.5 SWOT Analysis

14.8.6 Key Developments

14.9 Kingtec USA

14.9.1 Key Facts

14.9.2 Business Description

14.9.3 Products and Services

14.9.4 Financial Overview

14.9.5 SWOT Analysis

14.9.6 Key Developments

14.10 Volta Air Technology Inc

14.10.1 Key Facts

14.10.2 Business Description

14.10.3 Products and Services

14.10.4 Financial Overview

14.10.5 SWOT Analysis

14.10.6 Key Developments

15. Appendix

15.1 About The Insight Partners

15.2 Glossary of Terms

LIST OF TABLES

Table 1. North America Truck Refrigeration Market, Revenue and Forecast, 2019–2028 (US$ Mn)

Table 2. North America: Truck Refrigeration Market, by Class – Volume and Forecast to 2028 (Units)

Table 3. North America Truck Refrigeration Market, Revenue and Forecast To 2028 – By Country (US$ million)

Table 4. US: Truck Refrigeration Market, by Type – Revenue and Forecast to 2028 (US$ Million)

Table 5. US: Truck Refrigeration Market, by Application – Revenue and Forecast to 2028 (US$ Million)

Table 6. US: Truck Refrigeration Market, by Industry Vertical – Revenue and Forecast to 2028 (US$ Million)

Table 7. US: Truck Refrigeration Market, by Class – Revenue and Forecast to 2028 (US$ Million)

Table 8. US: Truck Refrigeration Market, by Class – Volume and Forecast to 2028 (Units)

Table 9. Canada: Truck Refrigeration Market, by Type – Revenue and Forecast to 2028 (US$ Million)

Table 10. Canada: Truck Refrigeration Market, by Application – Revenue and Forecast to 2028 (US$ Million)

Table 11. Canada: Truck Refrigeration Market, by Industry Vertical – Revenue and Forecast to 2028 (US$ Million)

Table 12. Canada: Truck Refrigeration Market, by Class – Revenue and Forecast to 2028 (US$ Million)

Table 13. Canada: Truck Refrigeration Market, by Class – Volume and Forecast to 2028 (Units)

Table 14. Glossary of Term: Truck Refrigeration Market

LIST OF FIGURES

Figure 1. Truck Refrigeration Market Segmentation

Figure 2. Truck Refrigeration Market Segmentation – By Country

Figure 3. Truck Refrigeration Market Overview

Figure 4. Split Segment Dominate the Market by Type

Figure 5. Chilled Segment Dominate the Market by Application

Figure 6. Food & Beverages Segment Dominate the Market by Industry Vertical

Figure 7. 4-7 (Medium and Heavy duty Commercial Vehicle)Segment Dominate the Market by Class

Figure 8. North America PEST Analysis

Figure 9. Truck Refrigeration Market, Ecosystem

Figure 10. Truck Refrigeration Market Impact Analysis of Drivers and Restraints

Figure 11. North America: Truck Refrigeration Market – Revenue and Forecast to 2028 (US$ Million)

Figure 12. North America Truck Refrigeration Market, By Type (2022 and 2028)

Figure 13. Split Systems: North America Truck Refrigeration Market Revenue and Forecast to 2028 (US$ Million)

Figure 14. Roof Mounted Systems: North America Truck Refrigeration Market Revenue and Forecast to 2028 (US$ Million)

Figure 15. North America Truck Refrigeration Market, By Application (2022 and 2028)

Figure 16. Frozen: North America Truck Refrigeration Market Revenue and Forecast to 2028 (US$ Million)

Figure 17. Chilled: North America Truck Refrigeration Market Revenue and Forecast to 2028 (US$ Million)

Figure 18. North America Truck Refrigeration Market, By Industry Vertical (2022 and 2028)

Figure 19. Food & Beverage: North America Truck Refrigeration Market Revenue and Forecast to 2028 (US$ Million)

Figure 20. Pharmaceutical: North America Truck Refrigeration Market Revenue and Forecast to 2028 (US$ Million)

Figure 21. Chemical: North America Truck Refrigeration Market Revenue and Forecast to 2028 (US$ Million)

Figure 22. Others: North America Truck Refrigeration Market Revenue and Forecast to 2028 (US$ Million)

Figure 23. North America Truck Refrigeration Market, By Class (2022 and 2028)

Figure 24. 2-3 (Light Commercial Vehicle): North America Truck Refrigeration Market Revenue and Forecast to 2028 (US$ Million)

Figure 25. 4-7 (Medium & Heavy Commercial Vehicle): North America Truck Refrigeration Market Revenue and Forecast to 2028 (US$ Million)

Figure 26. North America Truck Refrigeration Market Breakdown, by Country, 2022 & 2028 (%)

Figure 27. US: Truck Refrigeration Market – Revenue and Forecast to 2028 (US$ Million)

Figure 28. Canada: Truck Refrigeration Market – Revenue and Forecast to 2028 (US$ Million)

Figure 29. Impact of COVID-19 Pandemic in North America Markets

The List of Companies - North America Truck Refrigeration Market

  1. Mitsubishi Heavy Industries Ltd
  2. Denso Corp
  3. Klinge Corporation
  4. Carrier Global Corp
  5. Webasto Thermo & Comfort
  6. Thermo King (Trane Technologies)
  7. Daikin Industries Ltd
  8. Arctic Traveler (Canada) Ltd
  9. Zanotti Canada Inc
  10. Volta Air Technology Inc

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. 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.

  1. 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:

Research Methodology

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.

  1. 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.

  1. 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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