Truck Refrigeration Market Forecast 2031 | Growth Analysis

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

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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 Regional Insights

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.

Truck Refrigeration Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. Carrier Global Corporation
2. Daikin Industries, Ltd.
3. Denso Corporation
4. Klinge Corporation
5. Mitsubishi Heavy Industries, Ltd.
6. SCHMITZ CARGOBULL

Disclaimer: The companies listed above are not ranked in any particular order.

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