Product Code: AT 6876
The truck refrigeration unit market is projected to grow to USD 8.83 Billion in 2030 from USD 6.83 Billion in 2024 at a CAGR of 4.4 %. Cold chain logistics plays a crucial role in the pharmaceutical industry. Growing demand for drugs, vaccines, blood, and biologics, among others, has shown notable growth in recent years, leading to the growth of truck refrigeration units. For instance, the Pfizer-BioNTech vaccine had to be stored at -70°C (-94°F), Insulin must be stored at temperatures between 2°C to 8°C and blood cells, and plasma is stored at -18°C to maintain their efficacy. Due to changing lifestyles, polluted air, and water, people are exposed to more health issues, ultimately leading to higher demand for drugs. This will drive the growth of refrigeration units in this industry.
Scope of the Report |
Years Considered for the Study | 2024-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Units Considered | Value (USD Billion) |
Segments | By vehicle type, type, end-use industry, application, trailer size, power source, mode of operation, unit propulsion, and region |
Regions covered | Asia Pacific, Americas, and Europe |
"The Nose mounted units are estimated to have the largest share in the Truck Refrigeration Unit market by Type."
Nose-mounted units, as the name suggests, are mounted on the outer side of the front wall of the truck/trailer. According to MarketsandMarkets analysis, nose-mounted units are estimated to have the largest share in the truck refrigeration unit market by type owing to their economical pricing structure. Nose-mounted units can provide better airflow distribution for the cargo area. The positioning of these units helps with airflow as the air can easily circulate from the front to the back of the cargo area. Positioning these units helps with easier maintenance as these units are easily accessible compared to rooftop units.
Moreover, nose-mounted units do not affect the aerodynamics of the vehicle. It is easy to utilize engine-driven technology in nose-mounted units, making it a preferred option for light commercial vehicles. For trailers and heavy commercial vehicles, the nose-mounted units are independently powered by a separate engine or battery, in the case of hybrid/electric units. The primary driver for nose-mounted truck refrigeration units is easier maintenance, lower costs, and adaptability to all vehicle types.
"Independent units are estimated to be the fastest growing truck refrigeration units during the forecast period."
Independent truck refrigeration units run on their own power source, such as a diesel engine or electric motor powered by a separate battery, to maintain the right temperature for transporting perishable goods. These units are self-propelled and don't rely on the vehicle's engine, allowing them to keep working even when the vehicle is stationary. This makes them useful during loading and unloading, ensuring temperature control is maintained. The main advantages of independent units over engine-powered ones are greater flexibility. Additionally, independent units can be easily adapted to different types of vehicles and transportation needs, offering greater range of application. The costs of independent units are very high compared to engine powered units. As per primary insights the estimated prices of independent units are around 2.5x to 3x to that of engine powered units, depending upon the storage capacity. The additional costs for independent units include the separate engine, fuel tank, and additional components.
Independent truck refrigeration units are mostly preferred for multi-purpose logistics. These units can carry frozen, chilled and low temperature items in a same truck/trailer by making separate compartments for individual items. The market for independent units is expected to propel during the forecast period
"Asia Pacific is estimated to be the second largest market for Truck Refrigeration Units."
The Asia-Pacific region is expected to be the second-largest market for truck refrigeration units, driven by several key factors. The demand for refrigerated transport is increasing due to the rising consumer preference for frozen and chilled food products and the increasing need for transporting temperature-sensitive pharmaceuticals and medical supplies. The rapid growth of e-commerce in the region has boosted the market for last-mile logistics to ensure that perishable items are reached in the suitable form consumers desire. Developing countries like India and China are leading the growth of this market. Additionally, stringent regulations for food quality drive businesses to invest in advanced refrigeration technologies, like electric and hybrid units, solidifying the region's position as a significant contributor to the truck refrigeration unit market. The region also has a few manufacturers and technology developers for the Truck Refrigeration Units. These include Denso Corporation (Japan), Daikin Industries, Ltd. (Japan), Mitsubishi Heavy Industries, Ltd. (Japan) and Subros Limited (India).
The breakup of primary respondents
- By Company: Refrigeration Unit Manufacturers - 70%, Dealers/Distributors -30%
- By Designation: Managers - 40%, Directors - 30%, Others - 30%
- By Region: Europe - 30%, Asia Pacific - 50%, Americas - 20%
The Truck Refrigeration Unit market will be dominated by global players, including Carrier Transicold (US), Thermo King (US), Denso Corporation (Japan), Daikin Industries, Ltd. (Japan), Webasto Group (Germany), Mitsubishi Heavy Industries, Ltd. (Japan), Utility Trailer Manufacturing Company, LLC. (US), Kidron (US), Subros Limited (India), Advanced Temperature Control (US). The study includes an in-depth competitive analysis of these key players in the Truck Refrigeration Unit market with their company profiles, recent developments, and key market strategies.
Research Coverage
The study's primary objective is to define, describe, and forecast the Truck Refrigeration Unit market by volume and value. The study segments the Truck Refrigeration Unit Market by Vehicle Type (Light Commercial Vehicles, Medium and Heavy Commercial Vehicles and Trailers), by Type (Nose mounted system and Roof Mounted system), by End Use Industry (Food, Pharma and Drugs and Others), by Application (Frozen and Chilled), by Trailer size (Below 40 feet, above 40 feet), by Power Source (Engine powered and Independent), by Mode of Operation (Single temperature and Multi temperature), by Unit Propulsion (Diesel and Electric/Hybrid) & Region (Americas, Europe, and Asia Pacific). It analyzes the opportunities offered by various market segments to the stakeholders. It tracks and analyzes competitive developments such as market share analysis, pricing analysis, technology comparison, and other activities by key industry participants.
The report provides insights on the following pointers:
- Analysis of key drivers (Rising demand for cold chain solutions in chemical and pharmaceuticals industries and Growth in the food and beverages industry), Restraints (higher initial investment), opportunities (Surge in investment to increase cold chain logistics and Technological innovations in Refrigerated systems and equipment), and challenges (Management of regulatory compliance) are fueling the demand of the Truck Refrigeration Unit market.
- Product Development/Innovation: Detailed insights into upcoming technologies, research & development activities, and new product & service launches in the Truck Refrigeration Unit market.
- Market Development: Comprehensive information on the lucrative emerging markets by units, applications (frozen and chilled), propulsions (diesel and electric/hybrid) and regions (Asia Pacific, Americas and Europe)
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the Truck Refrigeration Unit market
- Competitive Assessment: In-depth assessment of market ranking, growth strategies, and product offerings of leading players in the Truck Refrigeration Unit market, such as Carrier Transicold (US), Thermo King (US), Denso Corporation (Japan), Daikin Industries, Ltd. (Japan), Webasto Group (Germany) Mitsubishi Heavy Industries, Ltd. (Japan), Utility Trailer Manufacturing Company, LLC. (US), Kidron (US), Subros Limited (India), Advanced Temperature Control (US).
TABLE OF CONTENTS
1 INTRODUCTION
- 1.1 STUDY OBJECTIVES
- 1.2 MARKET DEFINITION
- 1.3 STUDY SCOPE
- 1.3.1 INCLUSIONS AND EXCLUSIONS
- 1.3.2 YEARS CONSIDERED
- 1.4 CURRENCY CONSIDERED
- 1.5 UNIT CONSIDERED
- 1.6 STAKEHOLDERS
- 1.7 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY
- 2.1 RESEARCH DATA
- 2.1.1 SECONDARY DATA
- 2.1.1.1 Secondary sources referred to for determining vehicle sales
- 2.1.1.2 Secondary sources referred to for estimating market size of truck refrigeration units
- 2.1.1.3 Key data from secondary sources
- 2.1.2 PRIMARY DATA
- 2.1.2.1 Primary participants
- 2.1.2.2 Breakdown of primary interviews
- 2.1.3 SAMPLING TECHNIQUES AND DATA COLLECTION METHODS
- 2.2 MARKET SIZE ESTIMATION
- 2.2.1 BOTTOM-UP APPROACH
- 2.2.2 TOP-DOWN APPROACH
- 2.3 DATA TRIANGULATION
- 2.4 RESEARCH ASSUMPTIONS AND ASSOCIATED RISKS
- 2.5 RESEARCH LIMITATIONS
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
- 4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN TRUCK REFRIGERATION UNIT MARKET
- 4.2 TRUCK REFRIGERATION UNIT MARKET, BY APPLICATION
- 4.3 TRUCK REFRIGERATION UNIT MARKET, BY MODE OF OPERATION
- 4.4 TRUCK REFRIGERATION UNIT MARKET, BY VEHICLE TYPE
- 4.5 TRUCK REFRIGERATION UNIT MARKET, BY END-USE INDUSTRY
- 4.6 TRAILER REFRIGERATION UNIT MARKET, BY SIZE
- 4.7 TRUCK REFRIGERATION UNIT MARKET, BY TYPE
- 4.8 TRUCK REFRIGERATION UNIT MARKET, BY POWER SOURCE
- 4.9 TRUCK REFRIGERATION UNIT MARKET, BY UNIT PROPULSION
- 4.10 TRUCK REFRIGERATION UNIT MARKET, BY REGION
5 MARKET OVERVIEW
- 5.1 INTRODUCTION
- 5.2 MARKET DYNAMICS
- 5.2.1 DRIVERS
- 5.2.1.1 Rising demand for cold chain solutions from chemical and pharmaceutical industries
- 5.2.1.2 Growing food & beverage industry
- 5.2.1.3 Expanding quick commerce and online delivery services
- 5.2.2 RESTRAINTS
- 5.2.2.1 High initial investment
- 5.2.3 OPPORTUNITIES
- 5.2.3.1 Increasing investments in cold chain logistics
- 5.2.3.2 Technological innovations in refrigerated systems
- 5.2.4 CHALLENGES
- 5.2.4.1 Compliance with stringent regulations
- 5.3 IMPACT OF AI/GENERATIVE AI
- 5.4 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS
- 5.5 PRICING ANALYSIS
- 5.5.1 AVERAGE SELLING PRICE TREND, BY VEHICLE TYPE
- 5.5.2 AVERAGE SELLING PRICE TREND, BY REGION
- 5.6 ECOSYSTEM ANALYSIS
- 5.7 SUPPLY CHAIN ANALYSIS
- 5.8 CASE STUDY ANALYSIS
- 5.8.1 BITZER ELECTRONICS ETRU PROJECT
- 5.8.2 DEARMAN TRANSPORT REFRIGERATION UNIT PROJECT
- 5.8.3 KINGCLIMA VAN REFRIGERATION UNIT PROJECT
- 5.9 INVESTMENT AND FUNDING SCENARIO
- 5.10 PATENT ANALYSIS
- 5.11 TECHNOLOGY ANALYSIS
- 5.11.1 KEY TECHNOLOGIES
- 5.11.1.1 All-electric refrigeration units
- 5.11.2 COMPLEMENTARY TECHNOLOGIES
- 5.11.2.1 Smart sensors and IoT
- 5.11.3 ADJACENT TECHNOLOGIES
- 5.11.3.1 Energy storage systems
- 5.12 REGULATORY LANDSCAPE
- 5.13 TRADE ANALYSIS
- 5.13.1 IMPORT DATA (HS CODE 841869)
- 5.13.2 EXPORT DATA (HS CODE 841869)
- 5.14 KEY CONFERENCES AND EVENTS, 2025
- 5.15 KEY STAKEHOLDERS AND BUYING CRITERIA
- 5.15.1 KEY STAKEHOLDERS IN BUYING PROCESS
- 5.15.2 BUYING CRITERIA
- 5.16 TRUCK REFRIGERATION UNIT MANUFACTURER ANALYSIS
6 TRUCK REFRIGERATION UNIT MARKET, BY APPLICATION
- 6.1 INTRODUCTION
- 6.2 FROZEN
- 6.2.1 PREVALENCE OF FROZEN FOODS IN NORTH AMERICA TO DRIVE MARKET
- 6.3 CHILLED
- 6.3.1 EXPANSION OF PERISHABLE OFFERINGS BY E-COMMERCE COMPANIES TO DRIVE MARKET
- 6.4 INDUSTRY INSIGHTS
7 TRUCK REFRIGERATION UNIT MARKET, BY TYPE
- 7.1 INTRODUCTION
- 7.2 NOSE-MOUNTED
- 7.2.1 ECONOMICAL PRICING AND OTHER ADVANTAGES TO DRIVE MARKET
- 7.3 ROOF-MOUNTED
- 7.3.1 LIMITED ADOPTION DUE TO HIGH COST AND COMPLEX MAINTENANCE
- 7.4 INDUSTRY INSIGHTS
8 TRUCK REFRIGERATION UNIT MARKET, BY VEHICLE TYPE
- 8.1 INTRODUCTION
- 8.2 LIGHT COMMERCIAL VEHICLE
- 8.2.1 CONSUMER PREFERENCE FOR FRESH AND FROZEN FOODS TO DRIVE MARKET
- 8.3 MEDIUM & HEAVY COMMERCIAL VEHICLE
- 8.3.1 EXTENSIVE USE IN LONG-DISTANCE REFRIGERATED TRANSPORT TO DRIVE MARKET
- 8.4 TRAILER
- 8.4.1 NEED FOR MULTI-TEMPERATURE TRANSIT TO DRIVE MARKET
- 8.5 INDUSTRY INSIGHTS
9 TRAILER REFRIGERATION UNIT MARKET, BY SIZE
- 9.1 INTRODUCTION
- 9.2 BELOW 40 FEET
- 9.2.1 INNOVATIONS IN REFRIGERATION TECHNOLOGY TO DRIVE MARKET
- 9.3 ABOVE 40 FEET
- 9.3.1 CONVENIENCE OF TRANSPORTING MULTIPLE PRODUCTS SIMULTANEOUSLY TO DRIVE MARKET
- 9.4 INDUSTRY INSIGHTS
10 TRUCK REFRIGERATION UNIT MARKET, BY MODE OF OPERATION
- 10.1 INTRODUCTION
- 10.2 SINGLE TEMPERATURE
- 10.2.1 EASE OF INSTALLATION AND MAINTENANCE TO DRIVE MARKET
- 10.3 MULTI TEMPERATURE
- 10.3.1 STRICT TEMPERATURE CONTROL IN PHARMACEUTICAL INDUSTRY TO DRIVE MARKET
- 10.4 INDUSTRY INSIGHTS
11 TRUCK REFRIGERATION UNIT MARKET, BY POWER SOURCE
- 11.1 INTRODUCTION
- 11.2 ENGINE-POWERED
- 11.2.1 LOWER COSTS AND HIGHER EFFICIENCY THAN INDEPENDENT REFRIGERATED UNITS TO DRIVE MARKET
- 11.3 INDEPENDENT
- 11.3.1 DEPLOYMENT IN MULTIPURPOSE LOGISTICS TO DRIVE MARKET
- 11.4 INDUSTRY INSIGHTS
12 INDEPENDENT TRUCK REFRIGERATION UNIT MARKET, BY PROPULSION
- 12.1 INTRODUCTION
- 12.2 DIESEL
- 12.2.1 TECHNOLOGY KNOW-HOW TO DRIVE MARKET
- 12.3 ELECTRIC/HYBRID
- 12.3.1 STRINGENT EMISSION REGULATIONS TO DRIVE MARKET
- 12.4 INDUSTRY INSIGHTS
13 TRUCK REFRIGERATION UNIT MARKET, BY END-USE INDUSTRY
- 13.1 INTRODUCTION
- 13.2 FOOD & BEVERAGE
- 13.2.1 SURGE IN CONSUMER DEMAND FOR FROZEN FOODS TO DRIVE MARKET
- 13.3 PHARMACEUTICAL
- 13.3.1 NEED FOR TEMPERATURE-SENSITIVE MEDICINES AND VACCINES TO DRIVE MARKET
- 13.4 OTHER END-USE INDUSTRIES
- 13.5 INDUSTRY INSIGHTS
14 TRUCK REFRIGERATION UNIT MARKET, BY REGION
- 14.1 INTRODUCTION
- 14.2 ASIA PACIFIC
- 14.2.1 MACROECONOMIC OUTLOOK
- 14.2.2 CHINA
- 14.2.2.1 Surge in demand for temperature-controlled logistics to drive market
- 14.2.3 INDIA
- 14.2.3.1 Rise of e-commerce platforms to drive market
- 14.2.4 JAPAN
- 14.2.4.1 High frozen fish demand to drive market
- 14.2.5 SOUTH KOREA
- 14.2.5.1 Focus on sustainability and innovation to drive market
- 14.2.6 THAILAND
- 14.2.6.1 Expansion of domestic tourism industry to drive market
- 14.3 EUROPE
- 14.3.1 MACROECONOMIC OUTLOOK
- 14.3.2 GERMANY
- 14.3.2.1 Need for reliable cold chain solutions in food & beverage and e-commerce industries to drive market
- 14.3.3 FRANCE
- 14.3.3.1 Consumer demand for e-commerce services to drive market
- 14.3.4 UK
- 14.3.4.1 Rising demand for fresh and frozen foods to drive market
- 14.3.5 SPAIN
- 14.3.5.1 Need for advanced cold chain solutions in pharma industry to drive market
- 14.3.6 ITALY
- 14.3.6.1 Shift toward online grocery shopping to drive market
- 14.3.7 REST OF EUROPE
- 14.4 AMERICAS
- 14.4.1 MACROECONOMIC OUTLOOK
- 14.4.2 US
- 14.4.2.1 Emphasis on food safety and adherence to stringent regulatory standards to drive market
- 14.4.3 MEXICO
- 14.4.3.1 Active participation in export of fresh produce and processed foods to drive market
- 14.4.4 CANADA
- 14.4.4.1 Rapid growth of food service industry to drive market
- 14.4.5 BRAZIL
- 14.4.5.1 Need for stringent temperature control for pharma products to drive market
15 COMPETITIVE LANDSCAPE
- 15.1 INTRODUCTION
- 15.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2021-2024
- 15.3 REVENUE ANALYSIS, 2019-2023
- 15.4 MARKET SHARE ANALYSIS, 2023
- 15.5 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023
- 15.5.1 STARS
- 15.5.2 EMERGING LEADERS
- 15.5.3 PERVASIVE PLAYERS
- 15.5.4 PARTICIPANTS
- 15.5.5 COMPANY FOOTPRINT
- 15.5.5.1 Company footprint
- 15.5.5.2 Application footprint
- 15.5.5.3 Power source footprint
- 15.5.5.4 Mode of operation footprint
- 15.5.5.5 Region footprint
- 15.6 COMPANY VALUATION AND FINANCIAL METRICS
- 15.7 BRAND/PRODUCT COMPARISON
- 15.8 COMPETITIVE SCENARIO
- 15.8.1 PRODUCT LAUNCHES
- 15.8.2 DEALS
- 15.8.3 EXPANSIONS
- 15.8.4 OTHERS
16 COMPANY PROFILES
- 16.1 KEY PLAYERS
- 16.1.1 CARRIER TRANSICOLD
- 16.1.1.1 Business overview
- 16.1.1.2 Products offered
- 16.1.1.3 Recent developments
- 16.1.1.3.1 Product launches
- 16.1.1.3.2 Expansions
- 16.1.1.3.3 Others
- 16.1.1.4 MnM view
- 16.1.1.4.1 Key strengths
- 16.1.1.4.2 Strategic choices
- 16.1.1.4.3 Weaknesses and competitive threats
- 16.1.2 THERMO KING
- 16.1.2.1 Business overview
- 16.1.2.2 Products offered
- 16.1.2.3 Recent developments
- 16.1.2.3.1 Deals
- 16.1.2.3.2 Others
- 16.1.2.4 MnM view
- 16.1.2.4.1 Key strengths
- 16.1.2.4.2 Strategic choices
- 16.1.2.4.3 Weaknesses and competitive threats
- 16.1.3 MITSUBISHI HEAVY INDUSTRIES, LTD.
- 16.1.3.1 Business overview
- 16.1.3.2 Products offered
- 16.1.3.3 Recent developments
- 16.1.3.3.1 Product launches
- 16.1.3.3.2 Others
- 16.1.3.4 MnM view
- 16.1.3.4.1 Key strengths
- 16.1.3.4.2 Strategic choices
- 16.1.3.4.3 Weaknesses and competitive threats
- 16.1.4 DAIKIN INDUSTRIES, LTD.
- 16.1.4.1 Business overview
- 16.1.4.2 Products offered
- 16.1.4.3 Recent developments
- 16.1.4.3.1 Product launches
- 16.1.4.3.2 Deals
- 16.1.4.3.3 Expansions
- 16.1.4.4 MnM view
- 16.1.4.4.1 Key strengths
- 16.1.4.4.2 Strategic choices
- 16.1.4.4.3 Weaknesses and competitive threats
- 16.1.5 WEBASTO GROUP
- 16.1.5.1 Business overview
- 16.1.5.2 Products offered
- 16.1.5.3 MnM view
- 16.1.5.3.1 Key strengths
- 16.1.5.3.2 Strategic choices
- 16.1.5.3.3 Weaknesses and competitive threats
- 16.1.6 DENSO CORPORATION
- 16.1.6.1 Business overview
- 16.1.6.2 Products offered
- 16.1.7 UTILITY TRAILER MANUFACTURING COMPANY, LLC.
- 16.1.7.1 Business overview
- 16.1.7.2 Products offered
- 16.1.7.3 Recent developments
- 16.1.7.3.1 Deals
- 16.1.7.3.2 Expansions
- 16.1.8 KIDRON
- 16.1.8.1 Business overview
- 16.1.8.2 Products offered
- 16.1.9 SUBROS LIMITED
- 16.1.9.1 Business overview
- 16.1.9.2 Products offered
- 16.1.10 ADVANCED TEMPERATURE CONTROL
- 16.1.10.1 Business overview
- 16.1.10.2 Products offered
- 16.2 OTHER PLAYERS
- 16.2.1 ZHENGZHOU GUCHEN THERMO CO., LTD.
- 16.2.2 HWASUNG THERMO
- 16.2.3 KRONE TRAILER
- 16.2.4 RINAC
- 16.2.5 SUB ZERO INSULATION TECH PVT. LTD.
- 16.2.6 HENAN KINGCLIMA INDUSTRY CO, LTD.
- 16.2.7 TKT HVAC CO., LTD.
- 16.2.8 TRANS ACNR
- 16.2.9 ZHENGZHOU CORUNCLINA CO., LTD.
- 16.2.10 HULTSTEINS
17 RECOMMENDATIONS BY MARKETSANDMARKETS
- 17.1 AMERICAS TO DOMINATE TRUCK REFRIGERATION UNIT MARKET
- 17.2 EMPHASIS ON INDEPENDENT AND MULTI-TEMPERATURE REFRIGERATION UNITS
- 17.3 CONCLUSION
18 APPENDIX
- 18.1 INSIGHTS FROM INDUSTRY EXPERTS
- 18.2 DISCUSSION GUIDE
- 18.3 KNOWLEDGESTORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
- 18.4 CUSTOMIZATION OPTIONS
- 18.4.1 TRUCK REFRIGERATION UNIT MARKET, BY APPLICATION, AT COUNTRY LEVEL
- 18.4.2 TRUCK REFRIGERATION UNIT MARKET, BY MODE OF OPERATION, AT COUNTRY LEVEL
- 18.4.3 INDEPENDENT TRUCK REFRIGERATION UNIT MARKET, BY VEHICLE TYPE, AT REGIONAL LEVEL
- 18.5 RELATED REPORTS
- 18.6 AUTHOR DETAILS