The truck refrigeration unit market is estimated to be USD 10.5 billion in 2018 and is projected to reach USD 15.0 billion by 2025, at a CAGR of 5.21%. The growing LCV sales worldwide and increasing demand for frozen and chilled goods all over the world are projected to drive the truck refrigeration unit market.
The 8–12 meter segment is estimated to be the largest bus refrigeration unit market, by bus length
The 8–12 meter segment is estimated to dominate the air refrigeration unit market compared to other types owing to the increasing demand for buses in the metro cities in developed as well as developing countries. Moreover, the increasing trend of smart cities has boosted the 8–12 meter bus segment of the air conditioning unit market. For instance, the government of India launched the Smart City project in 2016 for 100 cities around the country. In the 8–12 meter bus segment, Asia Pacific is estimated to be the dominating region owing to their largest fleet of city buses in the countries such as China and India. The fitment of air conditioning unit in new as well as old buses to enhance the comfort and level of passengers subsequently boosted the air conditioning unit market in 8–12-meter buses.
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The M&HCV segment is expected to grow at the highest CAGR in the truck refrigeration unit market during the forecast period.
The M&HCV refrigerated trucks are generally used for medium to long distance transportation from one city to another or one state to another. The M&HCV segment has shown tremendous growth in terms of production in recent years. As per OICA statistics, EU-27, the Americas, and Asia Pacific have grown by 17.9%, 14.9%, and 19.5%, respectively, from 2016 to 2017 in the heavy trucks segment. With the growing demand for heavy trucks, the demand for refrigerated trucks will also grow significantly for the transportation of perishable goods such as fishes, meat, and dairy products. Also, in order to transport more than one product at a time, the usage of multi-temperature refrigerated systems have increased, thereby resulting in the overall efficiency of the trucks transportation. Hence, increasing import and export all over the world is expected to drive the M&HCV refrigeration unit market.
Increased consumption of frozen food items and other commodities would drive the Asia Pacific truck refrigeration unit market.
Asia Pacific is estimated to be the largest truck refrigeration unit market during the forecast period owing to the highest consumption of frozen and chilled products compared to other regions such as the Americas and EMEA. The countries of Asia Pacific, especially India and China, have been witnessing a change in lifestyle, eating habits with the growing spending power. Increasing consumer demand for frozen snacks and convenience foods has fueled the growth of supermarkets and quick-service restaurants such as KFC, Burger King, Subway, Taco Bell, Pizza Hut, and McDonald’s in the region.
Key Market Players
Some of the key players in the truck refrigeration unit market are Daikin (Japan), Carrier (US), Thermo King (US), Denso (Japan), Webasto (Germany), Mobile Climate Control (Sweden), Subros (India), Sanden (Japan), Klinge (US), and Utility Trailer (US).
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