Global Truck Refrigeration Unit Market - 2022-2029
The global truck refrigeration unit market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).
A truck refrigeration unit refers to a mechanical refrigeration system used to transport perishable goods such as fruits, vegetables, meat and poultry over long distances by road. The truck refrigeration unit consists of a compressor, condenser and evaporator. The truck engine drives the compressor and compresses a low-temperature, low-pressure refrigerant into high-temperature, high-pressure gas.
The condenser changes the state of the gas into liquid through heat exchange. The evaporator is positioned in the cargo area and uses a thermostatically controlled expansion valve to convert the liquid refrigerant into a low-pressure, low-temperature gas. The cycle is repeated until the desired temperature is obtained.
The demand for truck refrigeration unit systems is driven primarily by the increasing global consumption of frozen foods due to modern lifestyle choices. The rising health concerns of long-term consumption of frozen foods represent a key challenge for the growth of this market.
Increasing global consumption of frozen foods
Modern lifestyles, increased disposable incomes, strong economic growth and globalization have caused changes in food habits globally. Trends indicate an increasing demand among consumers for quick and easy meals, especially among the emerging markets of Asia-Pacific, Middle-East & Africa. Ready-to-eat meals primarily fulfill the demand and local and global quick-service restaurant chains such as KFC and Mcdonald's. Ready-to-eat meals are typically flash-frozen and only require heating to serve.
Quick service restaurants rely on batches of pre-cooked frozen food that can be just heated to ensure prompt service. Global trade has ensured the availability of a wide variety of choices for the average consumer. Due to refrigerated transport, the most exotic fruits, vegetables, seafood and meats globally are available in local grocery supermarkets. The ever-increasing consumption of frozen foods will drive the global truck refrigeration unit market trends.
Health concerns about the consumption of frozen foods
Modern lifestyles and increased disposable incomes have seen a big rise in the global consumption of frozen foods. However, most frozen foods are processed and contain high sodium, trans fats, saturated fats and added sugar. The consumption of unhealthy processed frozen foods leads to health complications such as diabetes and heart disease. The World Health Organization (WHO) estimates heart disease as the leading cause of death globally, with nearly 17.9 million deaths in 2020.
It has also raised concerns about the alarming increase in the rates of diabetes, especially in the developing world. The health effects of frozen food consumption are gaining widespread attention and are prompting a global debate about modern lifestyle choices. The increasing health concerns about the consumption of frozen foods will be a key challenge for the growth of the global truck refrigeration unit market since the frozen food industry is the single largest user of this market.
COVID-19 impact analysis
Due to the COVID-19 pandemic, the manufacturing industry saw a significant drop in production and sales in 2020. To stop the disease from spreading, governments globally instituted lockdowns and many manufacturers had to halt operations temporarily. Because industrial manufacturing is a capital-intensive industry, several component makers were on the verge of bankruptcy. After the lockdowns were lifted, production continued at a limited capacity.
The COVID-19 pandemic's knock-on effects on global supply chains have resulted in shortages of critical automobile components. Even after the pandemic-related limitations were lifted completely, long lead times and lower production rates were observed. The industry has struggled to meet demand, especially for the global COVID-19 vaccine rollout. The pandemic had a negligible impact on long-term growth of the truck refrigeration unit market since the consumption of frozen foods and pharmaceuticals will continue to increase in the coming years.
The truck refrigeration unit market is segmented into system, vehicle, size, industry and region. The global truck refrigeration unit market is segmented into frozen food, pharmaceutical, industrial and others. Frozen food dominates this segment as the largest use of truck refrigeration units is for transportation of fruits, vegetables, meat, seafood and other perishable food items.
Asia-Pacific is leading in the global truck refrigeration unit system market. The region accounts for the largest market share, primarily due to major emerging markets such as India, China, Indonesia, Malaysia, Thailand and Vietnam and developed markets like Japan and South Korea.
The sustained high economic growth experienced by this region has led to increased disposable incomes and the adoption of modern lifestyle practices. It has generated a huge demand for ready-to-eat meals and fast-food restaurants. All the major global fast-food brands, such as KFC, McDonald’s, Subway, Pizza Hut etc., have a presence in this region and are rapidly scaling up operations.
The Asia-Pacific is also home to some of the largest pharmaceutical producers, namely, China, Japan and India. China and India are the largest manufacturers of Active Pharmaceutical Ingredients (APIs) and India is the largest vaccine manufacturer globally. The above factors make the Asia-Pacific the dominant region for the global truck refrigeration unit market. The market share of the Asia-Pacific will only increase in the coming years.
The global truck refrigeration unit market is highly competitive due to the availability of a wide variety of proprietary refrigeration systems for different applications. Some of the major players contributing to the growth in the segment are Carrier, Denso, Trane Technologies, Daikin Industries, Webasto Thermo & Comfort, Mitsubishi Heavy Industries, VBG Group AB, Klinge Corporation, Sanden Holdings Corporation, FRIGOBLOCK. The major market players adopt several growth strategies such as the launch of new products, acquisitions and mergers, joint ventures, collaborations and regional and global expansion, contributing to global growth in the industry.
Overview: Carrier is a major engineering company interested in refrigeration, air-conditioning, fire security systems and home appliances. The company was founded in 1915 by engineer Willis Carrier, considered the father of modern air-conditioning and is headquartered in Palm Beach Gardens, Florida, U.S.
40X is a vehicle engine-driven truck refrigeration unit. The system has fully automatic controls and can operate in temperatures of up to 38℃.
Key Developments: In 2020, Carrier launched the Supra S9, a new refrigeration unit for large diesel trucks ranging from 10 to 28ft in length. The company claims the new unit consumes 50% less refrigerant than previous models and provides a 20% more cooling effect.
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Target Audience 2022
Automotive component manufacturers
Industry Investors/Investment Bankers
Education & Research Institutes
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