Report cover image

Truck Refrigeration Unit Market Growth Analysis - Forecast Trends and Outlook (2025-2034)

Published Jul 30, 2025
Length 178 Pages
SKU # EMAR20319479

Description

The global truck refrigeration unit market reached a value of about USD 13.55 Billion in 2024. The market is further expected to grow at a CAGR of 5.20% in the forecast period of 2025-2034 to reach nearly USD 22.50 Billion by 2034.

Truck Refrigeration Unit Market Growth Rate

Rising consumer demand for frozen food and fresh produce propels the global market for truck refrigeration unit. Essential for maintaining food freshness, and pharmaceuticals during transport, these units are increasingly utilized. Expansion of supermarkets and quick-service restaurants like Burger King, Subway, Taco Bell, KFC, and Pizza Hut further stimulates market growth.

Subway® saw a 9.2% surge in same-store sales compared to the previous year and a significant 29.1% increase from 2020. Meanwhile, Chipotle Mexican Grill, a fast-casual dining chain, reported $9.9 billion in total revenue for 2023, marking a 14.3% rise compared to the prior year.

Key Trends and Developments

Rising demand for perishables, increasing electrification efforts, regulatory compliance, customization, and modular designs are the major trends impacting the truck refrigeration unit market growth.

February 16, 2024

Carrier Transicold introduced the Neos 200e refrigeration unit for small electric and engine-powered delivery vehicles in North America, offering enhanced cooling capacity and efficiency.

September 22, 2023

Singapore's Singauto Technology entered China's electric vehicle market with refrigerated trucks for pharmaceutical and food deliveries, unveiling their electrified cold storage truck after securing a $20 million funding round.

September 13, 2023

Mitsubishi Heavy Industries Thermal Systems launched the TEJ35GAM for domestic sales. This electric-driven refrigeration unit, designed for small and mid-size trucks, features a plug-in hybrid system.

December 21, 2022

Thermo King®, the transport refrigeration brand of Trane Technologies, introduced the TH-350, an ultra-thin electric refrigeration unit, boasting superior cold chain logistics performance with innovative design, reliability, and user-friendly features.

Rising demand for perishables

Increasing consumer desire for fresh and frozen food drives demand for reliable temperature-controlled transport, fuelling growth in the cold chain logistics sector.

Electrification on the rise

Electric transport refrigeration units are challenging traditional diesel-powered ones, offering greater environmental sustainability and operational cost-effectiveness.

Regulatory compliance

Regulatory pressures drive refrigeration unit innovation. Manufacturers prioritise designs meeting standards for safety, emissions, and noise while ensuring performance reliability.

Customization and modular designs

Customers demand customisable refrigeration units. Modular designs enjoy popularity for simpler installation, maintenance, and upgrades, aligning with evolving needs.

Truck Refrigeration Unit Market Trends

As the demand for perishable goods and pharmaceuticals rises, efficient cold-chain logistics become crucial. Truck refrigeration units are adapting to provide superior temperature control, enhanced insulation, and optimized airflow, ensuring cargo integrity during transit.

Moreover, truck refrigeration units are integrating telematics and IoT technologies for real-time monitoring of temperature, location, and performance. This enables fleet managers to optimize routes, uphold cold chain integrity, and enhance overall efficiency.

Truck Refrigeration Unit Industry Segmentation

“Global Truck Refrigeration Unit Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type
  • Roof Mount System
  • Split System
Market Breakup by Application
  • Frozen
  • Chilled
Market Breakup by Industry Vertical
  • Frozen Food
  • Pharma Drugs and Chemical
  • Ambulance and Passenger Transport
Market Breakup by Bus Length
  • Less than 8 Metres
  • 8 to 12 Metres
  • More than 12 Metres
Market Breakup by Vehicle Type
  • Light Commercial Vehicle (LCV)
  • Medium and Heavy Commercial Vehicle (MHCV)
  • Trailer (Container)
  
  • 20 Feet Trailer

  •   
  • 40 Feet Trailer

  •   
  • Others

  • Market Breakup by Region
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa
    Truck Refrigeration Unit Market Share

    Frozen applications support the demand for truck refrigeration units, as they help maintain lower temperatures, making it easier to transport a variety of goods such as frozen foods, ice cream, and specialized pharmaceuticals

    Frozen transportation stops microbial growth, preserving product quality and extending shelf life. It broadens market reach, offers diverse product options, provides seasonal flexibility, reduces food waste, enhances operational efficiency, and ensures regulatory compliance.

    Chilled transportation maintains freshness, extends shelf life, preserves quality, and broadens market reach. It supports product diversity, enhances consumer satisfaction, reduces food waste, and ensures regulatory compliance in perishable goods supply chains.

    Pharma drugs and chemical products are significant contributors to the truck refrigeration unit market revenue

    Refrigerated transportation upholds drug efficacy and integrity, ensuring regulatory adherence, extending shelf life, improving supply chain efficiency, mitigating risks, ensuring product safety, and broadening market access for pharmaceuticals and chemicals.

    Frozen transportation extends product shelf life, maintains quality, broadens market reach, offers product diversity, enables seasonal flexibility, minimizes waste, enhances efficiency, and ensures regulatory compliance in the food industry.

    Leading Manufacturers in the Truck Refrigeration Unit Market

    The report gives a detailed analysis of the following key players in the global truck refrigeration unit market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

    Daikin Industries, Ltd.

    Founded in 1924 and headquartered in Osaka, Japan, Daikin Industries, Ltd. is a renowned global leader in air conditioning, heating, ventilation, and refrigeration systems, recognized for its innovative technology and sustainable solutions worldwide.

    DENSO Corporation

    Established in 1949 and based in Kariya, Japan, DENSO Corporation is a prominent supplier of automotive technology and components, specializing in advanced systems for vehicles to enhance safety, efficiency, and environmental sustainability.

    Thermo King Corporation

    Founded in 1938 and headquartered in the USA, it is a pioneer in transport temperature control. It manufactures innovative systems for trucks, trailers, and railcars, ensuring the integrity of temperature-sensitive cargo worldwide.

    VBG Group AB

    Established in 1951 and located in Sweden, it is a global provider of products and services for the truck and trailer industry. It offers advanced coupling systems and solutions to optimize safety and efficiency.

    Other players operating in the truck refrigeration unit market are Carrier Global Corporation, and Mitsubishi Heavy Industries Thermal Systems, Ltd., among others.

    Truck Refrigeration Unit Market Analysis by Region

    Asia Pacific dominates the market with the heightened demand for transporting perishable goods like food, pharmaceuticals, and healthcare products.

    The Asia Pacific region significantly contributes to market growth due to high consumption rates of frozen and chilled products, driven by factors like changing lifestyles, e-commerce expansion, increased spending power, and convenience needs.

    Domino's annual report indicated that as of January 1, 2023, there were 1,758 Domino's stores in India, driving demand for truck refrigeration units due to the necessity of transporting frozen and chilled food materials.

    Additionally, rising investments in India and China's food service sectors to upgrade cold storage facilities and in smart city development across countries like China and India further spur demand for truck refrigeration units for transporting food, chemicals, and pharmaceuticals, fuelling market expansion.

    Table of Contents

    178 Pages
    1 Executive Summary
    1.1 Market Size 2024-2025
    1.2 Market Growth 2025(F)-2034(F)
    1.3 Key Demand Drivers
    1.4 Key Players and Competitive Structure
    1.5 Industry Best Practices
    1.6 Recent Trends and Developments
    1.7 Industry Outlook
    2 Market Overview and Stakeholder Insights
    2.1 Market Trends
    2.2 Key Verticals
    2.3 Key Regions
    2.4 Supplier Power
    2.5 Buyer Power
    2.6 Key Market Opportunities and Risks
    2.7 Key Initiatives by Stakeholders
    3 Economic Summary
    3.1 GDP Outlook
    3.2 GDP Per Capita Growth
    3.3 Inflation Trends
    3.4 Democracy Index
    3.5 Gross Public Debt Ratios
    3.6 Balance of Payment (BoP) Position
    3.7 Population Outlook
    3.8 Urbanisation Trends
    4 Country Risk Profiles
    4.1 Country Risk
    4.2 Business Climate
    5 Global Truck Refrigeration Unit Market Analysis
    5.1 Key Industry Highlights
    5.2 Global Truck Refrigeration Unit Historical Market (2018-2024)
    5.3 Global Truck Refrigeration Unit Market Forecast (2025-2034)
    5.4 Global Truck Refrigeration Unit Market by Type
    5.4.1 Roof Mount System
    5.4.1.1 Historical Trend (2018-2024)
    5.4.1.2 Forecast Trend (2025-2034)
    5.4.2 Split System
    5.4.2.1 Historical Trend (2018-2024)
    5.4.2.2 Forecast Trend (2025-2034)
    5.5 Global Truck Refrigeration Unit Market by Application
    5.5.1 Frozen
    5.5.1.1 Historical Trend (2018-2024)
    5.5.1.2 Forecast Trend (2025-2034)
    5.5.2 Chilled
    5.5.2.1 Historical Trend (2018-2024)
    5.5.2.2 Forecast Trend (2025-2034)
    5.6 Global Truck Refrigeration Unit Market by Industry Vertical
    5.6.1 Frozen Food
    5.6.1.1 Historical Trend (2018-2024)
    5.6.1.2 Forecast Trend (2025-2034)
    5.6.2 Pharma Drugs and Chemical
    5.6.2.1 Historical Trend (2018-2024)
    5.6.2.2 Forecast Trend (2025-2034)
    5.6.3 Ambulance and Passenger Transport
    5.6.3.1 Historical Trend (2018-2024)
    5.6.3.2 Forecast Trend (2025-2034)
    5.7 Global Truck Refrigeration Unit Market by Bus Length
    5.7.1 Less than 8 Metres
    5.7.1.1 Historical Trend (2018-2024)
    5.7.1.2 Forecast Trend (2025-2034)
    5.7.2 8 to 12 Metres
    5.7.2.1 Historical Trend (2018-2024)
    5.7.2.2 Forecast Trend (2025-2034)
    5.7.3 More than 12 Metres
    5.7.3.1 Historical Trend (2018-2024)
    5.7.3.2 Forecast Trend (2025-2034)
    5.8 Global Truck Refrigeration Unit Market by Vehicle Type
    5.8.1 Light Commercial Vehicle (LCV)
    5.8.1.1 Historical Trend (2018-2024)
    5.8.1.2 Forecast Trend (2025-2034)
    5.8.2 Medium and Heavy Commercial Vehicle (MHCV)
    5.8.2.1 Historical Trend (2018-2024)
    5.8.2.2 Forecast Trend (2025-2034)
    5.8.3 Trailer (Container)
    5.8.3.1 Historical Trend (2018-2024)
    5.8.3.2 Forecast Trend (2025-2034)
    5.8.3.2.1 20 Feet Trailer
    5.8.3.2.2 40 Feet Trailer
    5.8.3.2.3 Others
    5.9 Global Truck Refrigeration Unit Market by Region
    5.9.1 North America
    5.9.1.1 Historical Trend (2018-2024)
    5.9.1.2 Forecast Trend (2025-2034)
    5.9.2 Europe
    5.9.2.1 Historical Trend (2018-2024)
    5.9.2.2 Forecast Trend (2025-2034)
    5.9.3 Asia Pacific
    5.9.3.1 Historical Trend (2018-2024)
    5.9.3.2 Forecast Trend (2025-2034)
    5.9.4 Latin America
    5.9.4.1 Historical Trend (2018-2024)
    5.9.4.2 Forecast Trend (2025-2034)
    5.9.5 Middle East and Africa
    5.9.5.1 Historical Trend (2018-2024)
    5.9.5.2 Forecast Trend (2025-2034)
    6 North America Truck Refrigeration Unit Market Analysis
    6.1 United States of America
    6.1.1 Historical Trend (2018-2024)
    6.1.2 Forecast Trend (2025-2034)
    6.2 Canada
    6.2.1 Historical Trend (2018-2024)
    6.2.2 Forecast Trend (2025-2034)
    7 Europe Truck Refrigeration Unit Market Analysis
    7.1 United Kingdom
    7.1.1 Historical Trend (2018-2024)
    7.1.2 Forecast Trend (2025-2034)
    7.2 Germany
    7.2.1 Historical Trend (2018-2024)
    7.2.2 Forecast Trend (2025-2034)
    7.3 France
    7.3.1 Historical Trend (2018-2024)
    7.3.2 Forecast Trend (2025-2034)
    7.4 Italy
    7.4.1 Historical Trend (2018-2024)
    7.4.2 Forecast Trend (2025-2034)
    7.5 Others
    8 Asia Pacific Truck Refrigeration Unit Market Analysis
    8.1 China
    8.1.1 Historical Trend (2018-2024)
    8.1.2 Forecast Trend (2025-2034)
    8.2 Japan
    8.2.1 Historical Trend (2018-2024)
    8.2.2 Forecast Trend (2025-2034)
    8.3 India
    8.3.1 Historical Trend (2018-2024)
    8.3.2 Forecast Trend (2025-2034)
    8.4 ASEAN
    8.4.1 Historical Trend (2018-2024)
    8.4.2 Forecast Trend (2025-2034)
    8.5 Australia
    8.5.1 Historical Trend (2018-2024)
    8.5.2 Forecast Trend (2025-2034)
    8.6 Others
    9 Latin America Truck Refrigeration Unit Market Analysis
    9.1 Brazil
    9.1.1 Historical Trend (2018-2024)
    9.1.2 Forecast Trend (2025-2034)
    9.2 Argentina
    9.2.1 Historical Trend (2018-2024)
    9.2.2 Forecast Trend (2025-2034)
    9.3 Mexico
    9.3.1 Historical Trend (2018-2024)
    9.3.2 Forecast Trend (2025-2034)
    9.4 Others
    10 Middle East and Africa Truck Refrigeration Unit Market Analysis
    10.1 Saudi Arabia
    10.1.1 Historical Trend (2018-2024)
    10.1.2 Forecast Trend (2025-2034)
    10.2 United Arab Emirates
    10.2.1 Historical Trend (2018-2024)
    10.2.2 Forecast Trend (2025-2034)
    10.3 Nigeria
    10.3.1 Historical Trend (2018-2024)
    10.3.2 Forecast Trend (2025-2034)
    10.4 South Africa
    10.4.1 Historical Trend (2018-2024)
    10.4.2 Forecast Trend (2025-2034)
    10.5 Others
    11 Market Dynamics
    11.1 SWOT Analysis
    11.1.1 Strengths
    11.1.2 Weaknesses
    11.1.3 Opportunities
    11.1.4 Threats
    11.2 Porter’s Five Forces Analysis
    11.2.1 Supplier’s Power
    11.2.2 Buyer’s Power
    11.2.3 Threat of New Entrants
    11.2.4 Degree of Rivalry
    11.2.5 Threat of Substitutes
    11.3 Key Indicators for Demand
    11.4 Key Indicators for Price
    12 Value Chain Analysis
    13 Trade Data Analysis (HS Code: 841869)
    13.1 Major Importing Countries
    13.1.1 By Volume
    13.1.2 By Value
    13.2 Major Exporting Countries
    13.2.1 By Volume
    13.2.2 By Value
    14 Competitive Landscape
    14.1 Supplier Selection
    14.2 Key Global Players
    14.3 Key Regional Players
    14.4 Key Player Strategies
    14.5 Company Profiles
    14.5.1 Daikin Industries, Ltd.
    14.5.1.1 Company Overview
    14.5.1.2 Product Portfolio
    14.5.1.3 Demographic Reach and Achievements
    14.5.1.4 Certifications
    14.5.2 DENSO Corporation
    14.5.2.1 Company Overview
    14.5.2.2 Product Portfolio
    14.5.2.3 Demographic Reach and Achievements
    14.5.2.4 Certifications
    14.5.3 Thermo King Corporation
    14.5.3.1 Company Overview
    14.5.3.2 Product Portfolio
    14.5.3.3 Demographic Reach and Achievements
    14.5.3.4 Certifications
    14.5.4 VBG Group AB
    14.5.4.1 Company Overview
    14.5.4.2 Product Portfolio
    14.5.4.3 Demographic Reach and Achievements
    14.5.4.4 Certifications
    14.5.5 Carrier Global Corporation
    14.5.5.1 Company Overview
    14.5.5.2 Product Portfolio
    14.5.5.3 Demographic Reach and Achievements
    14.5.5.4 Certifications
    14.5.6 Mitsubishi Heavy Industries Thermal Systems, Ltd.
    14.5.6.1 Company Overview
    14.5.6.2 Product Portfolio
    14.5.6.3 Demographic Reach and Achievements
    14.5.6.4 Certifications
    14.5.7 Others
    How Do Licenses Work?
    Head shot

    Questions or Comments?

    Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.