In terms of revenue, the global truck refrigeration market was valued at US$ 9,100.1 million in 2019 and is projected to reach US$ 13,336.1 million by 2027; it is expected to grow at a CAGR of 5.0% during 2020-2027.
The global logistics industry is experiencing high momentum, which would lead to rise in the adoption of refrigerated trucks to ensure the delivery of products by avoiding damage to their taste and quality. The demand for trucks integrated with refrigeration units is expected to increase in the developing, as well as the developed, countries owing to the surge in demand for precooked food, raw meat and fish products, raw milk and milk products, pharmaceuticals, and chemicals, among others. The high demand for these products among the global population would lead distribution centers and warehouses to stock up these commodities. Moreover, the manufacturers of the products mentioned above are continuously escalating their production volumes, which is adding to demand for refrigerated trucks to deliver these products from the production plants to the warehouses and distribution centers. To support the supply and delivery of these products, the logistics companies are anticipated to increase their fleet sizes. This is projected to trigger the volume of orders for truck refrigeration units from the truck manufacturers.
Carrier Global Corporation; Daikin; Denso; Klinge Corporation; Mitsubishi Heavy Industries, Ltd.; SCHMITZ CARGOBULL; Subros Limited; Songz Automobile Air Conditioning Co., Ltd.; Thermo King (Trane Technologies); and WebastoThermo& Comfort are among the well-known market players operating in the truck refrigeration market.
Impact of COVID-19 Pandemic on Truck Refrigeration Market
COVID-19 has spread significantly across APAC and North America, and Europe and SAM are also hit hard by the disease. The former two regions have significant numbers of truck refrigeration market players. The demand for truck refrigeration units has spurred in countries such as China, Japan, India, the US, and Canada. These countries are among the hardest-hit countries with extended lockdown periods. This has raised the demand for truck refrigeration units; however, due to limited availability of workforces in respective truck refrigeration unit production plants, the market players have been observing a marginal upsurge in revenue growth. Since the US has a larger density of truck refrigeration unit market players, the outbreak has severely affected the production of each manufacturer’s production volumes. The imposition of lockdown has driven the dependency on food suppliers, especially milk, meat, vegetables, and fish suppliers, among the Americans. This has resulted in a rise in demand for reefer trucks to deliver essential goods from warehouses to the distribution centers. Production companies are also using reefer trucks to transfer produced goods, packaged foods, beverages, pharmaceuticals, medicines, and chemicals from the plants to their destinations. This factor has spurred the adoption of truck refrigeration units.
The global truck refrigeration launcher market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. It also provides the overview and forecast for the truck refrigeration market based on all the segments concerning five primary regions-such as North America, Europe, Asia-Pacific, Middle East and Africa, and South America. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the truck refrigeration market.