Global Truck Refrigeration Unit Market – A Report by Fact.MR
Fact.MR, in its latest business intelligence study, depicts the nuts and bolts of the global truck refrigeration unit market. The truck refrigeration unit market report presents detailed information regarding the drivers, restraints, opportunities and trends affecting market growth. Each segment along with its sub-segment is analyzed in terms of value and volume. Further, the truck refrigeration unit market report elaborates the market behavior of each vendor operating in the truck refrigeration unit market.
According to a recent Fact.MR study, ~97,969 truck refrigeration units were sold in the 2018, and sales are highly likely to expand 1.5X during 2019 to 2029. The use of truck refrigeration units for the transportation of fruits and vegetables is envisaged to account for a substantial market share in 2019, and will be accountable for ~40% of the overall sales through 2029.
Chillers Remains the Key Asset for Stakeholders
The Fact.MR study opines that the demand for highly perishable foods has been expanding at an unprecedented pace, which in turn continues to hard press the food and beverage companies to strengthen their product cold supply logistics/chain. This has led to an increased demand for proper transportation refrigeration infrastructure, while creating a window of opportunities for the market players.
Key findings of the truck refrigeration unit market study:
- Regional breakdown of the truck refrigeration unit market based on predefined taxonomy.
- Innovative manufacturing processes implemented by truck refrigeration unit market vendors in detail.
- Region-wise and country-wise fragmentation of the truck refrigeration unit market to grasp the revenue, and growth outlook in these areas.
- Changing preferences among consumers across various regions and countries.
- Factors (Positive and Negative) impacting the growth of the global truck refrigeration unit market.
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Attractiveness of Light Duty Truck Growing
The study indicates that the light duty vehicles will continue to remain the bedrock of sales for truck refrigeration units, owing to the increasing demand for smaller size vehicles for in-city product transportation. As per the Fact.MR analysis, light-duty vehicles accounted for ~46% market volume share in 2018, and their sales are highly likely to reach 46,862 units in 2019. As per the study, this steady growth in the adoption of light weight duty vehicle falls in line with the rising population, coupled with smaller lane size, specifically in developing regions. Though the demand for light weight duty vehicles continues to pick pace, the medium size trucks are also estimated to grow at volume CAGR of 4.4% during the foreseeable period.
As the world continues to focus on reducing carbon-emission, the automakers are increasingly developing electric vehicles to cut emissions significantly. In view of this shift in development and preference, a large number of manufacturers of truck refrigeration units’ are focusing on electric variants. Moreover, as per the Fact.MR analysis the adoption of vehicle powered truck refrigeration units continues to grow at a steady pace, whereas high cost diesel powered variants are increasingly losing their attractiveness. The adoption of vehicle powered truck refrigeration units reached ~61,129 units in 2018, and is likely to account for ~60% market share in 2019.
On the basis of power type, the truck refrigeration unit market study consists of:
- Vehicle Powered
- Diesel Powered
On the basis of end use, the truck refrigeration unit market study incorporates:
- Fruits and Vegetables
- Meat and Sea Food
On the basis of region, the truck refrigeration unit market study contains:
- North America
- Latin America
- East Asia
- South Asia
Key players analyzed in the truck refrigeration unit market study:
- Carrier Corporation
- Thermo King Corporation (Ingersoll Rand)
- Denso Corporation
- Mitsubishi Heavy Industries Ltd.
- Volta Air Technology Inc.
- Daikin Industries, Ltd.
- Zhengzhou Guchen Industry Co., Ltd.
- Advanced Temperature Control
Steady Market Growth Ahead in Developing Regions
The Fact.MR research study indicates that the rapidly proliferating agriculture sector in the developing regions has been creating an increased demand for proper transportation of temperature-sensitive fruits and vegetables. As per the study, the fruits and vegetables sector is envisaged to remain a considerable mine of opportunities for stakeholders that are looking forward to expand their business and extend their reach in the rapidly developing regions. In East Asia, China is projected to be the most attractive country through 2029, and accounted for ~70% regional market share in 2018. The traction for truck refrigeration units continues to pick pace in line with the rapidly growing cold chain industry and increasing demand for quality-ensuring packaged foods. Additionally, truck refrigeration units are also witnessing wide adoption for the accelerating applications in the pharmaceuticals industry, which in turn continues to promise lucrative growth opportunities for truck refrigeration units market in the future.
Queries addressed in the truck refrigeration unit market report:
- Why are the truck refrigeration unit market players targeting region for increased product sales?
- What patented technologies are the players utilizing in the global truck refrigeration unit market?
- Which regions are displaying the fastest growth in the truck refrigeration unit market?
- What are the underlying micro- macroeconomic factors affecting the global truck refrigeration unit market?
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