Summary

The truck refrigeration unit market is projected to grow to USD 8.83 Billion in 2030 from USD 6.83 Billion in 2024 at a CAGR of 4.4 %. Cold chain logistics plays a crucial role in the pharmaceutical industry. Growing demand for drugs, vaccines, blood, and biologics, among others, has shown notable growth in recent years, leading to the growth of truck refrigeration units. For instance, the Pfizer-BioNTech vaccine had to be stored at -70°C (-94°F), Insulin must be stored at temperatures between 2°C to 8°C and blood cells, and plasma is stored at -18°C to maintain their efficacy. Due to changing lifestyles, polluted air, and water, people are exposed to more health issues, ultimately leading to higher demand for drugs. This will drive the growth of refrigeration units in this industry.
"The Nose mounted units are estimated to have the largest share in the Truck Refrigeration Unit market by Type."
Nose-mounted units, as the name suggests, are mounted on the outer side of the front wall of the truck/trailer. According to MarketsandMarkets analysis, nose-mounted units are estimated to have the largest share in the truck refrigeration unit market by type owing to their economical pricing structure. Nose-mounted units can provide better airflow distribution for the cargo area. The positioning of these units helps with airflow as the air can easily circulate from the front to the back of the cargo area. Positioning these units helps with easier maintenance as these units are easily accessible compared to rooftop units.
Moreover, nose-mounted units do not affect the aerodynamics of the vehicle. It is easy to utilize engine-driven technology in nose-mounted units, making it a preferred option for light commercial vehicles. For trailers and heavy commercial vehicles, the nose-mounted units are independently powered by a separate engine or battery, in the case of hybrid/electric units. The primary driver for nose-mounted truck refrigeration units is easier maintenance, lower costs, and adaptability to all vehicle types.
"Independent units are estimated to be the fastest growing truck refrigeration units during the forecast period."
Independent truck refrigeration units run on their own power source, such as a diesel engine or electric motor powered by a separate battery, to maintain the right temperature for transporting perishable goods. These units are self-propelled and don't rely on the vehicle’s engine, allowing them to keep working even when the vehicle is stationary. This makes them useful during loading and unloading, ensuring temperature control is maintained. The main advantages of independent units over engine-powered ones are greater flexibility. Additionally, independent units can be easily adapted to different types of vehicles and transportation needs, offering greater range of application. The costs of independent units are very high compared to engine powered units. As per primary insights the estimated prices of independent units are around 2.5x to 3x to that of engine powered units, depending upon the storage capacity. The additional costs for independent units include the separate engine, fuel tank, and additional components.
Independent truck refrigeration units are mostly preferred for multi-purpose logistics. These units can carry frozen, chilled and low temperature items in a same truck/trailer by making separate compartments for individual items. The market for independent units is expected to propel during the forecast period
"Asia Pacific is estimated to be the second largest market for Truck Refrigeration Units."
The Asia-Pacific region is expected to be the second-largest market for truck refrigeration units, driven by several key factors. The demand for refrigerated transport is increasing due to the rising consumer preference for frozen and chilled food products and the increasing need for transporting temperature-sensitive pharmaceuticals and medical supplies. The rapid growth of e-commerce in the region has boosted the market for last-mile logistics to ensure that perishable items are reached in the suitable form consumers desire. Developing countries like India and China are leading the growth of this market. Additionally, stringent regulations for food quality drive businesses to invest in advanced refrigeration technologies, like electric and hybrid units, solidifying the region's position as a significant contributor to the truck refrigeration unit market. The region also has a few manufacturers and technology developers for the Truck Refrigeration Units. These include Denso Corporation (Japan), Daikin Industries, Ltd. (Japan), Mitsubishi Heavy Industries, Ltd. (Japan) and Subros Limited (India).

The breakup of primary respondents

 By Company: Refrigeration Unit Manufacturers – 70%, Dealers/Distributors -30%
 By Designation: Managers - 40%, Directors - 30%, Others – 30%
 By Region: Europe - 30%, Asia Pacific - 50%, Americas - 20%

The Truck Refrigeration Unit market will be dominated by global players, including Carrier Transicold (US), Thermo King (US), Denso Corporation (Japan), Daikin Industries, Ltd. (Japan), Webasto Group (Germany), Mitsubishi Heavy Industries, Ltd. (Japan), Utility Trailer Manufacturing Company, LLC. (US), Kidron (US), Subros Limited (India), Advanced Temperature Control (US). The study includes an in-depth competitive analysis of these key players in the Truck Refrigeration Unit market with their company profiles, recent developments, and key market strategies.
Research Coverage
The study's primary objective is to define, describe, and forecast the Truck Refrigeration Unit market by volume and value. The study segments the Truck Refrigeration Unit Market by Vehicle Type (Light Commercial Vehicles, Medium and Heavy Commercial Vehicles and Trailers), by Type (Nose mounted system and Roof Mounted system), by End Use Industry (Food, Pharma and Drugs and Others), by Application (Frozen and Chilled), by Trailer size (Below 40 feet, above 40 feet), by Power Source (Engine powered and Independent), by Mode of Operation (Single temperature and Multi temperature), by Unit Propulsion (Diesel and Electric/Hybrid) & Region (Americas, Europe, and Asia Pacific). It analyzes the opportunities offered by various market segments to the stakeholders. It tracks and analyzes competitive developments such as market share analysis, pricing analysis, technology comparison, and other activities by key industry participants.

The report provides insights on the following pointers:
• Analysis of key drivers (Rising demand for cold chain solutions in chemical and pharmaceuticals industries and Growth in the food and beverages industry), Restraints (higher initial investment), opportunities (Surge in investment to increase cold chain logistics and Technological innovations in Refrigerated systems and equipment), and challenges (Management of regulatory compliance) are fueling the demand of the Truck Refrigeration Unit market.
• Product Development/Innovation: Detailed insights into upcoming technologies, research & development activities, and new product & service launches in the Truck Refrigeration Unit market.
• Market Development: Comprehensive information on the lucrative emerging markets by units, applications (frozen and chilled), propulsions (diesel and electric/hybrid) and regions (Asia Pacific, Americas and Europe)
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the Truck Refrigeration Unit market
• Competitive Assessment: In-depth assessment of market ranking, growth strategies, and product offerings of leading players in the Truck Refrigeration Unit market, such as Carrier Transicold (US), Thermo King (US), Denso Corporation (Japan), Daikin Industries, Ltd. (Japan), Webasto Group (Germany) Mitsubishi Heavy Industries, Ltd. (Japan), Utility Trailer Manufacturing Company, LLC. (US), Kidron (US), Subros Limited (India), Advanced Temperature Control (US).

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Table of Contents

1 INTRODUCTION 24
1.1 STUDY OBJECTIVES 24
1.2 MARKET DEFINITION 25
1.3 STUDY SCOPE 25
1.3.1 INCLUSIONS AND EXCLUSIONS 26
1.3.2 YEARS CONSIDERED 26
1.4 CURRENCY CONSIDERED 26
1.5 UNIT CONSIDERED 28
1.6 STAKEHOLDERS 28
1.7 SUMMARY OF CHANGES 28
2 RESEARCH METHODOLOGY 30
2.1 RESEARCH DATA 30
2.1.1 SECONDARY DATA 31
2.1.1.1 Secondary sources referred to for determining vehicle sales 32
2.1.1.2 Secondary sources referred to for estimating market size of
truck refrigeration units 33
2.1.1.3 Key data from secondary sources 33
2.1.2 PRIMARY DATA 34
2.1.2.1 Primary participants 34
2.1.2.2 Breakdown of primary interviews 35
2.1.3 SAMPLING TECHNIQUES AND DATA COLLECTION METHODS 35
2.2 MARKET SIZE ESTIMATION 36
2.2.1 BOTTOM-UP APPROACH 37
2.2.2 TOP-DOWN APPROACH 38
2.3 DATA TRIANGULATION 39
2.4 RESEARCH ASSUMPTIONS AND ASSOCIATED RISKS 40
2.5 RESEARCH LIMITATIONS 42
3 EXECUTIVE SUMMARY 43
4 PREMIUM INSIGHTS 47
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN TRUCK REFRIGERATION UNIT MARKET 47
4.2 TRUCK REFRIGERATION UNIT MARKET, BY APPLICATION 47
4.3 TRUCK REFRIGERATION UNIT MARKET, BY MODE OF OPERATION 48
4.4 TRUCK REFRIGERATION UNIT MARKET, BY VEHICLE TYPE 48
4.5 TRUCK REFRIGERATION UNIT MARKET, BY END-USE INDUSTRY 49
4.6 TRAILER REFRIGERATION UNIT MARKET, BY SIZE 49
4.7 TRUCK REFRIGERATION UNIT MARKET, BY TYPE 50
4.8 TRUCK REFRIGERATION UNIT MARKET, BY POWER SOURCE 50
4.9 TRUCK REFRIGERATION UNIT MARKET, BY UNIT PROPULSION 51
4.10 TRUCK REFRIGERATION UNIT MARKET, BY REGION 51
5 MARKET OVERVIEW 52
5.1 INTRODUCTION 52
5.2 MARKET DYNAMICS 53
5.2.1 DRIVERS 53
5.2.1.1 Rising demand for cold chain solutions from chemical and pharmaceutical industries 53
5.2.1.2 Growing food & beverage industry 55
5.2.1.3 Expanding quick commerce and online delivery services 56
5.2.2 RESTRAINTS 57
5.2.2.1 High initial investment 57
5.2.3 OPPORTUNITIES 57
5.2.3.1 Increasing investments in cold chain logistics 57
5.2.3.2 Technological innovations in refrigerated systems 57
5.2.4 CHALLENGES 58
5.2.4.1 Compliance with stringent regulations 58
5.3 IMPACT OF AI/GENERATIVE AI 58
5.4 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS 59
5.5 PRICING ANALYSIS 59
5.5.1 AVERAGE SELLING PRICE TREND, BY VEHICLE TYPE 59
5.5.2 AVERAGE SELLING PRICE TREND, BY REGION 60
5.6 ECOSYSTEM ANALYSIS 61
5.7 SUPPLY CHAIN ANALYSIS 63
5.8 CASE STUDY ANALYSIS 65
5.8.1 BITZER ELECTRONICS ETRU PROJECT 65
5.8.2 DEARMAN TRANSPORT REFRIGERATION UNIT PROJECT 65
5.8.3 KINGCLIMA VAN REFRIGERATION UNIT PROJECT 66
5.9 INVESTMENT AND FUNDING SCENARIO 66
5.10 PATENT ANALYSIS 67
5.11 TECHNOLOGY ANALYSIS 70
5.11.1 KEY TECHNOLOGIES 70
5.11.1.1 All-electric refrigeration units 70
5.11.2 COMPLEMENTARY TECHNOLOGIES 70
5.11.2.1 Smart sensors and IoT 70
5.11.3 ADJACENT TECHNOLOGIES 70
5.11.3.1 Energy storage systems 70
5.12 REGULATORY LANDSCAPE 71
 
5.13 TRADE ANALYSIS 73
5.13.1 IMPORT DATA (HS CODE 841869) 73
5.13.2 EXPORT DATA (HS CODE 841869) 75
5.14 KEY CONFERENCES AND EVENTS, 2025 77
5.15 KEY STAKEHOLDERS AND BUYING CRITERIA 77
5.15.1 KEY STAKEHOLDERS IN BUYING PROCESS 77
5.15.2 BUYING CRITERIA 79
5.16 TRUCK REFRIGERATION UNIT MANUFACTURER ANALYSIS 79
6 TRUCK REFRIGERATION UNIT MARKET, BY APPLICATION 81
6.1 INTRODUCTION 82
6.2 FROZEN 83
6.2.1 PREVALENCE OF FROZEN FOODS IN NORTH AMERICA TO DRIVE MARKET 83
6.3 CHILLED 85
6.3.1 EXPANSION OF PERISHABLE OFFERINGS BY E-COMMERCE
COMPANIES TO DRIVE MARKET 85
6.4 INDUSTRY INSIGHTS 86
7 TRUCK REFRIGERATION UNIT MARKET, BY TYPE 87
7.1 INTRODUCTION 88
7.2 NOSE-MOUNTED 89
7.2.1 ECONOMICAL PRICING AND OTHER ADVANTAGES TO DRIVE MARKET 89
7.3 ROOF-MOUNTED 91
7.3.1 LIMITED ADOPTION DUE TO HIGH COST AND COMPLEX MAINTENANCE 91
7.4 INDUSTRY INSIGHTS 92
8 TRUCK REFRIGERATION UNIT MARKET, BY VEHICLE TYPE 93
8.1 INTRODUCTION 94
8.2 LIGHT COMMERCIAL VEHICLE 95
8.2.1 CONSUMER PREFERENCE FOR FRESH AND FROZEN FOODS
TO DRIVE MARKET 95
8.3 MEDIUM & HEAVY COMMERCIAL VEHICLE 97
8.3.1 EXTENSIVE USE IN LONG-DISTANCE REFRIGERATED TRANSPORT
TO DRIVE MARKET 97
8.4 TRAILER 98
8.4.1 NEED FOR MULTI-TEMPERATURE TRANSIT TO DRIVE MARKET 98
8.5 INDUSTRY INSIGHTS 100
9 TRAILER REFRIGERATION UNIT MARKET, BY SIZE 101
9.1 INTRODUCTION 102
9.2 BELOW 40 FEET 103
9.2.1 INNOVATIONS IN REFRIGERATION TECHNOLOGY TO DRIVE MARKET 103
 
9.3 ABOVE 40 FEET 105
9.3.1 CONVENIENCE OF TRANSPORTING MULTIPLE PRODUCTS
SIMULTANEOUSLY TO DRIVE MARKET 105
9.4 INDUSTRY INSIGHTS 106
10 TRUCK REFRIGERATION UNIT MARKET, BY MODE OF OPERATION 107
10.1 INTRODUCTION 108
10.2 SINGLE TEMPERATURE 109
10.2.1 EASE OF INSTALLATION AND MAINTENANCE TO DRIVE MARKET 109
10.3 MULTI TEMPERATURE 111
10.3.1 STRICT TEMPERATURE CONTROL IN PHARMACEUTICAL
INDUSTRY TO DRIVE MARKET 111
10.4 INDUSTRY INSIGHTS 112
11 TRUCK REFRIGERATION UNIT MARKET, BY POWER SOURCE 113
11.1 INTRODUCTION 114
11.2 ENGINE-POWERED 115
11.2.1 LOWER COSTS AND HIGHER EFFICIENCY THAN INDEPENDENT
REFRIGERATED UNITS TO DRIVE MARKET 115
11.3 INDEPENDENT 117
11.3.1 DEPLOYMENT IN MULTIPURPOSE LOGISTICS TO DRIVE MARKET 117
11.4 INDUSTRY INSIGHTS 118
12 INDEPENDENT TRUCK REFRIGERATION UNIT MARKET, BY PROPULSION 119
12.1 INTRODUCTION 120
12.2 DIESEL 121
12.2.1 TECHNOLOGY KNOW-HOW TO DRIVE MARKET 121
12.3 ELECTRIC/HYBRID 123
12.3.1 STRINGENT EMISSION REGULATIONS TO DRIVE MARKET 123
12.4 INDUSTRY INSIGHTS 124
13 TRUCK REFRIGERATION UNIT MARKET, BY END-USE INDUSTRY 125
13.1 INTRODUCTION 126
13.2 FOOD & BEVERAGE 127
13.2.1 SURGE IN CONSUMER DEMAND FOR FROZEN FOODS TO DRIVE MARKET 127
13.3 PHARMACEUTICAL 129
13.3.1 NEED FOR TEMPERATURE-SENSITIVE MEDICINES AND VACCINES
TO DRIVE MARKET 129
13.4 OTHER END-USE INDUSTRIES 130
13.5 INDUSTRY INSIGHTS 131
 
14 TRUCK REFRIGERATION UNIT MARKET, BY REGION 132
14.1 INTRODUCTION 133
14.2 ASIA PACIFIC 134
14.2.1 MACROECONOMIC OUTLOOK 135
14.2.2 CHINA 140
14.2.2.1 Surge in demand for temperature-controlled logistics to drive market 140
14.2.3 INDIA 141
14.2.3.1 Rise of e-commerce platforms to drive market 141
14.2.4 JAPAN 143
14.2.4.1 High frozen fish demand to drive market 143
14.2.5 SOUTH KOREA 144
14.2.5.1 Focus on sustainability and innovation to drive market 144
14.2.6 THAILAND 145
14.2.6.1 Expansion of domestic tourism industry to drive market 145
14.3 EUROPE 147
14.3.1 MACROECONOMIC OUTLOOK 147
14.3.2 GERMANY 152
14.3.2.1 Need for reliable cold chain solutions in food & beverage and e-commerce industries to drive market 152
14.3.3 FRANCE 154
14.3.3.1 Consumer demand for e-commerce services to drive market 154
14.3.4 UK 155
14.3.4.1 Rising demand for fresh and frozen foods to drive market 155
14.3.5 SPAIN 156
14.3.5.1 Need for advanced cold chain solutions in pharma
industry to drive market 156
14.3.6 ITALY 158
14.3.6.1 Shift toward online grocery shopping to drive market 158
14.3.7 REST OF EUROPE 159
14.4 AMERICAS 161
14.4.1 MACROECONOMIC OUTLOOK 161
14.4.2 US 166
14.4.2.1 Emphasis on food safety and adherence to stringent regulatory standards to drive market 166
14.4.3 MEXICO 167
14.4.3.1 Active participation in export of fresh produce and processed
foods to drive market 167
14.4.4 CANADA 168
14.4.4.1 Rapid growth of food service industry to drive market 168
14.4.5 BRAZIL 170
14.4.5.1 Need for stringent temperature control for pharma products
to drive market 170
15 COMPETITIVE LANDSCAPE 172
15.1 INTRODUCTION 172
15.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2021–2024 172
15.3 REVENUE ANALYSIS, 2019–2023 174
15.4 MARKET SHARE ANALYSIS, 2023 175
15.5 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 177
15.5.1 STARS 177
15.5.2 EMERGING LEADERS 177
15.5.3 PERVASIVE PLAYERS 178
15.5.4 PARTICIPANTS 178
15.5.5 COMPANY FOOTPRINT 179
15.5.5.1 Company footprint 179
15.5.5.2 Application footprint 180
15.5.5.3 Power source footprint 181
15.5.5.4 Mode of operation footprint 182
15.5.5.5 Region footprint 183
15.6 COMPANY VALUATION AND FINANCIAL METRICS 184
15.7 BRAND/PRODUCT COMPARISON 185
15.8 COMPETITIVE SCENARIO 186
15.8.1 PRODUCT LAUNCHES 186
15.8.2 DEALS 187
15.8.3 EXPANSIONS 188
15.8.4 OTHERS 189
16 COMPANY PROFILES 190
16.1 KEY PLAYERS 190
16.1.1 CARRIER TRANSICOLD 190
16.1.1.1 Business overview 190
16.1.1.2 Products offered 191
16.1.1.3 Recent developments 193
16.1.1.3.1 Product launches 193
16.1.1.3.2 Expansions 193
16.1.1.3.3 Others 194
16.1.1.4 MnM view 194
16.1.1.4.1 Key strengths 194
16.1.1.4.2 Strategic choices 194
16.1.1.4.3 Weaknesses and competitive threats 194
16.1.2 THERMO KING 195
16.1.2.1 Business overview 195
16.1.2.2 Products offered 195
 
16.1.2.3 Recent developments 197
16.1.2.3.1 Deals 197
16.1.2.3.2 Others 197
16.1.2.4 MnM view 198
16.1.2.4.1 Key strengths 198
16.1.2.4.2 Strategic choices 198
16.1.2.4.3 Weaknesses and competitive threats 198
16.1.3 MITSUBISHI HEAVY INDUSTRIES, LTD. 199
16.1.3.1 Business overview 199
16.1.3.2 Products offered 200
16.1.3.3 Recent developments 201
16.1.3.3.1 Product launches 201
16.1.3.3.2 Others 201
16.1.3.4 MnM view 202
16.1.3.4.1 Key strengths 202
16.1.3.4.2 Strategic choices 202
16.1.3.4.3 Weaknesses and competitive threats 202
16.1.4 DAIKIN INDUSTRIES, LTD. 203
16.1.4.1 Business overview 203
16.1.4.2 Products offered 204
16.1.4.3 Recent developments 205
16.1.4.3.1 Product launches 205
16.1.4.3.2 Deals 206
16.1.4.3.3 Expansions 206
16.1.4.4 MnM view 206
16.1.4.4.1 Key strengths 206
16.1.4.4.2 Strategic choices 206
16.1.4.4.3 Weaknesses and competitive threats 206
16.1.5 WEBASTO GROUP 207
16.1.5.1 Business overview 207
16.1.5.2 Products offered 207
16.1.5.3 MnM view 208
16.1.5.3.1 Key strengths 208
16.1.5.3.2 Strategic choices 208
16.1.5.3.3 Weaknesses and competitive threats 208
16.1.6 DENSO CORPORATION 209
16.1.6.1 Business overview 209
16.1.6.2 Products offered 210
16.1.7 UTILITY TRAILER MANUFACTURING COMPANY, LLC. 211
16.1.7.1 Business overview 211
16.1.7.2 Products offered 211
 
16.1.7.3 Recent developments 212
16.1.7.3.1 Deals 212
16.1.7.3.2 Expansions 212
16.1.8 KIDRON 213
16.1.8.1 Business overview 213
16.1.8.2 Products offered 213
16.1.9 SUBROS LIMITED 214
16.1.9.1 Business overview 214
16.1.9.2 Products offered 215
16.1.10 ADVANCED TEMPERATURE CONTROL 216
16.1.10.1 Business overview 216
16.1.10.2 Products offered 216
16.2 OTHER PLAYERS 218
16.2.1 ZHENGZHOU GUCHEN THERMO CO., LTD. 218
16.2.2 HWASUNG THERMO 219
16.2.3 KRONE TRAILER 220
16.2.4 RINAC 220
16.2.5 SUB ZERO INSULATION TECH PVT. LTD. 221
16.2.6 HENAN KINGCLIMA INDUSTRY CO, LTD. 221
16.2.7 TKT HVAC CO., LTD. 222
16.2.8 TRANS ACNR 223
16.2.9 ZHENGZHOU CORUNCLINA CO., LTD. 224
16.2.10 HULTSTEINS 224
17 RECOMMENDATIONS BY MARKETSANDMARKETS 225
17.1 AMERICAS TO DOMINATE TRUCK REFRIGERATION UNIT MARKET 225
17.2 EMPHASIS ON INDEPENDENT AND MULTI-TEMPERATURE REFRIGERATION UNITS 225
17.3 CONCLUSION 226
18 APPENDIX 227
18.1 INSIGHTS FROM INDUSTRY EXPERTS 227
18.2 DISCUSSION GUIDE 228
18.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 230
18.4 CUSTOMIZATION OPTIONS 232
18.4.1 TRUCK REFRIGERATION UNIT MARKET, BY APPLICATION, AT COUNTRY LEVEL 232
18.4.2 TRUCK REFRIGERATION UNIT MARKET, BY MODE OF
OPERATION, AT COUNTRY LEVEL 232
18.4.3 INDEPENDENT TRUCK REFRIGERATION UNIT MARKET,
BY VEHICLE TYPE, AT REGIONAL LEVEL 232
18.5 RELATED REPORTS 232
18.6 AUTHOR DETAILS 233