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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.
This newly published and insightful report sheds light on Market Insights of Truck Refrigeration Unit, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Truck Refrigeration Unit Market.
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The global sales of truck refrigeration units have reached ~US$ 1,045 Mn in 2018. and it is projected, register a CAGR of 4.5% during the forecast period 2019-2029. While international trade continues to expand at an unprecedented pace, perishable foods, drugs & chemicals are increasingly being traded and transported worldwide. Cold chain logistics has grown considerably over the years to support the staggering global commerce.
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Truck Refrigeration Units Market – Segmentation
Fact.MR’s study analyzes the truck refrigeration units market on the basis of power, product, vehicle, end use and region. The report also offers comprehensive information about the market dynamics as well as the various trends associated with varying segments, and how they are shaping the growth of the truck refrigeration units market.
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Mapping the Truck Refrigeration Units Market Battlefield
The market for truck refrigeration units market is highly consolidated with the top two players, including Carrier Corporation (UTC) and Thermo King Corporation (Ingersoll Rand) collectively accounting for ~70% growth share. Growing number of market enthusiasts and local companies continue to enter into collaboration with the leading market players to seamlessly operate their manufacturing facilities.
Whereas, the market frontrunners are increasingly leveraging advanced technology to develop cost competitive and energy-efficient offerings, to cater to a growing demand from the food and the beverages industry. The established players in truck refrigeration units market have also placed their focus on strengthening their direct presence in the local markets through mergers and acquisitions with regional players.
New, improved and cost-competitive product development is and will continue to remain the key area of focus for the truck refrigeration units market leaders that are vying to gain an extra edge in the market.
For instance, in March 2019, a leading player in truck refrigeration unit market- Carrier Transicold introduced a new truck refrigeration unit named Supra S6, which is specifically designed for small- to medium-sized trucks. Supra S6’s high-performance smart diesel engine complies with the Environmental Protection Agency Tier 4 emissions standard and offers three speeds instead of two to enhance fuel savings.
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.
This Fact.MR research study offers a long-term perspective of the truck refrigeration units market for the duration 2019 to 2029. The truck refrigeration units market is envisaged to register a volume CAGR of ~4.5% through 2029.
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More Valuable Insights on Truck Refrigeration Unit Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Truck Refrigeration Unit, Sales and Demand of Truck Refrigeration Unit, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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