DUBLIN--(BUSINESS WIRE)--The "Truck Refrigeration Unit Market by Type, Industry, Bus Length, Trailer Size, Application, Vehicle Type and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The truck refrigeration unit market is estimated to be USD 10.5 billion in 2018 and is projected to reach USD 15 billion by 2025, at a CAGR of 5.21%.
The demand for refrigeration unit is driven by the increasing demand for frozen and chilled products and increasing sales of commercial vehicles.
However, cabin comfort norms are acting as restraints for the refrigeration unit market as cabin comfort is no more an optional technology for trucks, mainly in developed regions.
The Light Commercial Vehicle (LCV) segment is estimated to be the largest truck refrigeration unit market, by vehicle type.
In terms of vehicle type, the Light Commercial Vehicle (LCV) segment is estimated to dominate the refrigeration unit market in 2018 and is anticipated to remain dominant in the vehicle type segment during the forecast period.
LCVs are mostly preferred for the transportation of perishable goods within the city, and with a rising urbanization rate, especially in developing countries, the refrigeration unit market is expected to grow in the coming years.
However, as per an industry expert's insights, for fitment of the frozen refrigeration unit require certain power output of light trucks as frozen refrigeration unit comes with high capacity compressor. So, the refrigeration unit fitted in LCV is economical, which would offer lucrative business opportunities with low investment.
The roof mount system segment is estimated to grow at the fastest rate in the LCV refrigeration unit market by type.
The roof mount system segment is estimated to be the fastest light commercial vehicle refrigeration unit market during the forecast period. The reasons attributed to the growth of this system are enhanced operational efficiency, simple working mechanism, lightweight, compact size, and low maintenance cost among others.
On the other hand, the split systems are economical compared to the roof mount system, and hence, presently it has a higher adoption rate in the developing countries of Asia Pacific. However, owing to its benefits over the split system, the roof mount systems are projected to dominate during the forecast period.
Asia Pacific is estimated to be the largest truck refrigeration unit market during the forecast period.
The Asia Pacific region is projected to lead in the truck refrigeration market during the forecast period owing to the presence of countries such as India, China, and Japan, which have a substantial consumption of frozen and chilled products. Countries such as India and China are trying to improve their cold storage infrastructure in order to prevent wastage of items.
According to a leading supplier of the refrigeration unit, approximately USD 1.34 billion worth vegetables and fruits in India (which is the second largest producer of fruits and vegetables) are wasted every year.
Furthermore, increasing consumer demand for frozen food items has fueled the growth of supermarkets and quick-service restaurants such as KFC, Burger King, Subway, Taco Bell, Pizza Hut, and McDonald's among others in the region. This has led to an increase in the sales of consumer-ready items.
Thus, to maintain the shelf life of perishable commodities, the demand for refrigeration unit is expected to remain significant in the coming years.
- Increasing Demand for Frozen & Chilled Commodities All Over the World
- Cabin Comfort is No More an Optional Technology
- Increasing Sales of Electric Buses
- Technological Innovations in Refrigerated Systems & Equipment
- Complexity in Working/Mechanical Architecture
- High Installation Cost of Energy-Efficient AC System in Retrofit
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends in Truck Refrigeration Unit Market
7 Light Commercial Vehicle Refrigeration Unit Market, By Type
8 Light Commercial Vehicle Refrigeration Unit Market, By Application
9 Light Commercial Vehicle Refrigeration Unit Market, By Industry Vertical
10 Bus Air Conditioning Unit Market, By Bus Length
11 Truck Refrigeration Unit Market, By Trailer & M&HCV
12 Truck Refrigeration Unit Market, By Vehicle Type
13 Truck Refrigeration Unit Market, By Region
14 Competitive Landscape
15 Company Profiles
- American Cooling Technology
- Carrier (United Technologies)
- Fahrzeugwerk Bernard Krone
- Grayson Thermal System
- Mitsubishi Heavy Industries
- Mobile Climate Control (VBG Group)
- Sinclair Corporation
- Singamas Container
- Songz Automobile Air Conditioning
- Thermo King (Ingersoll Rand)
- Utility Trailer
For more information about this report visit https://www.researchandmarkets.com/research/z4p5np/global_truck?w=4
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Commercial Vehicles, Industrial Refrigeration, Trucks