According to a new report, published by KBV research, The Global Truck Refrigeration Unit Market size is expected to reach $19.8 billion by 2030, rising at a market growth of 6.1% CAGR during the forecast period.
innovations in insulation materials enhance truck refrigeration units' energy efficiency. Advanced materials with superior thermal properties contribute to better temperature retention, reducing energy consumption and operational costs. This trend aligns with the industry's pursuit of sustainable practices and cost-effective solutions for temperature-controlled transportation.
Additionally, the exploration of cryogenic refrigeration technologies is gaining traction in the truck refrigeration unit market. Cryogenic systems leverage extremely low temperatures for refrigeration, offering a novel approach to preserving perishable goods. These technologies exhibit potential for ultra-low temperature applications, catering to industries requiring deep freezing capabilities.
The Roof Mount segment is experiencing a CAGR of 6.7% during (2023 - 2030). The placement of refrigeration units on the roof enhances the vehicle's maneuverability. With the refrigeration system on top, the truck retains its original dimensions and turning radius, facilitating easier navigation through urban areas, tight spaces, and loading docks. Therefore, these aspects can assist in the growth of the segment.
The Below 20ft segment is leading the Global Truck Refrigeration Unit Market by Trailer size in 2022; thereby, achieving a market value of $10.4 billion by 2030. The demand for below 20ft truck refrigeration units can be attributed to the increased need for compact and maneuverable solutions in the transportation industry. Businesses operating in urban areas or dealing with last-mile deliveries often require smaller, more agile refrigerated units to navigate through congested streets and deliver perishable goods to their final destinations efficiently. Hence, these factors will boost the demand in the segment.
The Pharmaceutical segment is registering a CAGR of 6.4% during (2023 - 2030). Pharmaceutical products, including vaccines, biologics, and various medications, are often highly sensitive to temperature fluctuations. The growing pharmaceutical sector contributes to increased demand for truck refrigeration units. For instance, according to the International Trade Administration data, the pharmaceutical industry in China is projected to attain a value of $161.8 billion by 2023, representing an approximate 30% market share on a global scale. Hence, owing to these aspects, the segment will witness increased demand in the coming years.
Full Report: https://www.kbvresearch.com/truck-refrigeration-unit-market/
The Asia Pacific region dominated the Global Truck Refrigeration Unit Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $7.2 billion by 2030. The North America region is poised to grow a CAGR of 5.5% during (2023 - 2030). Additionally, The Europe region would witness a CAGR of 5.9% during (2023 - 2030).
By Type
By Trailer size
By End User
By Geography
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