Truck Refrigeration Unit Demand to Grow at a 4.5% CAGR by 2029; Developed Regions Continue to Retain Market Lead

PRESS RELEASE
Published April 17, 2023

In 2018, sales of truck refrigeration units totaled more than US$ 1,045 million. and from 2019 to 2029, it is projected to expand at a CAGR of 4.5%. As global trade expands, perishable foods, medications, and chemicals are being sold and transported across borders at a previously unheard-of rate. Cold chain logistics has grown dramatically over time to handle the exponential rise in global trade.

Increased trade in perishable commodities and growing public support for the development of state-of-the-art cold chain infrastructure are two elements that have fueled the long-term expansion of the global cold chain logistics industry. Due to the growing need for cold chain logistics, the refrigerated transportation industry is growing and quickly influencing globalization, food safety, and the life sciences.

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How Developed Regions Continue to Retain Market Lead?

Due to its strong focus on reducing greenhouse gas emissions by a significant percentage while also enhancing food security, Europe has been leading the truck refrigeration units industry, closely followed by North America.

The need for a dependable cold chain to uphold the quality and safety of the storage, handling, and transport of many products—many of which are temperature-sensitive—has been growing. The development and demand for technologically advanced truck refrigeration units are projected to increase significantly in the years to come, given that power refrigeration results in the loss of 360 million tonnes of food annually worldwide.

On the other hand, North America also continues to be a hive of opportunity for businesses engaged in the sale of truck refrigeration units.

The development of cold chain networks through an improved regulatory environment, encouraging investment in their supporting infrastructure, and having a highly skilled workforce are three factors that are favouring market expansion in North America.

The Truck Refrigeration Unit market research studies the significant issues pertinent to the sectors, assesses the emerging trends, and provides crucial insights in order to assist market participants in making strategic decisions and strategically targeting both the local and international markets.

The research offers a macroeconomic and business outlook of the truck refrigeration unit industry. Industry experts make suggestions in this study that will prepare the market’s participants for a better future.

Key Highlights 

  • The study analyses the state of the latest worldwide Truck Refrigeration Unit market.
  • The paper investigates the pandemic scenarios that are most likely to have a long-term impact on the sector.
  • The paper examines in great detail how the world market for Truck Refrigeration Unit is changing.
  • The research examines how the worldwide Truck Refrigeration Unit market is changing, the target markets with the greatest prospects, and emerging trends that could directly or indirectly affect your organisation.
  • The report identifies prospects as well as the main obstacles you may face in the near future.

A thorough analysis of the entire market is made possible by the inclusion of granular segmentation by end-use, category, function, and geographic region in the global Truck Refrigeration Unit market report. Similarly, the existing and anticipated expansion of the Truck Refrigeration Unit business affects the market share of publications.

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The research also includes profiles of the Truck Refrigeration Unit industry’s goods, sales, returns, competitive landscape, market structure, industry drivers, and key business challenges. The study calculates the market’s current growth rate, projected future growth, and the key drivers that will affect that growth in 2022. The research also anticipates sales for the years 2022 to 2032 and calculates the number of product sold from 2015 to 2020.

 Truck Refrigeration Unit Market: Segmentation

  • By Product :
    • Chiller
    • Freezer
  • By Vehicle :
    • Light Duty Trucks
    • Medium Duty Trucks
    • Heavy Duty Trucks
  • By End Use :
    • Dairy
    • Fruits and Vegetables
    • Meat and Sea Food
    • Others
  • By Power :
    • Vehicle Powered
    • Diesel Powered
  • By Region :
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia
    • Oceania
    • MEA

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The key business strategies discussed in this market research revolve around-  

  • How key players in the Truck Refrigeration Unit market are maintaining their competitive advantage in the wake of globalization?
  • What changing dynamics in the Truck Refrigeration Unit industry specify about the future opportunities for manufacturers?
  • How Covid-19 pandemic affected sales in the Truck Refrigeration Unit market and what strategies are expected to recover from its impact?
  • What business tactics are gaining attention and influencing Truck Refrigeration Unit market rivalry?
  • What is the current Truck Refrigeration Unit market share?

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