October 16, 2019 by Amanpreet
The global cold chain logistics industry has been showing growth over the past few years. This advancement can be directly linked to rising trade of perishable products and swelling government support towards the development of progressive cold chain infrastructure. All such factors have successfully supported the deployment of truck refrigeration unit, and its impact over the cold chain logistics sector is impressive. In order to study the overall advancement across the global truck refrigeration market, Fact.MR has published a new study titled “Truck Refrigeration Unit Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2019 to 2029”. This assessment serves as a wonderful data source comprising of crucial indicators that diligently highlight the expanse of the truck refrigeration market. According to research findings, in 2018, 97,969 truck refrigeration units were sold; it is estimated that sales are likely to enforce extension at 1.5X rate during 2019 to 2029.
Based on report insights, with increasing demand for cold chain logistics, the need for refrigerated transportation is flourishing and promptly impacting the globalization of food safety together with a higher influence over life sciences. The research study details that use of truck refrigeration units aimed towards the transportation of fruits and vegetables is predicted to account for an extensive market share in 2019, and would account ~40% of the overall sales until 2029.
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Preference for Light Duty Truck Expected to Surge
According to this intelligent Fact.MR study, light duty vehicles would continue to support the foundation of sales for truck refrigeration units. This development can be accredited to the growing demand for smaller size vehicles concerned with in-city product transportation. It was analyzed that light-duty vehicles acquired ~46% market volume share in 2018, and sales are projected to reach 46,862 units in 2019. The necessity of light weight duty vehicles seems parallel to rising population, merged with smaller lane size, especially in developing regions.
Developing Regions Exhibit Higher Traction for Truck Refrigeration Units
The rapidly thriving agriculture sector across developing regions is responsible to create an amplified demand for appropriate transportation of temperature-sensitive fruits and vegetables. As per this assessment, the fruits and vegetables sector is foreseen to function as a superior area of opportunities for stakeholders who are seeking business expansion in the rapidly developing regions. Focusing on East Asia, China is estimated to emerge as the most lucrative country through 2029; accounting ~70% regional market share in 2018. The requirement for truck refrigeration units continues to swell in harmony with rapidly advancing cold chain industry together with growing demand for quality-ensuring packaged foods.
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Furthermore, truck refrigeration units have also experienced greater adoption towards the accelerating applications concerned with the pharmaceuticals industry. These facets are expected to deliver lucrative growth opportunities for truck refrigeration unit manufacturers in the coming years.
With a stern viewpoint on all major aspects, this report finally discourses the competitive scenario stressing on the contributions by all major players operating in the truck refrigeration unit market. Some of the main manufacturers mentioned in the report are Carrier Corporation, Denso Corporation, Thermo King Corporation (Ingersoll Rand), Mitsubishi Heavy Industries Ltd., Daikin Industries, Ltd., Advanced Temperature Control and Kingtec. The analysis presents deeper insights about each of the mentioned companies by presenting knowledge associated to product portfolio, strategy overview and sales footprint. Such data points are useful for market investors and new entrants who are willing to benefit from the global truck refrigeration unit market.
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