Truck Refrigeration Unit Market Growth Analysis - Forecast Trends and Outlook (2025-2034)

The global truck refrigeration unit market reached a value of D 13.55 Billion in 2024. The market is further expected to grow at a CAGR of 5.20% in the forecast period of 2025-2034 to reach nearly USD 22.50 Billion by 2034.

Truck Refrigeration Unit Market Growth Rate

Rising consumer demand for frozen food and fresh produce propels the global market for truck refrigeration unit. Essential for maintaining food freshness, and pharmaceuticals during transport, these units are increasingly utilized. Expansion of supermarkets and quick-service restaurants like Burger King, Subway, Taco Bell, KFC, and Pizza Hut further stimulates market growth.

Subway® saw a 9.2% surge in same-store sales compared to the previous year and a significant 29.1% increase from 2020. Meanwhile, Chipotle Mexican Grill, a fast-casual dining chain, reported $9.9 billion in total revenue for 2023, marking a 14.3% rise compared to the prior year.

Key Trends and Developments

Rising demand for perishables, increasing electrification efforts, regulatory compliance, customization, and modular designs are the major trends impacting the truck refrigeration unit market growth.

February 16, 2024

Carrier Transicold introduced the Neos 200e refrigeration unit for small electric and engine-powered delivery vehicles in North America, offering enhanced cooling capacity and efficiency.

September 22, 2023

Singapore's Singauto Technology entered China's electric vehicle market with refrigerated trucks for pharmaceutical and food deliveries, unveiling their electrified cold storage truck after securing a $20 million funding round.

September 13, 2023

Mitsubishi Heavy Industries Thermal Systems launched the TEJ35GAM for domestic sales. This electric-driven refrigeration unit, designed for small and mid-size trucks, features a plug-in hybrid system.

December 21, 2022

Thermo King®, the transport refrigeration brand of Trane Technologies, introduced the TH-350, an ultra-thin electric refrigeration unit, boasting superior cold chain logistics performance with innovative design, reliability, and user-friendly features.

Rising demand for perishables

Increasing consumer desire for fresh and frozen food drives demand for reliable temperature-controlled transport, fuelling growth in the cold chain logistics sector.

Electrification on the rise

Electric transport refrigeration units are challenging traditional diesel-powered ones, offering greater environmental sustainability and operational cost-effectiveness.

Regulatory compliance

Regulatory pressures drive refrigeration unit innovation. Manufacturers prioritise designs meeting standards for safety, emissions, and noise while ensuring performance reliability.

Customization and modular designs

Customers demand customisable refrigeration units. Modular designs enjoy popularity for simpler installation, maintenance, and upgrades, aligning with evolving needs.

Truck Refrigeration Unit Market Trends

As the demand for perishable goods and pharmaceuticals rises, efficient cold-chain logistics become crucial. Truck refrigeration units are adapting to provide superior temperature control, enhanced insulation, and optimized airflow, ensuring cargo integrity during transit.

Moreover, truck refrigeration units are integrating telematics and IoT technologies for real-time monitoring of temperature, location, and performance. This enables fleet managers to optimize routes, uphold cold chain integrity, and enhance overall efficiency.

Truck Refrigeration Unit Industry Segmentation

“Global Truck Refrigeration Unit Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Roof Mount System
• Split System

Market Breakup by Application

• Frozen
• Chilled

Market Breakup by Industry Vertical

• Frozen Food
• Pharma Drugs and Chemical
• Ambulance and Passenger Transport

Market Breakup by Bus Length

• Less than 8 Metres
• 8 to 12 Metres
• More than 12 Metres

Market Breakup by Vehicle Type

• Light Commercial Vehicle (LCV)
• Medium and Heavy Commercial Vehicle (MHCV)
• Trailer (Container)
• 20 Feet Trailer
• 40 Feet Trailer
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Truck Refrigeration Unit Market Share

Frozen applications support the demand for truck refrigeration units, as they help maintain lower temperatures, making it easier to transport a variety of goods such as frozen foods, ice cream, and specialized pharmaceuticals

Frozen transportation stops microbial growth, preserving product quality and extending shelf life. It broadens market reach, offers diverse product options, provides seasonal flexibility, reduces food waste, enhances operational efficiency, and ensures regulatory compliance.

Chilled transportation maintains freshness, extends shelf life, preserves quality, and broadens market reach. It supports product diversity, enhances consumer satisfaction, reduces food waste, and ensures regulatory compliance in perishable goods supply chains.

Pharma drugs and chemical products are significant contributors to the truck refrigeration unit market revenue

Refrigerated transportation upholds drug efficacy and integrity, ensuring regulatory adherence, extending shelf life, improving supply chain efficiency, mitigating risks, ensuring product safety, and broadening market access for pharmaceuticals and chemicals.

Frozen transportation extends product shelf life, maintains quality, broadens market reach, offers product diversity, enables seasonal flexibility, minimizes waste, enhances efficiency, and ensures regulatory compliance in the food industry.

Leading Manufacturers in the Truck Refrigeration Unit Market

The report gives a detailed analysis of the following key players in the global truck refrigeration unit market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

Daikin Industries, Ltd.

Founded in 1924 and headquartered in Osaka, Japan, Daikin Industries, Ltd. is a renowned global leader in air conditioning, heating, ventilation, and refrigeration systems, recognized for its innovative technology and sustainable solutions worldwide.

DENSO Corporation

Established in 1949 and based in Kariya, Japan, DENSO Corporation is a prominent supplier of automotive technology and components, specializing in advanced systems for vehicles to enhance safety, efficiency, and environmental sustainability.

Thermo King Corporation

Founded in 1938 and headquartered in the USA, it is a pioneer in transport temperature control. It manufactures innovative systems for trucks, trailers, and railcars, ensuring the integrity of temperature-sensitive cargo worldwide.

VBG Group AB

Established in 1951 and located in Sweden, it is a global provider of products and services for the truck and trailer industry. It offers advanced coupling systems and solutions to optimize safety and efficiency.

Other players operating in the truck refrigeration unit market are Carrier Global Corporation, and Mitsubishi Heavy Industries Thermal Systems, Ltd., among others.

Truck Refrigeration Unit Market Analysis by Region

Asia Pacific dominates the market with the heightened demand for transporting perishable goods like food, pharmaceuticals, and healthcare products.

The Asia Pacific region significantly contributes to market growth due to high consumption rates of frozen and chilled products, driven by factors like changing lifestyles, e-commerce expansion, increased spending power, and convenience needs.

Domino's annual report indicated that as of January 1, 2023, there were 1,758 Domino's stores in India, driving demand for truck refrigeration units due to the necessity of transporting frozen and chilled food materials.

Additionally, rising investments in India and China's food service sectors to upgrade cold storage facilities and in smart city development across countries like China and India further spur demand for truck refrigeration units for transporting food, chemicals, and pharmaceuticals, fuelling market expansion.