The Truck refrigeration unit market is projected to grow from USD 6.83 billion in 2024 to USD 8.83 billion by 2030, at a CAGR of 4.4%. The growth of this market can be attributed to the rising demand for e-commerce (online grocery & food items), cold chain solutions in the chemical and pharmaceutical industry, and overall growth in the food & beverages industry.
The major players in the truck refrigeration unit market are Carrier Transicold (US), Thermo King (US), Daikin Industries, Ltd. (Japan), Webasto Group (Germany), and Denso Corporation (Japan). Key players in the truck refrigeration market have adopted strategies like new product developments, product launches, collaborations, partnerships, and expansions to hold their presence in the truck refrigeration unit market.
Carrier Transicold (US) has developed truck refrigeration units for light commercial vehicles, trucks, and trailers. The company has developed and launched single and multi-temperature, diesel, hybrid, and electric-propelled refrigeration units for all commercial vehicle classes. The company adopted growth strategies like new product development/launch and expansions to hold the leading position in the market. The company has around 20 refrigeration units specifically designed for diverse applications. The company recently launched its Vector and Supra trailer and truck refrigeration unit series. The company has over 180 dealer locations across North America, making services available in every state. All the refrigeration units manufactured by the company comply with EPA Tier 4 emissions regulations and are certified by the California Air Resources Board (CARB), making these units environmentally sustainable. As one of the Top Companies in Truck Refrigeration Unit Industry, Carrier Transicold continues to lead with its broad product portfolio and commitment to innovation in sustainable refrigeration solutions.
Thermo King (US) is known for its technology and innovative solutions in refrigerated transportation. Thermo King has developed and launched single, multi-temperature, diesel, hybrid, and electric-propelled refrigeration units for trucks and trailers. The company has adopted growth strategies like new product development/launch and collaborations in the past few years. In May 2024, Thermo King and Range Energy, Inc. (US) collaborated to push the commercialization of electric refrigerated trailers in North America. The company has a comprehensive product portfolio consisting of around 18 refrigeration units. The e1000 and e200 refrigeration units offered by the company have received awards for Top Product of the Year in 2023 and 2022, respectively.
Daikin Industries, Ltd. (Japan) offers multi-temperature units for vehicle sizes ranging from 3.5 to 8.5-meter trucks and 9 to 15-meter trailers. The company adopted expansion and new product development strategies to hold its market presence. The company expanded its network by setting up manufacturing units in Malaysia and India in the past two years. The company has developed around 18 to 20 refrigeration units. The company has a strong presence in Asia, contributing to more than 43% of the total revenue.
Webasto Group (Germany) offers refrigeration units for many vehicles, including light commercial vehicles, Vans, and small and medium-sized trucks. The company has a robust global presence and dealer network in Europe, the Americas, Asia, Africa, and Australia. The company has 4 to 5 refrigeration units designed for vehicles with cargo space volumes from 5-meter cubes to 22-meter cubes. Refrigeration units offered by the company are engine-powered and can run on battery if the vehicle engine is off.
Related Reports:
Truck Refrigeration Unit Market by Vehicle Type (Light, Medium & Heavy Commercial Vehicles and Trailers), Type, End Use Industry, Application, Trailer Size, Power Source, Mode of Operation, Unit Propulsion, and Region - Global Forecast to 2030
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