Truck Refrigeration Unit Market

Market Leaders - Truck Refrigeration Unit Market

The truck refrigeration unit market is projected to grow from USD 10.5 billion in 2018 to USD 15.0 billion by 2025, at a CAGR of 5.21%. The major driving factors for the truck refrigeration unit market are increasing demand for frozen & chilled commodities, which are mainly propelled by the growing urbanization, disposable income, and changing consumer preferences globally.

The truck refrigeration unit market is dominated by the global players and comprises several regional players. Some of the key players in the truck refrigeration unit are Daikin (Japan), Carrier (US), Thermo King (US), Denso (Japan), Webasto (Germany), Mobile Climate Control (Sweden), Subros (India), Sanden (Japan), Klinge (US), and Utility Trailer (US).

New product developments and expansions are the two most prevailing strategies to expand business in this market. For example, in December 2018, Utility Trailer launched a Utility Aerodynamic Tail (UAT), which is designed to reduce fuel use and aerodynamic drag when paired with low rolling resistant tires and configured on a Utility dry van or reefer. It weighs 25 pounds and is compatible with dry vans and refrigerated trailers with rear swing doors. It is constructed of a UV-protected thermoplastic composite and comprises 2 full height side fairings and one full width roof fairing. Additionally, in September 2018, Mobile Climate Control, a division of VBG Group, opened a production facility in Bengaluru, India. The initial operations will be focused on assembling the complete AC systems for buses, but depending on demand, the component manufacturing and product development may also be undertaken at the new facility. On the day of its inauguration, the division received orders with a total value of approximately USD 0.56 million.

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Carrier adopted the strategies of new product developments, supply contracts, joint ventures, and collaborations to retain its leading position in the truck refrigeration unit market. For instance, in May 2018, Carrier Transicold launched Citimax280 and 400 series transport refrigeration units in SIAL China 2018. These refrigeration solutions are specifically designed for fresh or frozen goods in small-to-medium-sized delivery vehicles. In March 2018, PrimeLINE ONE, a refrigerated shipping container developed through a joint initiative of Carrier Transicold (China) and Singamas Container, a leading manufacturer of shipping containers. This product was launched at the Intermodal Asia 2018 in Shanghai (China). In addition, the container provides the benefits of the industry’s best-selling container refrigeration system.   In June 2017, Carrier Transicold, a subsidiary of Carrier Corporation signed a contract to supply model- 1550 Vector refrigerator units to ACS&T Logistics (UK) and also to equip in its 13 new trailer fleets.

Further, Thermo King adopted new product developments and acquisition to sustain its market position. In June 2018, Thermo King expanded its ThermoLite solar panels portfolio with a more powerful, 110 W model designed to provide a sustainable power management solution for reefer units while reducing their fuel consumption and CO2 emissions. In April 2018, Thermo King expanded its portfolio with new B-series models of zero-emission, all-electric refrigeration units for small trucks and vans, particularly designed for inner-city distribution and last-mile deliveries in restricted urban areas. In March 2015, Ingersoll-Rand acquired FRIGOBLOCK to strengthen its transportation business.

Related Reports:

Truck Refrigeration Unit Market by Type (Roof Mount, Split), Industry (Frozen Food, Pharma & Chemical, Ambulance & Passenger Transport), Bus Length (<8, 8-12,>12m), Trailer Size (20 & 40ft), Application, Vehicle Type and Region - Global Forecast to 2025

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Report Code
AT 6876
RI Published ON
1/28/2019
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