According to this report the market was valued at US$ 9,100.1 million in 2019 and is projected to reach US$ 13336.1 million by 2027; it is expected to grow at a CAGR of 5.0% from 2020 to 2027.The report highlights the key factors driving the market growth, and prominent players and their developments in the market.
The safety of food products is a major concern worldwide, mainly due to the increase in demand for fresh food items. Shipping frozen and perishable food items such as meat, seafood, vegetables, and fruits is a major task in the food & beverages industry, which is increasing the requirement of advanced refrigeration systems for transportation. The rising demand for cold chain products is driving the adoption of refrigerated trucks.
Additionally, the rise in demand for online delivery of chilled and frozen products is generating the growth opportunities for the truck refrigeration market players. Mounting importance of organic food in countries such as Germany, the US, and the UK owing to the strict restrictions on the intake of synthetic ingredients such as artificial colors in the foodstuff is anticipated to encourage the scope of the refrigerated trucks in the coming years. Moreover, the global population is estimated to ramp up to 9.2 billion by 2050, and such rise in the population would trigger the requirement of essential food transport facilities in the future. Growth in the adoption of truck refrigeration systems in the food & beverages industry is a prime factor fueling the growth of truck refrigeration unit providers. The market for this industry is expected to reach US$5,563.1million by 2022.
According to the World Health Organization (WHO) report, India, the US, Brazil, Colombia, Argentina, Peru, Spain are among the worst-affected countries due to the COVID-19 outbreak. The tremendous growth in the spread of the virus has urged governments across the world to impose strict restrictions on transportation. The lockdown imposition has resulted in lesser production of goods and commodities. The truck refrigeration market players are also experienced a slowdown in production due to limited workforce availability at production plants. On the contrary, the operational activities of essential goods such as food & beverage, pharmaceuticals, and chemicals for biological or pharmaceutical laboratories, has created a demand for reefer trucks. This has led to rise in demand for truck refrigeration products, especially in countries such as China, Japan, India, the US, and Canada. These countries are among the hardest-hit countries, with extended lockdown periods.
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Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
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Key Topics Covered:
2. Key Takeaways
4. Truck Refrigeration Market Landscape 4.1 Market Overview 4.2 PEST Analysis 4.2.1 North America 4.2.2 Europe 4.2.3 Asia Pacific 4.2.4 Middle East & Africa 4.2.5 South America 4.3 Ecosystem Analysis
5. Truck Refrigeration Market - Key Market Dynamics 5.1 Market Drivers 5.1.1 Growing Demand for Frozen and Perishable Food Items 5.1.2 Rise in the Supply of Pharma Products 5.2 Market Restraints 5.2.1 Rising Number of Technical Faults 5.3 Market Opportunities 5.3.1 Continuously Improving Logistics Sector 5.4 Future Trends 5.4.1 Electrifying Refrigeration Units 5.5 Impact Analysis of Drivers and Restraints
6. Truck Refrigeration - Global Market Analysis 6.1 Truck Refrigeration Market Global Overview 6.2 Truck Refrigeration Market - Revenue and Forecast to 2027 (US$ Million) 6.3 Market Positioning - Global Market Players Ranking
7. Truck Refrigeration Market Analysis - By Type 7.1 Overview 7.2 Truck Refrigeration Market, By Type (2019 and 2027) 7.3 Split Systems 7.3.1 Overview 7.3.2 Split Systems: Truck Refrigeration Market - Revenue and Forecast to 2027 (US$ Million) 7.4 Roof Mounted Systems 7.4.1 Overview 7.4.2 Roof Mounted Systems: Truck Refrigeration Market - Revenue and Forecast to 2027 (US$ Million)
8. Truck Refrigeration Market Analysis- By Application 8.1 Overview 8.2 Truck Refrigeration Market, by Application (2019 and 2027) 8.3 Frozen 8.3.1 Overview 8.3.2 Frozen: Truck Refrigeration Market - Revenue and Forecast to 2027 (US$ Million) 8.4 Chilled 8.4.1 Overview 8.4.2 Chilled: Truck Refrigeration Market - Revenue and Forecast to 2027 (US$ Million)
9. Truck Refrigeration Market Analysis - By Industry Vertical 9.1 Overview 9.2 Truck Refrigeration Market, By Industry Vertical (2019 and 2027) 9.3 Food & Beverage 9.3.1 Overview 9.3.2 Food & Beverage: Truck Refrigeration Market - Revenue and Forecast to 2027 (US$ Million) 9.4 Pharmaceutical & Chemical 9.4.1 Overview 9.4.2 Pharmaceutical & Chemical: Truck Refrigeration Market - Revenue and Forecast to 2027 (US$ Million) 9.5 Ambulance 9.5.1 Overview 9.5.2 Ambulance: Truck Refrigeration Market - Revenue and Forecast to 2027 (US$ Million)
10. Truck Refrigeration Market Analysis - By Vehicle Type 10.1 Overview 10.2 Truck Refrigeration Market, By Vehicle Type (2019 and 2027) 10.3 Trailers 10.3.1 Overview 10.3.2 Trailers: Truck Refrigeration Market - Revenue and Forecast to 2027 (US$ Million) 10.4 Medium & Heavy Commercial Vehicle 10.4.1 Overview 10.4.2 Medium & Heavy Commercial Vehicle: Truck Refrigeration Market - Revenue and Forecast to 2027 (US$ Million)
12. Impact of COVID-19 Outbreak 12.1 Impact of COVID-19 Pandemic on Global Truck Refrigeration Market 12.1.1 North America: Impact Assessment of COVID-19 Pandemic 12.1.2 Europe: Impact Assessment of COVID-19 Pandemic 12.1.3 Asia-Pacific: Impact Assessment of COVID-19 Pandemic 12.1.4 Middle East and Africa: Impact Assessment of COVID-19 Pandemic 12.1.5 South America: Impact Assessment of COVID-19 Pandemic
13. Industry Landscape 13.1 Market Initiative 13.2 New Development
14. Company Profiles 14.1 Mitsubishi Heavy Industries, LTD 14.2 Carrier Global Corporation 14.3 Webasto Thermo & Comfort 14.4 Denso Corporation 14.5 DAIKIN INDUSTRIES, Ltd 14.6 Thermo King (Trane Technologies) 14.7 Songz Automobile Air Conditioning Co., Ltd 14.8 Subros Limited 14.9 Schmitz Cargobull AG 14.10 Klinge Corporation
15. Appendix 15.1 About the Publisher 15.2 Word Index