Report : Truck Refrigeration Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Split Systems and Roof Mounted Systems); Application (Frozen and Chilled); Industry Vertical (Food & Beverage, Pharmaceutical & Chemical, and Others); Vehicle Type (Trailers and Medium & Heavy Commercial Vehicles
Demand of chilled and frozen food products propelling adoption of truck refrigeration in food & beverages industry
According to our latest market study on “Truck Refrigeration Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type (Split Systems and Roof Mounted Systems); Application (Frozen and Chilled); Industry Vertical (Food & Beverage, Pharmaceutical & Chemical, and Others); and Vehicle Type (Trailers and Medium & Heavy Commercial Vehicles); Geography” the market was valued at US$ 9,100.1 millionin 2019 and is projected to reach US$ 13336.1 millionby 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 developmentsin 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 unitproviders. The market for this industry is expected to reach US$5,563.1million by 2022.
Carrier Global Corporation; Daikin; Denso; Klinge Corporation; Mitsubishi Heavy Industries, Ltd.; SCHMITZ CARGOBULL; Subros Limited; Songz Automobile Air Conditioning Co., Ltd.; Thermo King; and Webasto Thermo & Comfortare among the leading players in the truck refrigeration market.
COVID-19 Impact on Truck Refrigeration Market
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 ademand 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.
The report segments the global truck refrigeration market as follows: