Truck Refrigeration Units: Market Outlook
Truck refrigeration units are transportation units designed to carry temperature sensitive products. Truck refrigeration units’ main function is to stop outside heat from entering refrigeration system and to maintain temperature inside the truck cold enough to preserve the quality of the product that is being carried. Food & beverages, pharmaceuticals and chemicals needs to be maintained at extreme cold temperatures, ranging from 5 degrees centigrade to -25 degrees centigrade, during transportation to preserve the quality of the product and increase shelf life. Growing urban population needs for processed food, growth in pharmaceutical industry and the subsequent increase in need for transportation of products between different cities has significantly increased the demand for truck refrigeration units and is expected to drive the demand in the coming years as well.
Truck Refrigeration Units: Market Dynamics
One of the main factors contributing towards the growth of truck refrigeration units market is the increased demand and consumption, for processed food products. Processed and frozen foods need to stored and transported at extreme cold temperatures to preserve the quality of food and increase the lifespan (shelf life) of the product, which necessitates the need for truck refrigeration units. Rapid growth of fast food chains and restaurant outlets is also expected to play an important role in the growth of truck refrigeration units market. With improved logistics related to storage and transportation of processed and frozen foods ranging from nearby to remote based shipments, the overall market of truck refrigeration units is considered to benefit immensely form this criteria. Pharmaceutical industry has also been witnessing rapid growth, in terms of production and exports, due to growing proportion of old age population and is expected to create significant demand for truck refrigeration units in the coming years.
Cost of owning and maintaining truck refrigeration units is comparatively high, which is driving end use consumers to rent truck refrigeration units fleet rather than owning one. This is expected to hamper the growth of truck refrigeration units among some end use consumers. But given the advantages and the necessity of using truck refrigeration units, the market is expected to flourish in the latter half of the decade.
Truck Refrigeration Units: Market Segmentation
The overall truck refrigeration units market can been segmented on the basis of type as:
The overall truck refrigeration units market can been segmented on the basis of truck length as:
The overall truck refrigeration units market can been segmented on the basis of vehicle type as:
The overall truck refrigeration units market can been segmented on the basis of application as:
Truck Refrigeration Units Market: Regional Outlook
Asia region is expected to create high demand for truck refrigeration units in the coming years owing to growing pharmaceuticals, chemicals and processed food industries in countries like India and China. These two countries are also witnessing significant increase in retail food chain outlets, which is expected to drive the truck refrigeration units market in the region. North America and Europe are expected to create moderate demand in the truck refrigeration units market, given the maturity stage of the market in these regions. Middle East & Africa are expected to create ample opportunities in the truck refrigeration units market given the rise of chemicals and processed foods industries in the region.
Truck Refrigeration Units Market: Market Participants
Some of the key market participants identified in the Truck refrigeration units market across the globe are:
Brief Approach to Research
The research report presents a comprehensive assessment of the Truck refrigeration units market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Truck refrigeration units market segments such as geographies, application and industry.
The report covers exhaustive analysis on:
Regional analysis includes:
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with Truck refrigeration units market attractiveness as per segments. The report also maps the qualitative impact of various market factors on Truck refrigeration units market segments and geographies.