According to a recent Fact.MR study, ~97,969 truck refrigeration units were sold in the 2018, and sales are highly likely to expand 1.5X during 2019 to 2029. The use of truck refrigeration units for the transportation of fruits and vegetables is envisaged to account for a substantial market share in 2019, and will be accountable for ~40% of the overall sales through 2029.

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The Fact.MR study opines that the demand for highly perishable foods has been expanding at an unprecedented pace, which in turn continues to hard press the food and beverage companies to strengthen their product cold supply logistics/chain. This has led to an increased demand for proper transportation refrigeration infrastructure, while creating a window of opportunities for the market players.

In light of the dire need for the proper and safe transportation of highly temperature-sensitive products, such as fruits and vegetables, meat and sea food, and dairy products among others, chillers have been witnessing a significant demand over freezers. Growing agriculture sector, specifically in countries like India is further underpinning the adoption of chillers, which the Fact.MR study estimates that is likely to exhibit the incremental opportunity of ~510 Mn between 2019 and 2029. The demand for chillers has been primarily driven by the rapidly growing global meat production, which is anticipated to be 16% higher in next five years. As per the study, higher meat and sea food production will create an increased demand for refrigeration transportation, which in turn is projected to create innumerable opportunities for the market players in the forthcoming years.

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The study indicates that the light duty vehicles will continue to remain the bedrock of sales for truck refrigeration units, owing to the increasing demand for smaller size vehicles for in-city product transportation. As per the Fact.MR analysis, light-duty vehicles accounted for ~46% market volume share in 2018, and their sales are highly likely to reach 46,862 units in 2019. As per the study, this steady growth in the adoption of light weight duty vehicle falls in line with the rising population, coupled with smaller lane size, specifically in developing regions. Though the demand for light weight duty vehicles continues to pick pace, the medium size trucks are also estimated to grow at volume CAGR of 4.4% during the foreseeable period.

As the world continues to focus on reducing carbon-emission, the automakers are increasingly developing electric vehicles to cut emissions significantly. In view of this shift in development and preference, a large number of manufacturers of truck refrigeration units’ are focusing on electric variants. Moreover, as per the Fact.MR analysis the adoption of vehicle powered truck refrigeration units continues to grow at a steady pace, whereas high cost diesel powered variants are increasingly losing their attractiveness. The adoption of vehicle powered truck refrigeration units reached ~61,129 units in 2018, and is likely to account for ~60% market share in 2019.

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