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.
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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.
Rise in the Supply of Pharma Products
There is a significant demand for refrigerated trucks in pharmaceutical industry for supplying pharma products to their destination. These trucks undergo through routine inspections to ensure that these are in suitable condition to keep drugs and other pharma products at suitable temperature. The demand for better health and safety has fueled the requirement for seasonal vaccination. Refrigerated trucks play a vital role in the transportation of these vaccines. European regulatory authorities have introduced new rules concerning pharma distribution and recommending refrigerated transport vehicles for up to 80% of medicines and other products. The growing concerns over transporting pharmaceuticals in temperature controlled vehicles and the increase in demand for medicines and other pharmaceutical products is generating substantial demand for reefer trucks, which is thereby catalysing the demand for reefer units. This factor is boosting the truck refrigeration market.
The truck refrigeration market, by type, has been segmented into roof mount system and split system. The split segment led the market with a larger share in 2019, and it is expected to continue its dominance during the forecast period. The split systems are easy to install and overhaul, which has increased the demand for the same among the fleet owners and truck manufacturers. This factor has led majority of the suppliers to offer split system.
Industry Vertical-Based Insights
Based on industry vertical, the truck refrigeration market is segmented into food & beverages, pharmaceuticals and chemicals, and ambulance. The food & beveragessegment led the market in 2019 with the largest share and is expected to continue its dominance during the forecast period. Also, the market for the food & beveragessegment is expected to grow at the highest CAGR during 2020–2027. The demand for perishable and raw food as well as packaged foods among the global population continue to surge year-on-year. This factor is likely to support the growth of the market for the food & beverages segment during the forecast period.
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The Truck Refrigeration Market research study is designed keeping in focus all the major countries. Although, all these countries & their market trends were accounted for while composing it, detailed sections are available for only the spearheads. In case if you would be interested in specific countries which are not covered in the current scope, kindly share the list & we can customize the study based on the geographical scope defined by you.
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