Truck Refrigeration Unit Market – Lucrativeness of Truck Refrigeration Units Market Set to Grow
While the international trade continues to expand at an unprecedented pace, perishable foods, drug & chemicals are increasingly being traded and transported worldwide. The cold chain logistics has grown considerably over the years to support the staggering global commerce. Rapid technological advancements in cold chain storage as well as transport continue to make cold chain logistics less expensive, and much more accessible. The cold chain logistics is also witnessing tech penetration with developments in sensors, software, monitoring equipment, and scanners. The use of cold chain logistics is not only limited to transport food, as pharmaceuticals has emerged as an influential player in this growing industry.
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The global cold chain logistics industry has grown steadily over the years, owing to the growing trade of perishable products and rising government support for the development of advanced cold chain infrastructure. In light of the increasing demand for cold chain logistics, refrigerated transportation industry is proliferating and rapidly impacting the globalization to food safety as well as the life sciences. Growing traction for refrigerated transportation has thereby created a considerable demand and adoption of truck refrigeration units in the recent years. Fact.MR analysis estimated that the sales of truck refrigeration units reached ~US$ 1,045 Mn in 2018.
While a massive amount of food that worth billions making it to bin due to poor supply chain network, the demand for efficient and highly durable truck refrigeration units is intensifying. Several companies are investing in proper cold supply chain infrastructure and widely adopting advanced truck refrigeration units to cater to the growing demand for quality-ensuring fresh and packaged food.
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The cold chain logistics industry is continuously changing, which in turn, has been bringing a turmoil of changes in the truck refrigeration units market. The supply chain for popular refrigerated and frozen foods is always rotating. In line of the shifting consumer habits, several companies are gravitating towards transport refrigeration to suffice the growing need for quality products, which in turn has been creating a stream of opportunities for manufacturers of truck refrigeration units.
With a growing number of truck manufacturers shifting to electric-powered vehicles and components, the refrigeration units’ providers have also placed their focus on developing electric powered based units. This also falls in line with the shifting consumer preference for high efficiency products and lower operational cost.
Electric refrigeration units are increasingly making inroads in the truck refrigeration units market owing to the stringent government regulations that are aimed at prohibiting the use of diesel based refrigeration units to reduce carbon emission. While the electrification enables the truck refrigeration units to run without requiring a diesel engine, and reduces carbon emission, this rapidly growing trend is increasingly shaping the growth strategies of the stakeholders. For that matter, several players in truck refrigeration units market have introduced truck refrigeration units to meet the growing demand for safe transportation of food, while remaining at compliance with the stringent emission related regulations. Additionally, demand for vehicle-powered refrigeration continues to overshadow that of diesel powered variants, owing to cost-effectiveness, and witnessed sales of ~61,129 units in 2018.
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