Worldwide Truck Refrigeration Industry (2020 to 2027) - Continuously Improving Logistics Sector Presents Opportunities - ResearchAndMarkets.com

The "Truck Refrigeration Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type; Application; Industry Vertical; Vehicle Type (Trailers and Medium & Heavy Commercial Vehicles" report has been added to ResearchAndMarkets.com's offering.

According to this report the market was valued at US$ 9,100.1 million in 2019 and is projected to reach US$ 13336.1 million by 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 developments in 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 unit providers. The market for this industry is expected to reach US$5,563.1million by 2022.

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 a demand 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.

Reasons to Buy:

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global truck refrigeration market
• Highlights key business priorities in order to assist companies to realign their business strategies
• The key findings and recommendations highlight crucial progressive industry trends in the global truck refrigeration market, thereby allowing players across the value chain to develop effective long-term strategies
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

• Growing Demand for Frozen and Perishable Food Items
• Rise in the Supply of Pharma Products

Restraints

• Rising Number of Technical Faults

Opportunities

• Continuously Improving Logistics Sector

Future Trends

• Electrifying Refrigeration Units

Company Profiles

• Mitsubishi Heavy Industries, LTD
• Carrier Global Corporation
• Webasto Thermo & Comfort
• Denso Corporation
• DAIKIN INDUSTRIES, Ltd
• Thermo King (Trane Technologies)
• Songz Automobile Air Conditioning Co., Ltd
• Subros Limited
• Schmitz Cargobull AG
• Klinge Corporation

For more information about this report visit https://www.researchandmarkets.com/r/xifrf

View source version on businesswire.com: https://www.businesswire.com/news/home/20200916005539/en/