Truck Refrigeration Unit Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025 - 2034
The Global Truck Refrigeration Unit Market, valued at USD 13.1 billion in 2024, is projected to expand at a CAGR of 4.6% between 2025 and 2034. The growth is driven by the rising demand for efficient transportation solutions that ensure product quality and security. The increasing need for temperature-controlled logistics is a key factor fueling this expansion, particularly in industries such as food and beverages, pharmaceuticals, and chemicals.
As cross-border trade continues to flourish and e-commerce platforms expand their reach, companies are investing heavily in innovative refrigeration technologies. These advancements help maintain the integrity of perishable goods while improving supply chain efficiency. Regulatory compliance is another major driver, with governments worldwide implementing strict temperature control guidelines for sensitive products. Companies are integrating cutting-edge solutions to meet these standards and optimize performance. Sustainability is also reshaping the market as businesses seek eco-friendly alternatives to reduce emissions and enhance energy efficiency. Electric and hybrid refrigeration units are gaining traction, with manufacturers focusing on long-term sustainability and operational cost reductions.
The market is segmented by propulsion type into internal combustion engine (ICE), electric, and hybrid refrigeration units. ICE-powered systems remain dominant, accounting for 45% of the market in 2024, largely due to their established infrastructure, widespread availability, and suitability for long-haul transportation. These units offer reliable cooling capabilities, making them the preferred choice for large-scale logistics operations. However, the industry is gradually shifting toward electric-powered refrigeration solutions. Advancements in battery technology are improving energy efficiency, making electric units an increasingly viable alternative. By 2034, the electric segment is projected to generate USD 6 billion, reflecting a strong push toward sustainable refrigeration options.
End-use applications for truck refrigeration units span various industries, with the food and beverage sector leading the market. In 2024, this segment accounted for 51% of the total market share, driven by the rising demand for fresh produce, dairy, frozen foods, and meat. Strict regulations mandating proper temperature control for perishable goods are pushing logistics providers to adopt advanced cooling technologies. The pharmaceutical industry is another major growth driver, expected to expand at a CAGR of 6% between 2025 and 2034. Vaccines, biologics, and temperature-sensitive medications require precise refrigeration solutions, leading to increased investment in specialized cold chain logistics.
The US truck refrigeration unit market generated USD 3.9 billion in 2024 and is projected to reach USD 5 billion by 2034. A well-established transportation and logistics network supports market expansion alongside strong demand from the food and pharmaceutical sectors. As sustainability concerns grow, companies in the US are actively integrating advanced refrigeration systems, including electric and hybrid models, to enhance efficiency and minimize environmental impact. With continuous technological advancements and regulatory pressure for greener alternatives, the market is poised for significant transformation in the coming years.
As cross-border trade continues to flourish and e-commerce platforms expand their reach, companies are investing heavily in innovative refrigeration technologies. These advancements help maintain the integrity of perishable goods while improving supply chain efficiency. Regulatory compliance is another major driver, with governments worldwide implementing strict temperature control guidelines for sensitive products. Companies are integrating cutting-edge solutions to meet these standards and optimize performance. Sustainability is also reshaping the market as businesses seek eco-friendly alternatives to reduce emissions and enhance energy efficiency. Electric and hybrid refrigeration units are gaining traction, with manufacturers focusing on long-term sustainability and operational cost reductions.
The market is segmented by propulsion type into internal combustion engine (ICE), electric, and hybrid refrigeration units. ICE-powered systems remain dominant, accounting for 45% of the market in 2024, largely due to their established infrastructure, widespread availability, and suitability for long-haul transportation. These units offer reliable cooling capabilities, making them the preferred choice for large-scale logistics operations. However, the industry is gradually shifting toward electric-powered refrigeration solutions. Advancements in battery technology are improving energy efficiency, making electric units an increasingly viable alternative. By 2034, the electric segment is projected to generate USD 6 billion, reflecting a strong push toward sustainable refrigeration options.
End-use applications for truck refrigeration units span various industries, with the food and beverage sector leading the market. In 2024, this segment accounted for 51% of the total market share, driven by the rising demand for fresh produce, dairy, frozen foods, and meat. Strict regulations mandating proper temperature control for perishable goods are pushing logistics providers to adopt advanced cooling technologies. The pharmaceutical industry is another major growth driver, expected to expand at a CAGR of 6% between 2025 and 2034. Vaccines, biologics, and temperature-sensitive medications require precise refrigeration solutions, leading to increased investment in specialized cold chain logistics.
The US truck refrigeration unit market generated USD 3.9 billion in 2024 and is projected to reach USD 5 billion by 2034. A well-established transportation and logistics network supports market expansion alongside strong demand from the food and pharmaceutical sectors. As sustainability concerns grow, companies in the US are actively integrating advanced refrigeration systems, including electric and hybrid models, to enhance efficiency and minimize environmental impact. With continuous technological advancements and regulatory pressure for greener alternatives, the market is poised for significant transformation in the coming years.
CHAPTER 1 METHODOLOGY & SCOPE
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry 360° synopsis, 2021 - 2034
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem analysis
3.1.1 Component Manufacturers
3.1.2 OEM
3.1.3 Distributors
3.1.4 End use
3.2 Supplier landscape
3.3 Pricing analysis
3.4 Profit margin analysis
3.5 Patent landscape
3.6 Cost breakdown
3.7 Technology & innovation landscape
3.8 Key news & initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Increasing demand for fresh and frozen food products
3.10.1.2 Growth in the pharmaceutical and biotechnology sectors
3.10.1.3 Expansion of e-commerce and last-mile delivery services
3.10.1.4 Technological advancements in electric and hybrid refrigeration units
3.10.2 Industry pitfalls & challenges
3.10.2.1 High initial costs and maintenance expenses for refrigeration units
3.10.2.2 Stringent environmental regulations
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
CHAPTER 4 COMPETITIVE LANDSCAPE, 2024
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
CHAPTER 5 MARKET ESTIMATES & FORECAST, BY PROPULSION, 2021 - 2034 ($BN, UNITS)
5.1 Key trends
5.2 ICE engine
5.3 Electric
5.4 Hybrid
CHAPTER 6 MARKET ESTIMATES & FORECAST, BY TEMPERATURE, 2021 - 2034 ($BN, UNITS)
6.1 Key trends
6.2 Frozen
6.3 Chilled
CHAPTER 7 MARKET ESTIMATES & FORECAST, BY TRAILER SIZE, 2021 - 2034 ($BN, UNITS)
7.1 Key trends
7.2 Below 20ft
7.3 20-40ft
7.4 Above 40ft
CHAPTER 8 MARKET ESTIMATES & FORECAST, BY VEHICLE, 2021 - 2034 ($BN, UNITS)
8.1 Key trends
8.2 Light Commercial Vehicles (LCV)
8.3 Medium Commercial Vehicles (MCV)
8.4 Heavy Commercial Vehicles (HCV)
CHAPTER 9 MARKET ESTIMATES & FORECAST, BY END USE, 2021 - 2034 ($BN, UNITS)
9.1 Key trends
9.2 Food & beverage
9.3 Pharmaceuticals
9.4 Chemicals
9.5 Others
CHAPTER 10 MARKET ESTIMATES & FORECAST, BY REGION, 2021 - 2034 ($BN, UNITS)
10.1 Key trends
10.2 North America
10.2.1 U.S.
10.2.2 Canada
10.3 Europe
10.3.1 UK
10.3.2 Germany
10.3.3 France
10.3.4 Spain
10.3.5 Italy
10.3.6 Russia
10.3.7 Nordics
10.4 Asia Pacific
10.4.1 China
10.4.2 India
10.4.3 Japan
10.4.4 South Korea
10.4.5 ANZ
10.4.6 Southeast Asia
10.5 Latin America
10.5.1 Brazil
10.5.2 Mexico
10.5.3 Argentina
10.6 MEA
10.6.1 UAE
10.6.2 South Africa
10.6.3 Saudi Arabia
CHAPTER 11 COMPANY PROFILES
11.1 Carrier Transicold
11.2 Daikin
11.3 Daimler
11.4 Denso
11.5 Frigoblock
11.6 GAH Refrigeration
11.7 Guangzhou Lianxing
11.8 Kingtec Refrigeration
11.9 Klinge Corporation
11.10 Lamberet
11.11 Mitsubishi Heavy Industries
11.12 Tewis Refrigeration
11.13 Thermo King
11.14 Thermoking India
11.15 Trane Technologies
11.16 Transport Refrigeration
11.17 Utility Trailer Manufacturing
11.18 Volvo Group
11.19 Webasto Group
11.20 Zanotti
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry 360° synopsis, 2021 - 2034
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem analysis
3.1.1 Component Manufacturers
3.1.2 OEM
3.1.3 Distributors
3.1.4 End use
3.2 Supplier landscape
3.3 Pricing analysis
3.4 Profit margin analysis
3.5 Patent landscape
3.6 Cost breakdown
3.7 Technology & innovation landscape
3.8 Key news & initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Increasing demand for fresh and frozen food products
3.10.1.2 Growth in the pharmaceutical and biotechnology sectors
3.10.1.3 Expansion of e-commerce and last-mile delivery services
3.10.1.4 Technological advancements in electric and hybrid refrigeration units
3.10.2 Industry pitfalls & challenges
3.10.2.1 High initial costs and maintenance expenses for refrigeration units
3.10.2.2 Stringent environmental regulations
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
CHAPTER 4 COMPETITIVE LANDSCAPE, 2024
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
CHAPTER 5 MARKET ESTIMATES & FORECAST, BY PROPULSION, 2021 - 2034 ($BN, UNITS)
5.1 Key trends
5.2 ICE engine
5.3 Electric
5.4 Hybrid
CHAPTER 6 MARKET ESTIMATES & FORECAST, BY TEMPERATURE, 2021 - 2034 ($BN, UNITS)
6.1 Key trends
6.2 Frozen
6.3 Chilled
CHAPTER 7 MARKET ESTIMATES & FORECAST, BY TRAILER SIZE, 2021 - 2034 ($BN, UNITS)
7.1 Key trends
7.2 Below 20ft
7.3 20-40ft
7.4 Above 40ft
CHAPTER 8 MARKET ESTIMATES & FORECAST, BY VEHICLE, 2021 - 2034 ($BN, UNITS)
8.1 Key trends
8.2 Light Commercial Vehicles (LCV)
8.3 Medium Commercial Vehicles (MCV)
8.4 Heavy Commercial Vehicles (HCV)
CHAPTER 9 MARKET ESTIMATES & FORECAST, BY END USE, 2021 - 2034 ($BN, UNITS)
9.1 Key trends
9.2 Food & beverage
9.3 Pharmaceuticals
9.4 Chemicals
9.5 Others
CHAPTER 10 MARKET ESTIMATES & FORECAST, BY REGION, 2021 - 2034 ($BN, UNITS)
10.1 Key trends
10.2 North America
10.2.1 U.S.
10.2.2 Canada
10.3 Europe
10.3.1 UK
10.3.2 Germany
10.3.3 France
10.3.4 Spain
10.3.5 Italy
10.3.6 Russia
10.3.7 Nordics
10.4 Asia Pacific
10.4.1 China
10.4.2 India
10.4.3 Japan
10.4.4 South Korea
10.4.5 ANZ
10.4.6 Southeast Asia
10.5 Latin America
10.5.1 Brazil
10.5.2 Mexico
10.5.3 Argentina
10.6 MEA
10.6.1 UAE
10.6.2 South Africa
10.6.3 Saudi Arabia
CHAPTER 11 COMPANY PROFILES
11.1 Carrier Transicold
11.2 Daikin
11.3 Daimler
11.4 Denso
11.5 Frigoblock
11.6 GAH Refrigeration
11.7 Guangzhou Lianxing
11.8 Kingtec Refrigeration
11.9 Klinge Corporation
11.10 Lamberet
11.11 Mitsubishi Heavy Industries
11.12 Tewis Refrigeration
11.13 Thermo King
11.14 Thermoking India
11.15 Trane Technologies
11.16 Transport Refrigeration
11.17 Utility Trailer Manufacturing
11.18 Volvo Group
11.19 Webasto Group
11.20 Zanotti
