Truck Refrigeration Unit Market Size - By Propulsion, By Temperature, By Trailer Size, By Vehicle, By End Use, Analysis, Share, Growth Forecast, 2025 - 2034

Truck Refrigeration Unit Market Size

The global truck refrigeration unit market was valued at USD 13.1 billion in 2024 and is projected to grow at a CAGR of 4.6% between 2025 and 2034. With the growth in e-commerce as well as cross-border trade, there is rising demand for strong and reliable means of transportation capable of ensuring proper quality and security of products transported.
 

According to a report from Statista, revenue in the global eCommerce market is expected to reach USD 4,791.00 billion by 2025. The revenue will increase at a compound annual growth rate (CAGR) of 7.83% during 2025 to 2029, approximately USD 6,478 billion by 2029. Truck refrigeration units play an important role in maintaining temperature stability, thus avoiding spoilage, and adherence to regulations.
 

In addition, demand for truck refrigeration units is increasing because of increasing investments in the cold chain of developing countries. For instance, in India, the Pradhan Mantri Kisan Sampada Yojana, an investment of USD 60 billion (INR 6000 Cr), focuses on enhancing the country's cold chain infrastructure. This scheme supports various schemes such as integrated cold chain, agro-processing clusters, food processing, and operation greens.
 

Some of the key developments include the creation of cold storage facilities, fleets, and processing units that increase value chains for specific crops while offering subsidies on transportation and storage. The initiative plans to invest USD 110 billion (INR 11,095.93 Cr) by 2025-26, benefiting 2.85 million farmers and generating significant employment.
 

Truck Refrigeration Unit Market Trends

• Moving towards electric and hybrid refrigeration systems, along with IoT-based integration and monitoring, and on the other end, variable-speed compressors continue to be another innovation in this truck refrigeration unit market space.
   
• A major advancement is the shift toward electric and hybrid truck refrigeration units, which offer an eco-friendly alternative to traditional diesel-powered systems. These units help reduce greenhouse gas emissions, lower fuel consumption, and meet stringent environmental regulations.
   
• For instance, in June 2023, Performance Food Group (PFG), in collaboration with Navistar, Great Dane, and Carrier Transicold, launched a pilot program featuring an all-electric refrigerated truck for emissions-free food distribution in California. The program entails Carrier Transicold's Supra eCool electric refrigeration unit, International eMV battery-electric truck, and the thermally efficient Alpine S-Series insulated body from Great Dane.
   
• With the recent invention of Internet of Things, the development of smart refrigeration units has surged in which current real-time control of temperature and humidity conditions becomes possible. Hence, fleet management is enabled to check the statuses of goods to be transported to track the deviation in temperature within its set parameter range and stay on top of compliance.
   
• The current chillers use variable speed compressors that vary their speed in direct relation to the need for cooling, which further helps to save energy as it runs at minimal speeds when full cooling is not required, and this saves fuel, with a resultant reduction in wear on the system.
   

Truck Refrigeration Unit Market Analysis

Based on propulsion, the market is divided into ICE, electric, and hybrid. In 2024, the ICE segment accounted for over 45% of the market share and electric segment is expected to exceed USD 6 billion by 2034.
 

• Leading the truck refrigeration unit market with established infrastructure and proven reliability are ICE refrigeration units, especially those compatible with traditional diesel-powered trucks. It is commonly applied in many industrial sectors and geographies, and therefore suitable for long-distance and heavy-duty services. As a result, large companies have started introducing diesel-powered ICE trucks.
   
• For instance, in December 2024, Best Food Logistics made a substantial investment in 286 Carrier Transicold systems, integrating cutting-edge engineless technologies from Siberia and Iceland with units that feature Eco-Drive-equipped tractors aimed at improving sustainability within their fleet. This order features Eco-Drive-equipped trucks combined with Vector HE 19 MT units and Siberia 11i MT systems, scheduled to be operational by 2025.
   
• A surge in concern with respect to the environment, better battery technology, and higher sustainable options is resulting in a growing presence of electric refrigeration units in the market. These units do not require emissions, are quiet, and do not incur additional costs, which contributes to the realization of sustainable goals.
   
• This trend is also driven by government support and the increased need for electric trucks. The adoption of technology and infrastructure improvements will make the transition towards electric solutions a necessity.

Based on end use, the truck refrigeration unit market is divided into food & beverages, pharmaceuticals, chemicals, and other sectors. By 2024, the food & beverage segment is projected to hold around 51% of the market share, while the pharmaceuticals segment is expected to grow at a CAGR of 6% from 2025 to 2034.
 

• The market is driven by the growing demand for temperature-sensitive products such as fresh produce, dairy, frozen foods, or meat. Apart from this, strict food safety and quality measures require proper cold chain logistics that maintain the product integrity during transit.
   
• For example, Carrier Transicold introduced next-generation intelligent refrigeration units at RefCold 2024. The next generation of refrigeration units; Supra A and Citimax D; are the series that will revolutionize the cold chain industry with its advanced technology and efficiency.
   
• The increased rise in e-commerce and online delivery of grocery further increases the requirement for reliable refrigeration solutions. The increase in consumer preference toward convenience foods and ready-to-eat meals requires refrigerated transportation. Seasonality and the cross-border trade in perishable items also have contributed to the business's success.
   

Based on the vehicle, the truck refrigeration unit market is divided into light, medium and heavy commercial vehicles. The medium segment held above 40% of the market share in 2024.
 

• The medium segment dominates the market due to its versatility in catering to a wide range of industries, including food & beverage, pharmaceuticals, and retail. These units offer a balanced combination of performance, efficiency, and cost-effectiveness, making them ideal for urban and regional distribution.
   
• For instance, in June 2024, GreenPower Motor Company unveiled the EV Star REEFERX, an all-electric refrigerated medium-duty truck designed for refrigerated delivery and catering applications. It has built-in EV Star configurations with options to configure in a way of having multiple temperature zones, plus the truck body is lighter and will add payload. Its one-piece design insulates it well and facilitates maintenance.
   
• Their medium size enhances agility across various operational fields. They also accommodate medium-sized fleets, providing scalability without incurring high unit costs. The growing demand for efficient and reliable refrigeration in the supply chain is boosting the prominence of the medium segment.

In 2024, the U.S. generated USD 3.9 billion in truck refrigeration unit market revenue and is projected to surpass USD 5 billion by 2034.
 

• The U.S. is at the forefront of the truck refrigeration unit market due to its extensive and varied transportation and logistics infrastructure, which facilitates the distribution of temperature-sensitive goods across large areas.
   
• The country boasts a strong food & beverage and pharmaceutical industries that rely heavily on cold chain logistics, thereby enhancing demand. There is a huge adoption of high technologies and innovations in refrigeration systems, especially electric and hybrid units, in the U.S.
   
• Moreover, strict food safety regulations and the increasing consumer preference for fresh and frozen goods necessitate dependable refrigeration. Government incentives aimed at promoting more eco-friendly transportation methods assist the U.S. in preserving its market share.
   

The truck refrigeration unit market in China is projected to experience substantial growth from 2025 to 2034.
 

• China is emerging as a leader in the truck refrigeration unit market within the APAC region, driven by its vast industrial base and the rapid expansion of the food & beverage and pharmaceutical sectors. The country’s expanding e-commerce market, particularly in food delivery, has significantly increased the demand for refrigerated transportation.
   
• According to Statista, in 2023, in China number of online food delivery user jumped to about 544 million from around 521 million in 2022. Also, China’s large population and urbanization drive the need for efficient cold chain solutions to preserve perishable goods.
   
• Additionally, government initiatives promoting infrastructure development and the adoption of green technologies support the growth of electric refrigeration units. China’s position as a manufacturing hub also allows for cost-effective production and widespread adoption of refrigeration technologies.
   

The truck refrigeration unit market in Germany is anticipated to witness lucrative growth between 2025 to 2034.
 

• Germany dominates the truck refrigeration unit market in Europe because of its strong manufacturing and logistics industries, mainly in the automotive and food distribution sectors. It also has a solid cold chain infrastructure for transporting perishables across Europe and beyond.
   
• A strong automotive industry, with players like Daimler and Volkswagen, pushes technology in refrigeration units. In addition, the high commitment to sustainability and green technology adoption by Germany accelerates demand for electric refrigeration solutions.
   
• Further, the need for efficient refrigerated trucking units is more due to extended supply chains and development of e-commerce platforms. Thus, for instance, the European Retail eCommerce report states that Europe is the world's third-biggest retail ecommerce market, while total revenues total USD 631.9 billion. An annual growth rate for revenues of 9.31% will, therefore, generate a total for European retail ecommerce sales of around USD 902.3 billion by 2027.
   

Truck Refrigeration Unit Market Share

• The top 3 market leaders are Daikin, Carrier Transicold, and Mitsubishi Heavy Industries that collectively take approximately 25% of the market in 2024. Leadership from all three can be attributed to having strong brand recognition and product line offerings.
   
• Daikin has gained the market by providing truck refrigeration units, constant innovation, and adapting to new trends that keep surfacing. The company has always kept sustainable solutions that are energy efficient and new in the market. Their varied product range covers conventional and electric refrigeration units.
   
• It is carrying on through a rich and long tradition with the carrier company, possessing a rich track record for reliability, outstanding performance, and diverse variety of refrigeration products. In being at the forefront of innovation, low-emission, and electric solutions from Carrier Transicold can now make strides in the markets.
   
• Carrier Transicold has strong global reach along with its more recent advanced telematics capability that increases efficiency in operations and fleet management. Their telematic systems are able to monitor the performance of refrigeration units in real-time, giving the user direct and actionable insights so that the appropriate temperature is ensured, and predictive scheduling of maintenance occurs.
   
• Mitsubishi Heavy Industries is one of the leaders in the market because of its focus on innovation and energy-efficient, environmentally friendly refrigeration solutions. The company has used its HVAC expertise to create refrigeration units that can provide precise temperature control while minimizing energy consumption and environmental impact.
   

Truck Refrigeration Unit Market Companies

Major players operating in the truck refrigeration unit industry are:

• Carrier Transicold
• Daikin
• Daimler AG
• Kingtec Refrigeration
• Lamberet
• Mitsubishi Heavy Industries
• Trane Technologies
• Utility Trailer Manufacturing Company
• Volvo Group
• Webasto Group
   

Leading players in the truck refrigerated unit market are aggressively investing in many strategic options. These strategic opportunities include joint ventures, mergers, acquisitions, new products, and technological advancement. All of these are necessities to integrate innovative features and remain ahead of the increasing demands for more efficient and friendly environmental refrigeration solutions. Through alliances with key players, manufacturers receive better access to new markets, enhanced resources, and a broader product portfolio.
 

Major players have been investing highly in research and development to maintain competitiveness. It is this focus on R&D that creates new refrigeration technologies, which encourages industry growth and develops cold chain logistics solutions. Consequently, the companies are developing more energy-efficient and sustainable refrigeration systems as well as extending their product range to cater to the diverse requirements of industries in food, pharmaceuticals, and chemicals.
 

A more diversified product line covers companies dealing with different customer segments, from small fleets to large logistics providers. This allows companies to increase reaction to changing consumer preferences, regulatory changes, and market trends in a fast-developing industry.
 

Truck Refrigeration Unit Industry News

• In September 2024, Thermo King launched upgraded high-roof truck solutions in the Asia Pacific region. This new upgrade brings a range of innovations, enhancing everything from product design to production efficiency. The series offers the cold chain transportation industry a new experience that combines excellent performance with lower costs.
  
   
• In August 2024, Trane Technologies acquired Klinge Corporation, manufacturer of refrigerated transport containers. The shipping container solutions produced by Klinge create new opportunities for Thermo King to manage temperature-sensitive goods during transportation sustainably. The purchase enables Thermo King to produce ultra-reliable refrigeration units for secure global item transport.
  
   
• In June 2024, Mitsubishi Heavy Industries Thermal Systems, Ltd. started selling the TEK series of compact electric-driven transport refrigeration units that are designed for small and mid-size trucks. The TEK series boasts improved cooling and heating capacity that allows an expansion of the mountable range in comparison to the TE20/30 series to also include small and mid-size trucks.
  
   
• In November 2023, Daikin unveiled an entirely new range of full-electric and plug-in hybrid transport refrigeration solutions at SOLUTRANS 2023 in Lyon. This lineup includes the Exigo trailer refrigeration unit and the Daikin Telematics connectivity platform, both aimed at lowering emissions and integrating digital technologies into transport refrigeration. These innovations will improve vans, trucks, and trailers, encouraging the adoption of greener energy sources in the transportation industry.
   

The truck refrigeration unit market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue ($ Mn/Bn) and volume (units) from 2021 to 2034, for the following segments:

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Market, By Propulsion

• ICE engine
• Electric
• Hybrid

Market, By Temperature

• Frozen
• Chilled

Market, By Trailer Size

• Below 20ft
• 20-40ft
• Above 40ft

Market, By Vehicle

• Light Commercial Vehicles (LCV)
• Medium Commercial Vehicles (MCV)
• Heavy Commercial Vehicles (HCV)

Market, By End Use

• Food & Beverage
• Pharmaceuticals
• Chemicals
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • Saudi Arabia
  • South Africa