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The demand for refrigeration unit is driven by the increasing vehicle sales, falling transportation cost, and rising cross-country imports, and exports of perishable goods.
Some of the key players in the truck refrigeration unit market are Daikin (Japan), Carrier (US), Thermo King (US), Denso (Japan), Webasto (Germany), Mobile Climate Control (Sweden), Subros (India), Sanden (Japan), Klinge (US), and Utility Trailer (US).
The 20-feet trailer segment is estimated to be the largest and fastest-growing trailer refrigeration unit market during the forecast period
20-feet trailers are the most popular sized trailers, which are widely used for the transportation of various goods along with perishable items. The 20-feet trailers offer advantages of low cost, improved fuel efficiency, better control, and maneuverability among others. With the increased goods’ trade worldwide, the 20-feet trailers are an ideal choice for goods transportation owing to the aforementioned advantages. According to the United Nations Conference on Trade and Development (UNCTAD), the global container transportation market has increased from 118.0 million Twenty-foot Equivalent Units (TEUs) in 2006 to 180.0 million TEUs in 2016, at a CAGR of 4.31%. Owing to its benefits over the 40-feet trailer, such as minimal cost difference with almost similar weight carrying capacity, the 20-feet trailers market is anticipated to remain prominent in the future.
The frozen food segment is expected to be the largest contributor in the LCV refrigeration unit market, by industry verticals, during the forecast period.
For transportation of frozen foods and vegetables, pickup trucks are generally used for transportation within intracity and intercity distances. The suppliers offer several temperature variations options ranging from -25 degrees centigrade to +5 degrees centigrade. Hence it becomes useful for a variety of items such as meat, ice-cream, dairy products, and frozen snacks. Thus, owing to changing consumer preferences and cross-culture diversification, the frozen packed eatable items market is expected to grow worldwide which would consequently boost the LCVs refrigeration units market to cater to the requirement for frozen foods.
Asia Oceania is expected to account for the largest market size during the forecast period
The Asia Pacific region is projected to lead the truck refrigeration market during the forecast period owing to the highest consumption of frozen and chilled products compared to other regions such as the Americas and EMEA. Commercial vehicle sales in the Asia Pacific region has increased by 12% from 2015 to 2017. Moreover, increasing investments in the development of smart cities in developing countries, such as China and India, is also driving the air conditioning unit market for a bus. Further, changing lifestyles, increasing spending power, and demand for convenience, among others, are driving the market for frozen food, snacks, fresh vegetables, which, in turn, is driving the refrigeration unit market.
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