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North America Truck Refrigeration Market is expected to reach US$ 2,084.80 million by 2028

North America Truck Refrigeration Market is growing at a CAGR of 4.4% to reach US$ 2,084.80 million by 2028 from US$ 1,614.12 million in 2022 by Type, Application, Industry Vertical, and Class.

By The Insight Partners

Continuously Improving Logistics Sector to Create Opportunity for North America Truck Refrigeration Market Growth during 2022–2028

According to a new study on "North America Truck Refrigeration Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type, Application, Industry Vertical, and Class," the market is expected to grow from US$ 1,614.12 million in 2022 to US$ 2,084.80 million by 2028; it is estimated to record a CAGR of 4.4% from 2023 to 2028. The report provides trends prevailing in the market along with drivers and restraints.

Rapidly growing e-commerce sector in North America is fueling the logistics sector growth in the region. According to the 33rd annual State of Logistics report by the Council of Supply Chain Management Professionals (CSCMP), the total logistics business costs rose by 22.4% and were US$ 1.85 trillion in the US in 2021, representing 8% of the country’s GDP. Also, compared to 2020, inventory-carrying costs increased by 25.9%; transportation costs jumped by 21.7%, including road transport by 23.4%. Further, according to Logistics Managers’ Index (LMI), the US logistics industry grew from 53.6% in November 2022 to 54.6% in December 2022. Logistics companies are continuously focusing on integrating various technologies, including artificial intelligence (AI) and machine learning (ML), into their systems to increase efficiency and total capabilities. Integrating these technologies will help business analysts improve profitability and quickly evaluate productivity, customer satisfaction, and shipment speed. In the future, with the help of AI, ML, IoT, and cloud platforms, companies will be able to support end-to-end supply chain management, predictive analysis, execution, and data analysis. Also, it will help identify patterns, errors, and supply chain data issues in real time. Blockchain can also help the logistics industry with decentralized ledgers and smarter inventory management. Also, the technology can help increase the security, efficiency, and reliability of tracking and data management. Thus, as blockchain technology is flexible and still growing in terms of capabilities, technology integration can create an excellent opportunity for the logistics sector during the forecast period. Hence, rising technology incorporation will help in improving the logistics sector of North America, which will further raise the demand for refrigerated trucks to transfer food products and pharmaceutical goods. Therefore, the North America truck refrigeration market is expected to receive lucrative opportunities from the growing logistics sector in the coming years.

North America Truck Refrigeration Market Revenue and Forecast to 2028 (US$ Million)

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00029892

According to the 2022 annual report by Farm Credit Canada, food manufacturing sales increased from US$ 109.1 billion in 2020 to US$ 125.2 billion in 2021, a rise by 14.8%, due to higher prices, strong exports, and enhancement in food service sales. In addition, the demand for frozen fruits and vegetables and specialty food items such as frozen pizzas and dinners is increasing in the country, which is fueling the growth of truck refrigeration market in Canada. However, after the lockdown imposed due to the COVID-19 pandemic, the rising preference for fresh foods is limiting the demand for frozen and canned fruits and vegetables. Frozen food sales decreased by 1.4% in 2021 after increasing by 8.6% in 2020, however it remained 7.1% higher than in 2019. However, the export of frozen food products increased by 8.3% in 2021 compared to 2020 in the country. Thus, the growing food manufacturing and rising export of frozen food products compared to pre-pandemic will raise the need for technologically advanced refrigerated trucks, propelling the growth of the truck refrigeration market in Canada

Mexico is one of the major exporters of organic food products to the US. The country has around 1.2 million hectares of certified organic land. Out of the total organic products produced, around 86% are collected and harvested from natural habitats. According to the United States Department of Agriculture (USDA), in 2021, Mexico has ∼48,641 certified organic food producers. In addition, in 2019, the country exported some selected organic products to the US, which were valued for more than US$ 118 million. For the export of organic food products, refrigerated trucks are needed to transport these products safely without fluctuation in the temperature, as temperature fluctuation can spoil these food products. Hence, the growing manufacturing and export of organic food products propel the demand for advanced refrigerated trucks in Mexico, boosting the truck refrigeration market growth in the country.

The North America truck refrigeration market size is segmented on the basis of type, application, industry vertical, class, and country. In terms of type, the North America truck refrigeration market is bifurcated into split systems and roof mounted systems. Based on application, the North America truck refrigeration market is bifurcated into frozen and chilled. Based on industry vertical, the North America truck refrigeration market size is segmented into food & beverage, pharmaceutical, chemical, and others. By class, the North America truck refrigeration market is segmented into 2–3 (light commercial vehicle) and 4–7 (medium & heavy commercial vehicle). Based on country, the North America truck refrigeration market is segmented into the US, Canada, and Mexico.

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