The Europe Truck Refrigeration Unit Market would witness market growth of 5.9% CAGR during the forecast period (2023-2030).
The Germany market dominated the Europe Truck Refrigeration Unit Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,188.9 Million by 2030. The UK market is exhibiting a CAGR of 5% during (2023 - 2030). Additionally, The France market would experience a CAGR of 6.7% during (2023 - 2030).
The food and beverage industry is a cornerstone of the market, representing a vast domain encompassing transporting perishable goods, frozen products, and fresh produce. The growing food and beverage industry translates to an increasing demand for TRU. As per the data from the State Council of the Government of China, the food industry experienced consistent growth in production and sales during the first half of the year 2022.
The retail sales of grain, oil, and food reached 903.18 billion yuan, reflecting a year-on-year increase of 9.9%. Likewise, as per Eurostat, the accommodation and food services sector recorded a value-added of €146.4 billion in the EU in 2020. Refrigeration units significantly contribute to extending the shelf life of perishable goods. By creating an environment that slows down the natural degradation processes, these units allow for a more extended window between production and consumption.
The rise of TRU is directly impacted by the growing demand in the UK food and beverage industry. As per the data from the Government of the United Kingdom, in terms of gross value added (GVA), beverages were the largest manufacturing category with a value of £6.5 billion in 2021. It contributed 21.4% to the total food and drink manufacturing GVA. The other food products category was the second largest, valued at £6.3 billion in the same year, contributing 20.6% to the total food and drink manufacturing GVA. Thus, with Europe's rising chemical and food & beverage sectors, the regional TRU market will expand rapidly.
Free Valuable Insights: The Global Truck Refrigeration Unit Market will Hit USD 19.8 Billion by 2030, at a CAGR of 6.1%
Based on Type, the market is segmented into Split, and Roof Mount. Based on Trailer size, the market is segmented into Below 20ft, 20-40ft, and Above 40ft. Based on End-user, the market is segmented into Food, Pharmaceutical, Chemical Industry, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
By Type
By Trailer size
By End User
By Country
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