Transport Refrigeration Units

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Transport Refrigeration Units

As of 2019, there were approximately 467,578 transport refrigeration units in the United States, with that number expected to climb to 509,449 by 2022. The estimated value of the transport refrigeration unit market in the U.S. as of 2019 is $1.79 billion, with that amount expected to reach $1.94 billion by 2022. Details of these numbers are below.

Number of Transport Refrigeration Units

  • According to Thermo King, there were 56,700 transport refrigeration units (TRUs) in California in 2019.
  • There are approximately 40 million people in California.
  • Therefore, there are 0.00142 TRUs per person.
  • Assuming this ratio is valid for the rest of the United States, and the current population of the United States is 329,280,400, the approximate number of TRUs in the United States would be 467,578 units.
  • Assuming that the growth rate of TRUs is the same as the projected growth rate of the commercial refrigeration equipment market (2.9%), the following future market sizes in units can be estimated:
    • 2019 market size: 467,578 units
    • 2020 market size: 481,138 units
    • 2021 market size: 495,091 units
    • 2022 market size: 509,449 units

Market Value for Transport Refrigeration Units

  • In 2007, the commercial refrigeration equipment market size was valued at $7.5 billion, of which transport refrigeration represented 17.4%.
  • In 2018, the commercial refrigeration equipment market size was valued at $10 billion. Assuming transport refrigeration still represents 17.4%, this would put the 2018 market size for TRUs at $1.74 billion.
  • The commercial refrigeration equipment market is expected to grow at a CAGR of 2.9% between 2017 and 2022. Assuming the growth applies also to TRUs, the following current and future market sizes can be estimated.
    • 2018 market size: $1.74 billion
    • 2019 market size: $1.79 billion
    • 2020 market size: $1.84 billion
    • 2021 market size: $1.89 billion
    • 2022 market size: $1.94 billion

Research Strategy

In an attempt to find the number of TRUs in the United States, we began by searching official research reports from companies like MarketsandMarkets, Technavio, and Freedonia, among others. Unfortunately, all reports were for the global market, with the U.S. segmentation data behind paywalls. Then, we turned our attention to industry publications, where we found a Thermo King article that indicated the number of TRUs in California. In absence of additional information, we elected to calculate the number of TRUs per person in California and apply that ratio to the rest of the United States as a loose estimate of the number of TRUs in the country.

To determine the market value of TRUs in the United States, we again began with official research reports, but were stymied by paywalls and global reports. We were able to find a preview of a market research report from Freedonia that appears to contain the desired information. Using various data points given in the preview, we were able to triangulate an approximate market size and the projected market sizes through 2022. However, these are rough estimates only since there was very little available data not behind paywalls.

Calculations

To determine the number of TRUs per person in California, we divided 56,700 by 40 million to get 0.0014175, which was rounded to 0.00142. Then, to determine the approximated total number of TRUs in the United States, we multiplied 329,280,400 by 0.00142 to arrive at 467,578. To determine the 2018 market size of TRUs, we multiplied $10 billion by 17.4% to get $1.74 billion. The following calculations were made to determine the future market sizes by units and by dollars:
  • 2019 market size: 467,578 units
  • 2020 market size: 481,138 units (467,578 x 0.029)
  • 2021 market size: 495,091 units (481,138 x 0.029)
  • 2022 market size: 509,449 units (495,091 x 0.029)
  • 2018 market size: $1.74 billion
  • 2019 market size: $1.79 billion ($1.74 billion x 0.029)
  • 2020 market size: $1.84 billion ($1.29 billion x 0.029)
  • 2021 market size: $1.89 billion ($1.84 billion x 0.029)
  • 2022 market size: $1.94 billion ($1.89 billion x 0.029)
Sources
Sources