Refrigerated Truck Market Worth USD 13.9 Billion by 2030 at 11.80% CAGR - Report by Market Research Future (MRFR)

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Market Research Future
Market Research Future

Refrigerated Truck Market Insights and Industry Analysis by Information, by Type (Light Commercial Vehicle, Medium Commercial Vehicle, and Heavy Commercial Vehicle), by Tonnage Capacity (Less than 10 Tons, 10-20 Tons, more than 20 Tons), by Application (Food and Beverages, Pharmaceuticals, Chemicals, and Others), and Region , Competitive Market Size, Share, Trends, and Forecast to 2030

New York, USA, July 07, 2022 (GLOBE NEWSWIRE) -- Refrigerated Truck Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Refrigerated Truck Market Information by Application, Type, Tonnage Capacity, and Region - Forecast till 2025”, the market is estimated to grow at a 11.80% CAGR to reach USD 13.9 Billion by 2030.

Market Scope

Refrigerated truck is utilized to transport fresh or frozen goods in a closed van, it is a refrigerated truck outfitted with refrigeration equipment and refrigeration units polyurethane insulated transport box for the transport of refrigerated transport truck. The refrigerated truck can be divided by freight box type, chassis carrying capacity, and manufacturer. It is popularly used for the transportation of frozen food (frozen truck), vaccine drugs (vaccine carriers), fruits & vegetables (fresh truck), dairy products (milk transport vehicles), and others.

A reefer truck or refrigerated truck is a particular type of freight carrier vehicle engineered to transport temperature-sensitive goods and supplies. It is a storage unit connected to a semi-truck capable of carrying a massive number of perishable products. These trucks are widely used across several industry sectors.

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Report Scope:

Report Attribute

Details

2030 Market Size

USD 13.9 Billion

CAGR

11.80 % (2022–2030)

Base Year

2021

Forecast Period

2022–2030

Historical Data

2019

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Application, Type, Tonnage Capacity, and Region

Geographies Covered

North America, Europe, Asia-Pacific, and Rest of the World (RoW)

Key Market Drivers

Consumer demand

Significant boost in the food and beverages industry

Competitive Analysis

The global market for refrigerated trucks has prominent leaders such as:

  • Schmitz Cargobull AG (Germany)

  • Kögel Trailer GmbH & Co.KG (Germany)

  • Chereau (France)

  • Hyundai Translead. Inc. (US)

  • Great Dane LLC (US)

  • Wabash National (US)

  • Lamberet SAS (France)

  • Fahrzeugwert Bernard Krone Gmbh & Co.KG (Germany)

  • GRW Tankers and Trailers (US)

  • China International Marine Containers (Group) Ltd. (China)

Market USP Covered

Market Drivers

The global market for refrigerated trucks has registered a massive surge in the growth rate in the last few years. The major aspect causing an upsurge in the market's growth is the growing consumer demand for packaged food. The growing per capita consumer spending on frozen food across several developed countries catalyzes the demand for refrigerated trucks worldwide. Furthermore, the rapid growth in the pharmaceutical and medical industries across the globe is also projected to boost the market's growth over the coming years.

Governments across the globe are investing heavily to build an efficient healthcare infrastructure, which is likely to offer lucrative opportunities to the players worldwide. Furthermore, the factors such as an increase in e-commerce portals, an increase in the transportation of life-saving medical drugs, and increased vehicles across the globe may impact the market's performance positively over the assessment timeframe.

Market Restraints

On the other hand, the factors such as the economic recession in the automobile industry, the occurrence of the COVID-19 pandemic, and strict Government protocols may impede the growth of the refrigerated truck market.

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COVID-19 Impact

The global COVID-19 pandemic has had a severe impact on a majority of industry sectors worldwide. But in the case of the global market for refrigerated trucks, the impact is quite different than others. Since the beginning of the global pandemic, the pharmaceutical and medical industries have been growing exponentially across the globe. Therefore, the requirement for refrigerated trucking has elevated too in recent times. The recent analysis by MRFR on the global refrigerated truck market implies that the boom in pharmaceutical, chemical, and medical products keeps the market on the verge of growth.

Even though there was a brief crash in the food and beverages market for an array of shutdowns and lockdowns across various parts of the world, across various countries worldwide, the per capita expenditure had fallen, leading to affecting the economy. But as the cases are falling worldwide, the market is anticipating witnessing a surge in the growth rate.

Segment Analysis

The global market for the refrigerated truck has been fragmented into various segments based on application, capacity, type, and Region.

Based on type, the global market for refrigerated trucks is split into Heavy Commercial Vehicle (HCV), Medium Commercial Vehicle (MCV), and Light Commercial vehicles (LCV).

Based on the tonnage capacity, the global market for refrigerated trucks are divided into more than 20 tons, 10-20 tons, and less than 10 tons.

The refrigerated truck market is split into chemicals, pharmaceuticals, food and beverages, and others based on application.

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Regional Analysis

The global refrigerated truck market is studied across five major regions: Middle East & Africa, North America, Asia-Pacific, Europe, and Latin America. The market is spread across several regions worldwide and gaining massive traction. The trends of the refrigerated market vary according to the geographical region.

As per the MRFR analysis report, the North American Region will lead the global refrigerated truck market over the forecasted timeframe. The US is the top revenue pocket across the regional market. The country is the major driver operating behind the larger expansion of cold chain transportation across the globe. The major aspect driving the regional market's growth is the adoption of refrigerated trucks in national and international fast-food chains across the Region.

The refrigerated truck market for the Asia-Pacific region is likely to exhibit the highest growth over the assessment timeframe. The countries such as India, China, and Japan are the major growth contributors across the regional market. The major aspect causing an upsurge in the regional market's growth is the increasing need for processed food and beverages across the Region. Furthermore, the expanding pharmaceutical industry across the Region is another crucial parameter boosting the demand for the refrigerated truck market. Moreover, the growing demand for the processed meat and seafood industry will likely catalyze the demand for refrigerated trucks over the coming years.

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