Global Refrigerated Trucks Market to Reach US$ 15.4 Billion by 2032, Accelerated by Significant Growth in Cold Chain Logistics

July 04, 2023 | Transportation and Logistics

According to the latest report by IMARC Group, titled “Refrigerated Trucks Market Report by Type (Light Commercial Vehicle, Medium Commercial Vehicle, Heavy Commercial Vehicle), Tonnage Capacity (Less Than 10 Tons, 10-20 Tons, More Than 20 Tons), Application (Food and Beverage, Pharmaceuticals, Chemicals, and Others), and region 2024-2032,” the global refrigerated trucks market size reached US$ 9.8 Billion in 2023. Refrigerated trucks are specially designed vehicles for transporting perishable goods at low temperatures. They are equipped with a refrigeration unit or cooling system that maintains a controlled environment inside the truck, keeping the cargo at a specific temperature to prevent spoilage or damage. They can transport temperature-sensitive items such as fresh produce, dairy products, meat, seafood, frozen foods, pharmaceuticals, and other perishable goods. They have insulated bodies constructed with materials that provide thermal protection, which minimizes heat exchange with the external environment.

Global Refrigerated Trucks Market Trends:

Significant growth in the cold chain logistics and the increasing demand for temperature-sensitive products represent one of the major factors driving the demand for refrigerated trucks around the world. Moreover, the rising consumption of frozen food and the growing inclination towards packaged ready-to-eat (RTE) meals due to inflating income levels and busy schedules are influencing the market positively. In addition, refrigerated trucks are employed in the pharmaceutical industry to maintain the integrity of temperature-sensitive medical products like vaccines during transportation and preventing contamination. This, coupled with the increasing need for vaccines and biopharmaceuticals on account of the surging prevalence of infectious and chronic ailments, is favoring the growth of the market. Apart from this, there is a rise in the use of refrigerated trucks in the e-commerce sector to enhance productivity, efficiency, and output. This, along with the growing inclination toward online shopping and the need for efficient delivery of products, is creating a favorable outlook for the market. Looking forward, the market value is projected to reach US$ 15.4 Billion by 2032, expanding at a CAGR of 5.13% during 2024-2032.  

Market Summary:

  • Based on the type, the market has been segmented into light, medium, and heavy commercial vehicles. Presently, light commercial vehicles hold the largest market share.
  • On the basis of the tonnage capacity, the market has been segregated into less than 10 tons, 10-20 tons, and more than 20 tons.
  • Based on the application, the market has been divided into food and beverage, pharmaceuticals, chemical, and others. At present, food and beverage dominate the market.
  • Region-wise, the market has been classified into North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, Asia Pacific enjoys the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being Chereau, Eicher Motors Limited, Hyundai Hong Kong Co. Limited, Mahindra & Mahindra Limited, and Tata Motors Limited.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Types Covered Light Commercial Vehicle, Medium Commercial Vehicle, Heavy Commercial Vehicle
Tonnage Capacities Covered Less Than 10 Tons, 10-20 Tons, More Than 20 Tons
Applications Covered Food and Beverage, Pharmaceuticals, Chemicals, Others
Regions Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Chereau, Eicher Motors Limited, Hyundai Hong Kong Co. Limited, Mahindra & Mahindra Limited, Tata Motors Limited, etc.
Customization Scope 10% Free Customization
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Global Refrigerated Trucks Market to Reach US$ 15.4 Billion by 2032, Accelerated by Significant Growth in Cold Chain Logistics
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