Refrigerated Trucks Market

Refrigerated Trucks Market Size and Share:

The global refrigerated trucks market size was valued at USD 10.29 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 15.64 Billion by 2033, exhibiting a CAGR of 4.72% from 2025-2033. North America currently dominates the market, holding a market share of over 32.5% in 2024. The growth of the North American region is driven by advanced cold chain infrastructure, stringent food safety regulations, and strong pharmaceutical demand.

The increasing consumption of fresh produce, frozen food, dairy products, and seafood is driving the demand for efficient cold chain logistics, ensuring these items are delivered fresh and safe to consumers. Besides this, the growing need for transportation of temperature-sensitive pharmaceutical products, including vaccines, biologics, and specialty medications, is encouraging the adoption of advanced refrigerated trucks to meet strict quality and safety requirements. Furthermore, the rising popularity of online grocery shopping and meal delivery services is creating a strong need for reliable refrigerated transportation to ensure perishable goods reach buyers in optimal condition. In addition, the integration of advanced technologies like global positioning systems (GPS)-enabled tracking, real-time temperature monitoring, and highly efficient refrigeration systems is improving operational efficiency, ensuring the integrity of transported goods.

The United States plays a crucial role in the market, driven by the increasing presence of e-commerce platforms, especially in online grocery and meal kit delivery sectors, necessitating dependable refrigerated trucks to support last-mile delivery and guarantee that perishable items reach consumers in ideal condition. Apart from this, the growing focus on environmental sustainability in transportation is promoting the use of electric and hybrid refrigerated trucks, which assist in lessening carbon emissions and conform to governmental initiatives and corporate sustainability objectives. In 2024, Isuzu Commercial Truck of America unveiled its all-electric NRR EV truck, featuring a Thermo King e300 electric transport refrigeration unit, at the ACT Expo in Las Vegas. This Class 5 refrigerated vehicle provides battery options reaching 180 kWh and facilitates smooth integration with refrigeration systems for emission-free transport. It emphasizes a joint initiative to promote sustainable logistics solutions.

 Refrigerated Trucks Market Trends:

Growing Demand for Fresh and Frozen Food

The increasing need for fresh and frozen foods is becoming a major factor positively influencing the market. In 2022, the worldwide urban population reached 56.9%, as reported by UNCTAD, prompting a change in consumer tastes towards fresh and nutritious food options such as fruits, vegetables, dairy, and frozen products. This change is propelled by increased health consciousness and the demand for accessible, superior food products. Consumers expect these products to be readily available while maintaining optimal freshness, necessitating efficient cold chain management. Retail chains, grocery stores, and foodservice providers are expanding their product offerings to address these needs, using refrigerated trucks in their distribution networks to ensure safety and freshness during transport.

Expansion of Pharmaceutical Industry

The growth of the pharmaceutical sector is a vital factor increasing the overall need for refrigerated trucks. The worldwide pharmaceutical sector reached USD 1.42 trillion in 2021, indicating swift advancement in research and development (R&D) efforts. Medicines like vaccines, biologics, and temperature-sensitive drugs need strict temperature regulation to ensure their effectiveness and safety across the whole supply chain. Rising awareness of healthcare and enhanced access to medical products in developing markets amplify the demand for dependable cold chain logistics. Contemporary refrigerated trucks equipped with precise temperature regulation and live monitoring systems ensure safe delivery of vital pharmaceutical products. The increasing focus on healthcare services and the rising need for temperature-controlled medications are vital elements propelling the refrigerated truck industry.

Advancements in Technology

Technological advancements are reshaping the refrigerated trucking sector, introducing innovations that enhance efficiency, safety, and environmental sustainability. Modern refrigerated trucks are equipped with advanced temperature monitoring systems, GPS tracking, and telematics, delivering real-time data on product conditions and vehicle performance. These technologies contribute to route optimization, improving fuel efficiency, and ensuring compliance with temperature standards, therefore minimizing spoilage risk and elevating product quality. Furthermore, the market is experiencing considerable expansion driven by the advancement of energy-efficient cooling technologies and alternative fuel choices, including electric and hybrid refrigerated vehicles, which are essential in reducing the transportation carbon footprint. Remarkably, firms such as GreenPower are leading the way in innovation with the introduction of all-electric refrigerated medium-duty delivery trucks like the EV Star REEFERX, establishing new standards for eco-friendly logistics solutions.

Refrigerated Trucks Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global refrigerated trucks market, along with forecast at the global, regional, and country levels from 2025-2033. The market has been categorized based on type, tonnage capacity, and application.

Analysis by Type:

• Light Commercial Vehicle
• Medium Commercial Vehicle
• Heavy Commercial Vehicle

Light commercial vehicle (LCV) holds the largest market share, driven by its flexibility and cost advantages. It is often utilized for short-range and final leg delivery of temperature-sensitive items such as fresh fruits, dairy products, and medications. Its small dimensions enable simple maneuvering in crowded spaces, making it perfect for small enterprises and local courier services. LCV utilizes modern refrigeration technologies, incorporating real-time temperature monitoring and environment-friendly cooling systems, to maintain product quality and safety throughout transportation. Moreover, the lower operational expenses and adaptability of LCV render it a favored option for companies that seek to address the increasing need for dependable cold chain solutions. Additionally, its reduced fuel use and upkeep expenses render it a cost-effective option for companies. Numerous companies are launching electric and hybrid LCV models to meet the rising demand for sustainable options in cold chain logistics. This blend of characteristics guarantees the sustained leadership of LCV in the market.

Analysis by Tonnage Capacity:

• Less Than 10 Tons
• 10-20 Tons
• More Than 20 Tons

Less than 10 tons cater primarily to short-haul transportation and last-mile deliveries. These refrigerated trucks with capacity are perfect for city locations, small distributors, and companies needing regular and adaptable deliveries. Their small size and agility make them ideal for delivering perishable items such as fresh fruits, dairy products, and baked goods to shops and restaurants. The sector gains from progress in lightweight materials and efficient cooling systems, providing affordable and dependable transport options.

10-20 tons serve mid-sized logistics operations, balancing payload capacity with operational efficiency. This segment is popular among regional distributors and medium-scale food and beverage suppliers. These refrigerated trucks are capable of handling diverse perishable goods, from pharmaceuticals to frozen products, over moderate distances. 

More than 20 tons is crucial for extensive operations, facilitating the bulk transport of perishable items over long distances. These high-capacity trucks are frequently used by major food producers, pharmaceutical companies, and chemical manufacturers to efficiently transport large volumes. Equipped with advanced cooling technology and robust insulation, these trucks ensure consistent temperature regulation over extended periods. Their capacity to manage large loads is essential for cross-border and inter-state logistics, aiding industries with significant cold chain needs.

Analysis by Application:

• Food and Beverage
• Pharmaceuticals
• Chemicals
• Others

Food and beverage segment leads the market, holding a 72.5% share in 2024. The food and beverage is the biggest segment, motivated by the necessity to maintain the freshness and quality of perishable items while in transit. This sector depends significantly on refrigerated trucks to move items like dairy, seafood, fresh fruits and vegetables, and frozen goods while maintaining strict temperature regulation. Preserving product integrity is essential for complying with safety regulations and guaranteeing client satisfaction. Improvements in refrigeration technology, such as energy-saving cooling systems and real-time temperature tracking, are boosting the reliability and efficiency of these vehicles. The rise of retail chains and foodservice operators is driving the need for refrigerated trucks, which facilitate efficient distribution of various perishable items. The steady demand in both local and international supply chains is keeping the food and beverage industry as the largest segment in the market.

Regional Analysis:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa

In 2024, North America accounted for the largest market share, reaching 32.5%. North America leads the market, driven by its advanced cold chain infrastructure and substantial demand for temperature-controlled transportation. The North American F&B industry depends significantly on refrigerated trucks for the secure transportation of perishable items over extended distances. Moreover, the robust pharmaceutical sector in the region greatly impacts the market by enforcing stringent regulations for the transport of vaccines, biologics, and temperature-sensitive drugs. Regulatory requirements highlighting food and drug safety are additionally promoting the use of refrigerated trucks. The incorporation of cutting-edge technologies, including GPS temperature tracking and environmentally-friendly refrigeration systems, improves the effective and sustainable functioning of these vehicles. In 2024, the Canada-based GreenPower Motor Company revealed a cutting-edge all-electric refrigerated truck at Home Delivery World in Philadelphia, Pennsylvania. Part of the EV Star line, the vehicle is designed for mid- to last-mile deliveries, emphasizing sustainability and cost efficiency. GreenPower aims to set new standards in the cargo and delivery market with this innovative offering.

Key Regional Takeaways:

United States Refrigerated Trucks Market Analysis

In North America, the United States accounted for 84.7% of the total market share. The demand for refrigerated trucks in the United States is growing as the F&B industry needs temperature-sensitive logistics. Businesses are focusing on the enforcement of stringent cold chain procedures, particularly as consumer demand for fresh and frozen products keeps increasing. Retailers and distributors are consistently implementing just-in-time (JIT) inventory systems, creating a demand for prompt and dependable deliveries of perishable products. The pharmaceutical sector is also growing, fueled by an increased demand for cold transportation for vaccines, biologics, and temperature-sensitive drugs. The Congressional Budget Office indicates that between 2010 and 2019, the number of newly approved medications increased by 60 percent compared to the previous decade, peaking at 59 new drugs in 2018. Regulatory bodies are enforcing more stringent standards for food safety and temperature control, prompting companies to invest in refrigerated trucks to comply with these regulations. Moreover, the rise of e-commerce platforms is aiding the growth of home delivery services for perishable items, thus catalyzing the demand for last-mile refrigerated delivery solutions. Corporations are consistently enhancing the effectiveness of their fleet operations by employing GPS tracking and telematics systems to monitor vehicle performance and temperature in real time. As awareness about environmental sustainability grows, the shift towards electric refrigerated trucks is accelerating. These trends are prompting companies to invest in sophisticated refrigerated trucks to satisfy increasing user demands.

Europe Refrigerated Trucks Market Analysis

The need for refrigerated trucks in Europe is consistently rising as companies emphasize the importance of delivering temperature-sensitive products to customers effectively. Businesses are proactively adjusting to the increasing trend of online grocery purchasing, which is greatly enhancing the transport of perishable food products. As reported by the US Department of Agriculture, online grocery shopping has surged in the UK, representing 11.5 percent of total grocery sales. Simultaneously, the growing pharmaceutical sector is demanding increased specialized refrigerated transport for vaccines, biologics, and other temperature-sensitive medical items. Additionally, environmental regulations are encouraging fleet operators to shift towards more energy-efficient refrigerated trucks, with electric and hybrid versions gaining traction. Fleet managers are persistently looking for ways to enhance fuel efficiency, minimize CO₂ emissions, and adhere to strict European emission regulations. The continuous increase in cross-border commerce is prompting logistics firms to invest in advanced refrigerated trucks to facilitate the efficient transport of perishable products throughout EU member countries.

Asia Pacific Refrigerated Trucks Market Analysis

The need for refrigerated trucks in the Asia Pacific area is consistently increasing because of various specific factors. Nations in the area are implementing more rigorous food safety and quality regulations, prompting businesses to invest in temperature-managed logistics for perishable products. The swift expansion of the e-commerce and online grocery markets is driving companies to enhance their cold chain logistics to guarantee prompt and secure delivery of fresh goods. As per the US Department of Agriculture, the online grocery market in India jumped by 80 percent in 2020, amounting to USD 2.66 billion, mainly because of COVID-19 and the resulting lockdowns. Nevertheless, the rising desire for comfort and value among consumers is driving retailers to depend increasingly on refrigerated trucks for transporting perishable goods like fruits, vegetables, dairy, and meat. Additionally, regional governments are offering incentives to promote the adoption of green refrigerated trucks that utilize advanced refrigeration technologies with reduced energy usage and minimal toxic emissions.

Latin America Refrigerated Trucks Market Analysis

The need for refrigerated trucks in Latin America is steadily rising as there is an increased emphasis on food safety and quality in the region. Governments are enforcing stricter regulations on the transport of perishable items, prompting businesses to invest in modern refrigerated trucks to meet health standards. Logistics companies are progressively broadening their cold chain networks to meet the growing consumer demand for fresh produce, medications, and various temperature-sensitive items. The swift expansion of the e-commerce industry is intensifying this demand, as shoppers anticipate quicker and more dependable delivery of perishable goods. Moreover, the increasing disposable income in the area is leading to a greater demand for quality food items that necessitate temperature-regulated transport. As per reports, in Mexico, the yearly average net-adjusted disposable income per capita for households is USD 16,269. Climate change is influencing the operational focus to prioritize energy-efficient and sustainable refrigerated trucks. Producers are consistently enhancing their truck designs to lower energy use and emissions, in response to environmental issues. Additionally, the increasing use of innovative technologies, like real-time temperature tracking and monitoring, is allowing logistics firms to provide more transparent and dependable services, thereby enhancing the market for refrigerated trucks throughout Latin America.

Middle East and Africa Refrigerated Trucks Market Analysis

The need for refrigerated trucks in the Middle East and Africa is growing rapidly due to a variety of changing factors. Businesses are giving more importance to upgrading their cold chain logistics to meet the rising demand for perishable items such as food, drugs, and flowers. Because of urbanization, more people are looking for fresh and quality products, which forces businesses to employ modern refrigeration technologies for distribution. The UNHabitat states that the Republic of South Africa is part and parcel of the most urbanized nations in Africa since around 67% live within urban regions. The space is witnessing growth in terms of e-commerce and online shopping for groceries. This creates a need for last-mile cold delivery to guarantee that items stay fresh while in transit. Authorities are implementing stricter regulations on food safety and temperature-controlled product handling, so businesses are spending on refrigerated vehicles that can meet these demands. With exports constantly going up, especially in the food and pharmaceutical industries, companies rely on refrigerated trucks to maintain product quality during transportation.

Competitive Landscape:

Industry leaders are focusing on enhancing vehicle efficiency and integrating advanced technologies to meet the increasing demands of the sector. They are investing resources in research initiatives to improve refrigeration systems, reduce energy usage, and comply with stringent environmental regulations. Strategic alliances and partnerships are being established to enhance market presence and fortify supply chain systems. Businesses are increasingly focusing on customer-centered solutions, providing customized vehicles designed for particular industry requirements. The push for sustainable methods, such as utilizing environmentally friendly refrigerants and electric refrigeration systems, is gaining greater importance. In 2024, Mullen Automotive collaborated with Emerald Transportation Solutions and the Pap Group to introduce a refrigerated upfit for its Class 3 electric vehicle, the Mullen THREE. Created specifically for carrying perishable items, this solution accommodates loads exceeding 5,300 lbs and reflects Mullen's commitment to sustainable transport. The vehicles qualify for both state and federal incentives, reducing costs for fleet managers.

The report provides a comprehensive analysis of the competitive landscape in the refrigerated trucks market with detailed profiles of all major companies, including:

• Chereau
• Eicher Motors Limited
• Hyundai Hong Kong Co. Limited
• Mahindra & Mahindra Limited
• Tata Motors Limited.

Latest News and Developments:

• September 2024: In a significant push toward green logistics, Yellowings Delivery Services, a promising startup in the electric mobility space, has joined hands with Jubilant FoodWorks to unveil India’s first fully electric reefer pickup truck. This collaboration represented a strong commitment to sustainability in cold chain logistics, aiming to reduce carbon emissions and promote a more inclusive workforce.
• June 2024: South Korea's GS Global Corp. revealed that it has introduced BYD Company Ltd.'s 1-ton EV, the T4K Refrigerated Truck. The T4K refrigerated truck is equipped with an 82 kWh lithium iron phosphate (LFP) blade battery, offering a range of 205 km under standard conditions and 164 km in colder environments.

Refrigerated Trucks Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the refrigerated trucks market from 2019-2033.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global refrigerated trucks market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's Five Forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the refrigerated trucks industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.