Refrigerated Trucks Market

Refrigerated Trucks Market Size:

The global refrigerated trucks market size reached US$ 9.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 15.4 Billion by 2032, exhibiting a growth rate (CAGR) of 5.13% during 2024-2032. The increasing demand for temperature sensitive products, rising consumption of seafood, meat, dairy, and other food products, and the growing need for vaccines and biopharmaceuticals are some of the major factors propelling the market.

Refrigerated Trucks Market Analysis:

• Major Market Drivers: The main factors contributing to the market include growing demand for temperature-sensitive products, increased consumption of seafood and meat, and the growing need for vaccines and biopharmaceuticals, apart from a shift in preference toward frozen foods.
• Key Market Trends: Growth in health awareness and vegan lifestyles increases demand for protein supplements, which, in turn, propels the demand for refrigerated transportation of related items. Besides this, the rising trend for plant-based diets and increasing demand for ready-to-eat packaged meals have an impact on the refrigerated trucks market growth.
• Geographical Trends: The factors contributing to the growth of the Asia Pacific refrigerated trucks market include an increase in food retail services, investments in medical facilities, and a demand for high efficiency in online product delivery. North America and Europe also show notable market growth.
• Competitive Landscape: Some of the major market players in the refrigerated trucks industry include Chereau, Eicher Motors Limited, Hyundai Hong Kong Co. Limited, Mahindra & Mahindra Limited, and Tata Motors Limited, among many others.
• Challenges and Opportunities: The challenges of this industry include stringent regulatory requirements regarding temperature-sensitive products, increasing fuel prices, and growing environmental concerns. On the contrary, opportunities arise from the development of more environmental refrigeration technologies, expansion into emerging markets, and the integration of advanced logistics solutions for better efficiency and cost-effectiveness.
   

Refrigerated Trucks Market Trends:

Growing Demand for Fresh and Frozen Food

In recent times, the increasing demand for fresh and frozen food is considered a significant factor creating a positive refrigerated trucks market outlook. The global population has become highly urbanized, and individuals seek fresh, healthy food items including fruits, vegetables, dairy products, and frozen items. According to UNCTAD, global urban population reached 56.9% in the year 2022. This change is driven by increased awareness about health issues and high demand from consumers for easily accessible foods that are needed to be at the appropriate temperature during transport. The retail chains, supermarkets, and foodservice providers have realized the need to expand product varieties to address such demand, consequently, they need to use refrigerated trucks as part of the distribution chain process to ensure that products remain fresh and safe.

Expansion of the Pharmaceutical Industry

The expansion of pharmaceutical industry is another important factor escalating the global refrigerated trucks demand. As per Gitnux, the global pharmaceutical market reached $1.42 Trillion in the year 2021. Pharmaceuticals, especially vaccines, biologics, and certain pharmaceuticals, require strict temperature controls to ensure that they remain effective and safe. This significant increase in pharmaceutical research and development (R&D), coupled with rising healthcare awareness globally, serves as a major factor responsible for increasing the refrigerated trucks market scope. The COVID-19 pandemic clearly elucidated the importance of an effective cold chain, as it was vital in vaccine distribution which required a precise temperature management.

Advancements in Technology

Advancements in technology are reshaping the refrigerated trucks market, introducing innovations that enhance efficiency, safety, and environmental sustainability. Modern refrigerated trucks are equipped with advanced temperature monitoring systems, GPS tracking, and telematics, allowing for real-time data on the condition of goods and vehicle performance. These technologies help in optimizing routes, improving fuel efficiency, and ensuring that temperature regulations are strictly adhered to, reducing the risk of spoilage. Additionally, the refrigerated trucks market forecast, indicates significant growth through the development of energy-efficient cooling systems and alternative fuel options, such as electric or hybrid refrigerated trucks, contribute to reducing the carbon footprint of transportation.

Refrigerated Trucks Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, tonnage capacity, and application.

Breakup by Type:

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

Light commercial Vehicle accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes light commercial vehicle, medium commercial vehicle, and heavy commercial vehicle. According to the refrigerated trucks market research report, light commercial vehicle represented the largest segment.

A light commercial refrigerated truck is a smaller vehicle designed for transporting perishable commodities over short distances. It finds application in localized delivery, catering service, and small-scale distribution. It has a lower carrying capacity than its larger counterparts, and the building of the body is on the smaller chassis. This truck ideally serves for those businesses which need frequent deliveries within their limited area of operation. The trucks prove advantageous for businesses in cities where the streets are not too wide and parking is a major concern.

Breakup by Tonnage Capacity:

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

A detailed breakup and analysis of the market based on the tonnage capacity have also been provided in the report. This includes less than 10 tons, 10-20 tons, and more than 20 tons.

Refrigerated trucks with less than 10 tons of capacity are built to move relatively smaller cargo. Such vehicles offer local or short-distance delivery services or move perishable goods around the local vicinity. They are suitable for those businesses that operate with smaller volumes of temperature-sensitive commodities and have to make trips quite frequently.

The middle range is refrigerated trucks with a capacity of 10 to 20 tons. Providing far greater carrying capacities compared to trucks with less than 10 tons of capacity, they are ideal for medium-distance deliveries and regional distribution. They carry a moderate amount of cargo and are normally utilized by companies needing to move products to another city or a neighboring area.

The largest and most robust of the categories is the refrigerated trucks with a capacity of more than 20 tons. They are designed to carry big amounts of perishable products over great distances. These trucks can carry immense loads over long distances and are normally used for intercity or cross-country transportation of goods.

Breakup by Application:

• Food and Beverage
• Pharmaceuticals
• Chemicals
• Others
   

Food and beverage represent the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the application. This includes food and beverage, pharmaceuticals, chemicals, and others. According to the report, food and beverage represented the largest segment.

Refrigerated trucks play a crucial role in the food and beverage (F&B) industry by ensuring the safe transportation of perishable goods. The ability to maintain controlled temperatures helps prevent spoilage, preserve taste, and meet food safety regulations. These trucks maintain specific temperature conditions to preserve the freshness and quality of items, such as fresh produce, dairy products, frozen foods, seafood, and meat. F&B businesses use refrigerated trucks for distributing goods from manufacturers to wholesalers, retailers, restaurants, and even directly to consumers.

Breakup by Region:

• 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
   

Asia Pacific leads the market, accounting for the largest refrigerated trucks market share

The report has also provided a comprehensive analysis of all the major regional markets, which include 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. According to the report, Asia Pacific was the largest regional market for refrigerated trucks.

The increasing number of food retail services represents one of the primary factors driving the demand for refrigerated trucks in the Asia Pacific region. Moreover, recent refrigerated trucks market insights reveal that the rising investments in the development of advanced medical facilities and research laboratories is bolstering the market growth in the region. Besides this, the growing need for efficient delivery of online products such as groceries is influencing the market positively in the region. The expanding e-commerce sector in the Asia Pacific is accelerating the demand for refrigerated trucks, as consumers expect faster and fresher delivery of perishable goods. This rise in online shopping has led to more frequent shipments of temperature-sensitive products, such as pharmaceuticals and fresh produce. Furthermore, increased government initiatives promoting cold chain infrastructure have created a favorable environment for the refrigerated truck industry.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the refrigerated trucks industry include Chereau, Eicher Motors Limited, Hyundai Hong Kong Co. Limited, Mahindra & Mahindra Limited, and Tata Motors Limited.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• The leading companies are incorporating smart sensors and monitoring systems in refrigerated trucks to ensure real time temperature tracking and provide alerts and notifications to drivers and fleet managers if there are any temperature deviations. They are also adopting the use of telematics and a global positioning system (GPS) to track the location, speed, and performance of refrigerated trucks. It also helps monitor fuel consumption, driving behavior, and maintenance needs and enables efficient route planning, reducing delivery times and fuel consumption while optimizing temperature control. Moreover, key players introducing refrigerated trucks equipped with remote control capabilities, which allows drivers or operators to adjust temperature settings and monitor cargo conditions from a distance, which in turn, is shaping the refrigerated trucks market dynamics. They also offer refrigerated trucks with data logging and reporting functionalities to record temperature data throughout the journey, which can be later analyzed to ensure compliance with regulations and quality standards.

Refrigerated Trucks Market News:

• May 31, 2024: GreenPower Motor Company Inc., a leading manufacturer and distributor of purpose-built, all-electric, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, unveil a new, state-of-the-art, all-electric refrigerated truck solution to serve the needs of fleets and customers looking for a cold-chain transportation solution for middle and last-mile delivery in Philadelphia, Pennsylvania.

Refrigerated Trucks Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry 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 2018-2032.
• The research report 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.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.