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:

• Market Growth and Size: The global refrigerated trucks market reached US$ 9.8 billion in 2023 and is projected to reach US$ 15.4 billion by 2032, with a CAGR of 5.13% during 2024-2032.
• Major Market Drivers: Increasing demand for temperature-sensitive products, rising consumption of food products like seafood and meat, growing need for vaccines and biopharmaceuticals, and shifting preferences towards frozen food are the key factors propelling the market.
• Technological Advancements: Leading companies are incorporating smart sensors, telematics, GPS, and remote control capabilities in refrigerated trucks for real-time temperature tracking, efficient route planning, and remote monitoring of cargo conditions. Advanced cooling technologies are also being integrated to reduce fuel consumption and emissions.
• Industry Applications: Refrigerated trucks are primarily used in the food and beverage industry for safe transportation of perishable goods, as well as in the pharmaceutical and chemical industries to maintain the quality and efficacy of temperature-sensitive products during transit.
• Key Market Trends: Rise in health consciousness and vegan lifestyles is driving demand for protein supplements, which in turn fuels the need for refrigerated transportation of related products. Additionally, the adoption of plant-based diets and the growing demand for packaged ready-to-eat meals are influencing market growth.
• Geographical Trends: Asia Pacific dominates the refrigerated trucks market, driven by factors such as the increasing number of food retail services, investments in medical facilities, and the demand for efficient online product delivery. North America and Europe also contribute significantly to market growth.
• Competitive Landscape: Leading companies like Chereau, Eicher Motors Limited, Hyundai Hong Kong Co. Limited, Mahindra & Mahindra Limited, and Tata Motors Limited are investing in innovative technologies and sustainability measures to enhance their market position. Collaboration and product development initiatives are also observed among key players.
• Challenges and Opportunities: Challenges include stringent regulatory requirements for temperature-sensitive products, rising fuel costs, and environmental concerns. However, opportunities lie in the development of more sustainable refrigeration technologies, expansion into emerging markets, and the integration of advanced logistics solutions for improved efficiency and cost-effectiveness.
   

The increasing demand for temperature sensitive products is strengthening the growth of the market around the world. Moreover, the rising consumption of seafood, meat, dairy and other food products and the growing demand for packaged ready to eat (RTE) meals due to the expanding purchasing power of consumers and hectic schedules is favoring the growth of the market. In addition, shifting preferences towards frozen food and significant growth in the food and beverage (F&B) industry are contributing to the market growth. Apart from this, the rising need for vaccines and biopharmaceuticals, on account of the rising prevalence of infectious and chronic ailments, is propelling the growth of the market. Furthermore, stringent policies undertaken for the safe storage and distribution of time and temperature sensitive pharmaceutical products (TTSPPs) from international health organizations is creating a positive outlook for the market.

Refrigerated Trucks Market Trends/Drivers:

Increase in health and fitness awareness

As health consciousness rises, individuals are seeking ways to achieve their fitness goals. Protein supplements provide a convenient source of essential amino acids crucial for muscle repair and growth. People are increasingly aware about the role protein plays in maintaining a healthy body composition and aiding weight management.

Rise in vegan and vegetarian lifestyles

The vegan and vegetarian population often faces challenges in obtaining adequate protein from plant-based diets alone. Protein supplements derived from sources like pea, soy, or rice offer a feasible solution, which caters to the dietary preferences of this growing demographic.

Growing change in lifestyles and dietary patterns

Modern lifestyles often lead to inadequate protein intake from regular diets. Protein supplements provide a quick and efficient solution for those with busy schedules or dietary restrictions. The shift towards plant-based diets has also boosted the demand for alternative protein sources, such as plant-based protein supplements.

Refrigerated Trucks Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global refrigerated trucks market, along with forecasts at the global, regional and country levels from 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 dominates the market

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 report, light commercial vehicle represented the largest segment. A light commercial refrigerated truck is a smaller vehicle designed for transporting perishable goods over short distances. It is often used for local deliveries, catering, and small-scale distribution. It has a lower carrying capacity as compared to larger trucks and is typically built on a smaller chassis. Light commercial refrigerated truck is suitable for businesses that require frequent deliveries within a limited geographic area.

Medium commercial refrigerated trucks are larger than light commercial vehicles but smaller than heavy commercial ones. They offer a balance between carrying capacity and maneuverability, which makes them suitable for regional or city-wide distribution of temperature-sensitive products. These trucks can handle larger loads as compared to light commercial vehicles and are commonly used by businesses that need to transport goods over medium distances.

Heavy commercial refrigerated trucks are the largest and most robust among the three categories. They are designed for long-haul transportation of perishable items, which covers extensive distances. These trucks have a high carrying capacity and often include advanced cooling systems to maintain the required temperature throughout the journey. Heavy commercial refrigerated trucks are used for transporting large quantities of goods between different regions or even countries.

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 has also been provided in the report. This includes less than 10 tons, 10-20 tons, and more than 20 tons.

Refrigerated trucks with a tonnage capacity of less than 10 tons are designed to carry relatively smaller loads. These trucks are typically used for short-distance deliveries or for transporting perishable goods within a local area. They are suitable for businesses that deal with smaller quantities of temperature-sensitive products and require frequent trips.

Refrigerated trucks with a tonnage capacity between 10 and 20 tons are in the mid-range category. They offer a higher carrying capacity compared to smaller trucks, which makes them suitable for medium-distance deliveries and regional distribution. These trucks can accommodate a moderate amount of cargo and are often used by businesses that need to transport goods between cities or neighboring regions.

Refrigerated trucks with a tonnage capacity of more than 20 tons are the largest and most robust among the categories. They are designed for long-haul transportation of significant quantities of perishable products. These trucks can carry substantial loads over extensive distances and are commonly used for intercity or cross-country transportation of goods.

Breakup by Application:

• Food and Beverage
• Pharmaceuticals
• Chemicals
• Others
   

Food and beverage dominate the market

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.

The pharmaceutical industry relies on refrigerated trucks to transport temperature-sensitive medical products, vaccines, and medications. Refrigerated trucks help pharmaceutical companies distribute their products to hospitals, clinics, pharmacies, and other medical facilities while adhering to strict regulatory standards. These trucks provide a controlled environment to ensure that pharmaceuticals maintain their efficacy and quality during transit.

Refrigerated trucks are also used in the chemical industry to ensure the safe delivery of chemicals. Chemical manufacturers and distributors can ensure the integrity and safety of their products during transportation by using refrigerated trucks. These trucks can maintain temperatures that prevent volatility, decomposition, or other unwanted reactions.

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 exhibits a clear dominance, 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 accounted for the largest market share. 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, 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 like groceries is influencing the market positively in the region.

Competitive Landscape:

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. 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.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

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

Recent Developments:

• In 2021, Hyundai Hong Kong Co. Limited launched a #HyundaiJabSecurity campaign and introduced MedTRX Series of vaccine transport trucks.
• In 2023, Chereau collaborated with Girteka to develop more sustainable equipment for refrigerated transports. 

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 2018-2032.
• 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 assist 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.