The latest report by IMARC Group, titled “India Refrigerated Trucks Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the India refrigerated trucks market reached INR 4.47 Billion in 2021. Refrigerated trucks are uniquely designed for transporting pharmaceutical products and perishable goods, such as fruits, vegetables, seafood, and meat. They are equipped with refrigeration units and equipment and a polyurethane insulated freight box to preserve goods during shipment. They possess direct drive systems that avoid the added cost of a secondary diesel engine and efficiently transport goods. They are used to sell perfumes and colognes as refrigerated trucks prevent chemicals from heating up and changing the scent.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Refrigerated Trucks Market Trends:
At present, there is a rise in the demand for high-quality perishable food products in India, such as meat, poultry, fish, eggs, dairy products, and cooked leftovers. This, along with the burgeoning food and beverage (F&B) industry, represents one of the key factors driving the market. Besides this, there is an increase in the demand for ready-to-eat (RTE), frozen, and processed products due to inflating income of individuals in the country. This, coupled with the improvement of roads for smooth transportation, is contributing to the growth of the market. In addition, the Government of India is undertaking various initiatives to set up cold storage and organized supply chains for expanding business and generating job opportunities. They are also granting subsidies to organizations for investing in the refrigeration market, which is strengthening the market growth. Moreover, the emerging trend of online food delivery and the expanding e-commerce industry in the country is bolstering the growth of the market. Looking forward, IMARC Group expects the market to reach INR 13 Billion by 2027, exhibiting a CAGR of 18.8% during the forecast period (2022-2027).
- Based on the vehicle capacity GVW, the market has been classified into 02-4.5 tons, 7-7.5 tons, 11-12 tons, 18.5 tons, 28.5 tons, and 35 tons.
- On the basis of the sector, the market has been bifurcated into organized sector and unorganized sector. At present, organized sector holds the largest share in the market.
- Based on the body type, the market has been segmented into fully built and customizable.
- On the basis of application, the market has been categorized into meat and fish, dairy products, fruits and vegetables, confectionaries, pharmaceutical, and others. Presently, dairy products exhibit a clear dominance in the market.
- Region-wise, the market has been divided into North India, West and Central India, South India, and East India. Amongst these, West and Central India enjoys the leading position in the market.
- The competitive landscape of the market has been studied in the report, with some of the key players being Carrier Airconditioning & Refrigeration Limited (Carrier Global Corporation), Ice Make Refrigeration Limited, JCBL Limited, KOLD SEAL, Motherson Sumi System Limited, Subros Limited, Surin International Private Limited, Tata Motors Limited, Trane Technologies India Pvt Ltd, and TransACNR.
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