India Refrigerated Trucks Market to Reach INR 24.8 Billion by 2032, Propelled by Rapid Expansion in Cold Chain Logistics Sector

April 14, 2023 | Transportation and Logistics

According to the latest report by IMARC Group, titled “India Refrigerated Trucks Market Report by Vehicle Capacity GVW (02 – 4.5 Tons, 7 – 7.5 Tons, 11-12 Tons, 18.5 Tons, 28.5 Tons, 35 Tons), Sector (Organized Sector, Unorganized Sector), Body Type (Fully Built, Customizable), Application (Meat and Fish, Dairy Products, Fruits & Vegetables, Confectionaries, Pharmaceutical, and Others), and Region 2024-2032”, the India refrigerated trucks market size reached INR 6.4 Billion in 2023. Refrigerated trucks, also known as reefers, are enclosed vehicles designed to transport perishable goods over long distances at controlled temperatures. These vehicles are equipped with refrigeration units and facilitate multiple temperature zones to maintain a controlled temperature within the cargo compartment. The cooling system is generally powered by diesel engines, generators, or external power sources. Their flexible temperature settings enable them to operate over long distances, thereby allowing more exhaustive goods distribution across the country or internationally. Due to the added refrigeration equipment, these trucks are typically larger than their non-refrigerated counterparts. Some of the advantages of refrigerated trucks include reduced waste and spoilage of perishable goods during transportation, provide flexibility in temperature ranges depending on the cargo type, and can increase shelf life of perishable goods. As a result, they are commonly used for transporting a wide range of temperature-sensitive perishable products, including fresh produce, meat, dairy products, frozen foods, and pharmaceuticals. 

India Refrigerated Trucks Market Trends:

The market in India is majorly driven by the rapid expansion of cold chain logistics sector across the country. This can be attributed to the growing demand for high-quality perishable food products, along with the increasing number of food retail services. In line with this, the shifting consumer preference toward ready-to-eat (RTE), frozen, chilled, and processed food products due to the increasingly hectic work schedules and sedentary lifestyles led by the masses is providing an impetus to the market. Additionally, considerable growth in the healthcare industry, along with the increasing need for secure transportation of temperature-sensitive commodities, such as vaccines, clinical trial materials, drugs and biopharmaceuticals, is also impacting the market positively. The market is further fueled by rising investments in the development of cutting-edge medical facilities and research laboratories facilitating the conservation of heat-sensitive biological substances. Stringent government regulations requiring transportation of perishable goods to comply with specific temperature standards are further augmenting the demand for refrigerated trucks. The rise in international trade leading to an increase in the transportation of perishable goods across long distances is also acting as a significant growth-induing factor for the market. Furthermore, continual technological advancements in refrigeration technology, such as the advent of more efficient and cost-effective refrigeration systems, are creating a positive market outlook. Some of the other factors contributing to the market include rapid urbanization, inflating disposable income levels, rising medical expenditure and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of INR 24.8 Billion by 2032, exhibiting a CAGR of 15.8% during 2024-2032. 

Market Summary:

  • Based on the vehicle capacity GVW, the market has been segmented 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 divided into organized sector and unorganized sector. Among these, organized sector accounts for the dominant market share. 
  • Based on the body type, the market has been categorized into fully built and customizable.
  • On the basis of the application, the market has been classified into meat and fish, dairy products, fruits and vegetables, confectionaries, pharmaceutical, and others. Currently, dairy products hold the largest market share. 
  • On the geographical front, the market has been segregated into North India, West and Central India, South India, and East India. At present, West and Central India holds the leading position in the market. 
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units INR Billion
Segment Coverage Vehicle Capacity GVW, Sector, Body Type, Application, Region
Region Covered  North India, West and Central India, South India, East India
Companies Covered Carrier Airconditioning & Refrigeration Limited (Carrier Global Corporation), Ice Make Refrigeration Limited, JCBL Limited, KOLD SEAL, Motherson Sumi System Ltd, Subros Limited, Surin International Private Limited, Tata Motors Limited, Trane Technologies India Pvt Ltd and TransACNR
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India Refrigerated Trucks Market to Reach INR 24.8 Billion by 2032, Propelled by Rapid Expansion in Cold Chain Logistics Sector
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