Refrigerated Truck Market is projected to be worth USD 5,836.80 Billion by 2030, registering a CAGR of 6.90% during the forecast period (2022 - 2030)
Market experts have given a clear mandate on the impending growth of the market in the foreseeable future. The refrigerated truck global market size is expected to reach USD 13.9 Billion by the end of 2030. Major European and American key players are maintaining a firm foot on the ground. Based on these projections it is quite clear that the global market is expecting a boom shortly based on multiple factors.
The emergence of COVID-19 brought various kinds of an adverse situations in the market for several industries. But in the case of refrigerated trucks, the effects are not negatory to that extent. Since COVID-19 happened the medical and pharmaceutical industries have been expanding in an enormous volume worldwide. Henceforth, the need for refrigerated trucking is increasing too. The refrigerated truck global market trends suggest that the boom in medical, chemical and pharmaceutical products is keeping the market on the verge of growth is expected.
Although, for series of lockdowns in several parts of the world there was a temporary crash in the food and beverages market. The per capita expenditure had reduced in several countries caused a severe hit to the economy. But since lockdowns are over, markets have recovered fast since then.
The competition is gaining momentum between North America and Asia-Pacific region. The U.S. by far holds the largest share according to market analysis. The rapid change in lifestyle among a billion consumers marks the growth in China is significant in the industry.
One of the major driving forces behind the refrigerated truck market growth is consumer demand. For the past several years there has been a steady growth in per capita consumer spending in major industrial countries. Based on that parameter, there is a significant boost in the food and beverages industry. Food processing and packaged food sectors influence cold chain transportation a lot. An increase in the demand for such products and consumption is driving the market share.An increase in door-to-door deliveries of groceries, food, and beverages all over the world is rooting for reefer trucking. Medical amenities, chemical supplies, and pharmaceutical deliveries are contributing to the refrigerated truck sale globally.
A striving opportunity for the reefer truck market is the infrastructural developments of healthcare industries and consumer good manufacturing as well. Improvement in roads and connectivity is smoothening up inter-state transportation. The cold chain supply is a growing necessity in multiple sectors. Increased vehicles can make the process fast and effective in several countries.
An increase in e-commerce portals, last-mile deliveries also work in the favour of refrigerated truck market size. It is a striving market growing rapidly in the pharmaceutical industry due to the COVID-19 pandemic. The increase in the transportation of life-saving medical drugs, vaccines, general medicines, supplements, and others will create a lot of requirements for reefer trucks in the future.
One of the key restraints in the refrigerated truck market growth is the COVID-19 pandemic right now. Due to the viral infection crisis, the human resource or manpower is getting affected in the industry. Economic recession in the automobile industry is also squeezing the market for reefer trucks. Inadequate human resource is a glaring slump road for the market. Stringent inter-state laws and regulations due to the pandemic are another restraining factor for refrigerated truck sale. Since the refrigeration environment is a breeding ground for viruses and infectious bacteria, strict Government protocols are restricting the market to grow also.
One of the major challenges in front of the market is the large unorganized sectors in several developing and under-developing countries in the world. Various small operators are falling inadequate in providing efficient back-end logistics to big corporations and manufacturers. Refrigerated truck market analysis shows lack of large investments for maintaining standardization is another challenging aspect for the market. In third-world countries face challenges due to under-developed road networks and highways. Unless countries with huge consumer percentages improve the infrastructure of cold chain transportation, the market will face inevitable challenges.
Recent stats are showing that the refrigerated truck market is going to reach USD 10.5 billion by the end of 2026. The market size will expand at a CAGR of 5.1% for the forecast period of 2020-2026. In 2017 the global market for refrigerated trucks was at USD 6.36 billion. The COVID-19 pandemic has certainly put restraints before the market. Although, the boom in the medical industry shows fast recovery for the reefer truck market too. According to a projection the pharmaceutical requirement for refrigerated trucks will maximize by 2026.
There are multiple sectors where cold-chain transport is required. The refrigerated truck market share relies on sectors like processed food, frozen food, packaged food and beverages, pharmaceutical supplies, chemical supplies, etc. In that manner, the chain of a network of refrigerated trucks is quite valuable. The co-dependence between manufacturers and cold-chain transport for temperature-sensitive products maintains the increase of the market.
The refrigerated truck global market size can be segmented based on type, capacity, application, region, etc. There are various subsections based on the segments, i.e.-
The global market segment for refrigerated trucks is spread throughout the world. Various continents have market trends different from each other. The difference between consumer patterns marks the diversity of the market. As of now, North America holds the largest share of the global market for reefer trucks. Particularly the US is the main driving force working behind the larger expansion of the cold chain transportation. The advent in national and international fast-food chains employ a big percentage of the trucks.
Especially, China, India, and Japan in the Asia-Pacific region are expected to be the fastest region to grow the global market. The growing need for processed food and beverages and pharmaceutical products is two key factors that contribute to the holistic growth of reefer trucks. The increasing demand for processed meat and seafood industry is boosting the market rapidly.
A refrigerated truck or a reefer truck is a special kind of freight carrier vehicle that is designed to transport temperature-sensitive goods and supplies. Reefer is a refrigerated storage unit that gets attached to a semi-truck that is capable of carrying a huge number of perishable products. The market demand for these trucks is increasing each year for an increase in consumers, which contributes directly to the market growth. Several industries require reefer trucks other than food and beverage products.
This report provides objective insights on various aspects of the refrigerated truck global market. This report features-
|Market Size||USD 5,836.80 million|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Tonnage Capacity, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Kögel Trailer GmbH & Co.KG (Germany), Hyundai Translead. Inc. (US), Wabash National (US), Fahrzeugwert Bernard Krone Gmbh & Co.KG (Germany), China International Marine Containers (Group) Ltd. (China), GRW Tankers and Trailers (US), Lamberet SAS (France), Great Dane LLC (US), Chereau (France), Schmitz Cargobull AG (Germany)|
|Key Market Opportunities||
|Key Market Drivers||
The packaged and frozen food segment in Asia-Pacific countries like China and India is expected to have significant growth in the coming future.
At present, the projection says the refrigerated truck market will grow at a CAGR of 6.90% of the forecast period of 2022-2030
Stringent regulations on carbon emission and special protection under the COVID-19 pandemic regulations can put challenges in front of the market.