Refrigerated Trucks Market Research Report 2024
Refrigerated Trucks Market Global Industry Analysis and Forecast (2024-2032) By Type (Light Commercial Vehicle, Medium Commercial Vehicle, Heavy Commercial Vehicle), Tonnage Capacity (Less Than 10 Tons, 10-20 Tons, More Than 20 Tons), Application (Food and Beverage Industry, Pharmaceutical Industry, Chemical Industry), And Region
Refrigerated Trucks Market Synopsis
Refrigerated Trucks Market Size Was Valued at USD 4098.89 Million in 2023 and is Projected to Reach USD 7466.21 Million by 2032, Growing at a CAGR of 6.89% From 2024 to 2032.
Refrigerated trucks, also known as reefer trucks, are specifically built to carry perishable items at regulated temperatures. This system safeguards the freshness and quality of goods to ensure they arrive at their destination in good condition.Refrigerated trucks play an important role in the food and beverage industry by preserving freshness, ensuring food safety, and enabling quick deliveries to stores and customers.
In the pharmaceutical and healthcare field, these trucks maintain product integrity and comply with regulations to protect patient health by transporting medications and medical supplies at controlled temperatures.Refrigerated trucks in the floral and horticulture industry ensure freshness and reduce waste by regulating temperature and humidity, allowing for broader market reach.These trucks help facilitate a seamless supply chain, and effective inventory control and enhance the shelf life of perishable products for wholesale and distribution needs. Refrigerated transportation is essential in multiple sectors to preserve product quality, comply with regulations, and meet customer needs.
Source: Company Database
- The global cold chain logistics market was worth almost 248.38 billion U.S. dollars in 2020 and was exceed 292.89 billion U.S. dollars by 2023.
- Cold chain logistics involves the transportation of temperature-controlled products along a supply chain using refrigerated packaging solutions to preserve the quality of products such as fresh agricultural goods, seafood, frozen food, or pharmaceutical products.
Top Active Players Involved Are:
Chereau (France), Eicher Motors Limited (India), Hyundai Hong Kong Co. Limited (South Korea), Mahindra & Mahindra Limited (India), Tata Motors Limited (India), Kögel Trailer GmbH & Co.KG (Germany), Hyundai Translead, Inc. (South Korea), Wabash National (United States), Fahrzeugwerk Bernard Krone GmbH & Co.KG (Germany), China International Marine Containers (Group) Ltd. (China), GRW Tankers and Trailers (South Africa), Lamberet SAS (France), Great Dane LLC (United States), Schmitz Cargobull AG (Germany), Thermo King Corporation (United States), Carrier Transicold (United States), Daikin Industries Ltd. (Japan), Ingersoll Rand Inc. (United States), Mitsubishi Heavy Industries Ltd. (Japan), Wabash National Corporation (United States), Utility Trailer Manufacturing Company (United States), Gray & Adams Ltd. (United Kingdom), Frigoblock Grosskopf GmbH (Germany), Hubbard Products Ltd. (United Kingdom), Klinge Corporation (United States), and Other Active Players.
Refrigerated Trucks Market Trend Analysis
Increasing Demand for Temperature-Sensitive Products
- There is a rise in the perishable food sector, as more people are seeking fresh fruits, vegetables, dairy, meat, seafood, and frozen products and these refrigerated trucks play a vital role in preserving the quality and safety of perishable goods while they are being transported.
- The pharmaceutical and healthcare industries are growing, necessitating precise temperature regulation for vaccines, biologics, drugs, and medical equipment. Refrigerated trucks offer a dependable setting for moving these essential healthcare products.
- The global exchange of fresh fruits and vegetables is on the rise, and refrigerated trucks are essential for maintaining the freshness of perishable goods when traveling long distances.
- The shift in consumer preferences towards fresh and high-quality food items is leading to an increase in the use of refrigerated trucks to satisfy demands for freshness and safety throughout the supply chain.
Opportunity Technological Advancements
- Advanced temperature control systems in refrigerated trucks now feature smart monitoring and real-time data analysis to accurately manage temperatures, enhancing the quality and safety of products while also boosting their usage.
- Telematics and connectivity options help fleet managers increase fleet control and remotely oversee temperature conditions, resulting in better efficiency and cost reductions. Technological progress is geared towards improving energy efficiency and sustainability through decreased energy use and carbon emissions.
- Technological solutions like RFID, IoT, and blockchain improve cold chain visibility and traceability, guaranteeing compliance and boosting supply chain efficiency and food safety.
- Self-driving and electric refrigerated trucks are becoming market opportunities as well, optimizing routes, decreasing mistakes, and providing a sustainable option to diesel-fueled vehicles.
Refrigerated Trucks Market Segment Analysis:
Refrigerated Trucks market is segmented on the basis of Type, Tonnage Capacity, and Application.
By Type, Light Commercial Vehicle Segment Is Expected to Dominate the Market During the Forecast Period
There are three segments by type such as light commercial vehicle, medium commercial vehicle, and heavy commercial vehicle. Among these, light commercial vehicle segment is expected to dominate the market during the forecast period.
- Small businesses prefer light commercial refrigerated trucks for their affordability and flexibility. The rise in online shopping has led to an increased demand for last-mile delivery services, in which these trucks are highly skilled at manoeuvring through small spaces.
- Positive government policies also assist in the utilization of environmentally friendly refrigerated trucks, encouraging their implementation through incentives.
- The increase in urbanization and population size has led to a higher need for food distribution, particularly in urban areas where small commercial vehicles are perfect for carrying perishable items. The development of technology, specifically smaller and more efficient refrigeration systems, has increased the appeal of these trucks to companies.
- Overall, there is a strong need for light commercial refrigerated trucks due to their effectiveness, appropriateness for final delivery stages, adherence to rules, and technological progress within the sector.
By Application, Food & Beverage Industry Segment Held the Largest Share In 2023
There are three segments by application such as food and beverage industry, the pharmaceutical industry, chemical industry. Among these, the food & beverage industry segment held the largest share in 2023.
- Refrigerated trucks are essential for the food and beverage industry for ensuring the quality and safety of perishable items such as fruits, vegetables, milk, meat, and seafood during transportation.
- Stringent regulations for food safety uphold the quality of products and foster trust among consumers and the refrigerated trucks play a crucial role in maintaining freshness by ensuring the cold chain remains unbroken, thus avoiding temperature variations.
- The food and beverage industry currently require more refrigerated trucks due to the increasing international presence of cold supply chains. Investments in dependable transportation and cold chain logistics are crucial as consumer preferences increasingly favor convenience and quality.
- The rise in popularity of pre-packaged and convenient foods underlines the significance of refrigerated transportation in maintaining the quality and freshness of products during the supply chain process.
Refrigerated Trucks Market Regional Insights:
Asia Pacific is Expected to Dominate the Market Over the Forecast Period
- Factors like population increase, urbanization, and higher disposable incomes drives the growth in the food and beverage industry in Asia Pacific. This increased demand for refrigerated transportation made Asia Pacific an important market for refrigerated trucks, needed to safely deliver food products.
- Countries such as China, Japan, India, and South Korea, play a significant role in the global trade of perishable items. Refrigerated trucks are essential for transporting these products, helping to maintain Asia Pacific's market dominance.
- The improvement of infrastructure in the area, such as funding for roads, ports, and cold storage facilities, aids in the effective transfer of perishable products through the use of refrigerated trucks. The increase in e-commerce platforms in Asia Pacific has also led to an increased need for refrigerated trucks for final mile delivery of fresh food items.
- Government efforts to encourage sustainable transportation practices and the use of eco-friendly refrigerated trucks also strengthen Asia Pacific's market dominance.
Refrigerated Trucks Market Active Players
- Chereau (France)
- Eicher Motors Limited (India)
- Hyundai Hong Kong Co. Limited (South Korea)
- Mahindra & Mahindra Limited (India)
- Tata Motors Limited (India)
- Kögel Trailer GmbH & Co.KG (Germany)
- Hyundai Translead, Inc. (South Korea)
- Wabash National (United States)
- Fahrzeugwerk Bernard Krone GmbH & Co.KG (Germany)
- China International Marine Containers (Group) Ltd. (China)
- GRW Tankers and Trailers (South Africa)
- Lamberet SAS (France)
- Great Dane LLC (United States)
- Schmitz Cargobull AG (Germany)
- Thermo King Corporation (United States)
- Carrier Transicold (United States)
- Daikin Industries Ltd. (Japan)
- Ingersoll Rand Inc. (United States)
- Mitsubishi Heavy Industries Ltd. (Japan)
- Wabash National Corporation (United States)
- Utility Trailer Manufacturing Company (United States)
- Gray & Adams Ltd. (United Kingdom)
- Frigoblock Grosskopf GmbH (Germany)
- Hubbard Products Ltd. (United Kingdom)
- Klinge Corporation (United States), and Other Active Players.
Key Industry Developments in the Refrigerated Trucks Market:
- In May 2024, Navistar, Great Dane and Carrier Transicold, part of Carrier Global Corporation has collaborated to launch a commercial evaluation program using all-electric refrigeration technology on a battery-electric truck for sustainable, direct-emissions-free distribution of refrigerated and frozen food.
- In February 2024, UNICEF and Gavi, the Vaccine Alliance, handed over four refrigerated trucks for vaccine transportation to the Government of Nepal’s Ministry of Health and Population in Kathmandu. The refrigerated trucks will ensure the safe delivery of essential vaccines from federal vaccine storage facilities to provincial and district vaccine stores.
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Refrigerated Trucks Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
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Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 4098.89 Mn. |
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Forecast Period 2024-32 CAGR: |
6.89 % |
Market Size in 2032: |
USD 7466.21 Mn. |
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Segments Covered: |
By Type |
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By Tonnage Capacity |
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By Application |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Refrigerated Trucks Market by By Type
4.1 Refrigerated Trucks Market Snapshot and Growth Engine
4.2 Refrigerated Trucks Market Overview
4.3 Light Commercial Vehicle
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in
Frequently Asked Questions
What would be the forecast period in the Refrigerated Trucks Market research report?
The forecast period in the Refrigerated Trucks Market research report is 2024-2032.
Who are the key players in the Refrigerated Trucks Market?
Chereau (France), Eicher Motors Limited (India), Hyundai Hong Kong Co. Limited (South Korea), Mahindra & Mahindra Limited (India), Tata Motors Limited (India), Kögel Trailer GmbH & Co.KG (Germany), Hyundai Translead, Inc. (South Korea), Wabash National (United States), Fahrzeugwerk Bernard Krone GmbH & Co.KG (Germany), China International Marine Containers (Group) Ltd. (China), GRW Tankers and Trailers (South Africa), Lamberet SAS (France), Great Dane LLC (United States), Schmitz Cargobull AG (Germany), Thermo King Corporation (United States), Carrier Transicold (United States), Daikin Industries Ltd. (Japan), Ingersoll Rand Inc. (United States), Mitsubishi Heavy Industries Ltd. (Japan), Wabash National Corporation (United States), Utility Trailer Manufacturing Company (United States), Gray & Adams Ltd. (United Kingdom), Frigoblock Grosskopf GmbH (Germany), Hubbard Products Ltd. (United Kingdom), Klinge Corporation (United States), and Other Active Players.
What are the segments of the Refrigerated Trucks Market?
The Refrigerated Trucks Market is segmented into Type, Tonnage Capacity, Application, and region. By Type, the market is categorized into Light Commercial Vehicle, Medium Commercial Vehicle, Heavy Commercial Vehicle. By Tonnage Capacity, the market is categorized into Less Than 10 Tons, 10-20 Tons, More Than 20 Tons. By Application, the market is categorized into the Food and Beverage Industry, Pharmaceutical Industry, and Chemical Industry. By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
What is the Refrigerated Trucks Market?
Refrigerated trucks, also known as reefer trucks, are specifically built to carry perishable items at regulated temperatures. This system safeguards the freshness and quality of goods to ensure they arrive at their destination in good condition.
How big is the Refrigerated Trucks Market?
Refrigerated Trucks Market Size Was Valued at USD 4098.89 Million in 2023 and is Projected to Reach USD 7466.21 Million by 2032, Growing at a CAGR of 6.89% From 2024 to 2032.
