The global refrigerated trucks market size was estimated to be US$ 4.12 billion in 2020 and is expected to reach US$ 13.5 billion by 2031 at a CAGR of 11.6%.
Refrigerated vehicle alludes to the temperature-controlled cargo transporting vehicles, like refrigerated trucks and steel trailers. These vehicles are furnished with an implicit cooling framework that keeps up with the desired temperature all through the transportation process. They are regularly utilized for shipping items like natural products, meat, fish, and dairy, alongside non-food items like drugs and blossoms. These vehicles help in enhancing the time span of usability of the item, while guaranteeing all year accessibility of seasonal items.
Cold chain logistics services have turned into an idea in the transportation business. In chilly chain logistics service, the key equipment is the truck refrigeration framework, which is the way to guarantee security of short-lived products and fresh food during transportation. As of now, the refrigerated vehicle rate in developed nations is over half, and surprisingly in nations like Japan, the US, and nations in Western Europe, it is just about as high as 80% to 90%.
The development of the cold chain industry assumes a significant part in driving development. Cold chains logistics shields transient items from decay during transportation and can henceforth be considered as a fundamental component in the food and drink industry. The administrations are slowly carrying out the public foundation and the enactment essential for the development of cold chains. At the same time, specialist co-ops are preparing their workers and aiding them in improving their specialized mastery in the activity, the board, and support of specific offices needed to store and transfer food.
Refrigerated truck armada administrators are additionally incorporating cutting edge innovations, like winding blowers, to improve the proficiency of the refrigerant. A few reefer truck rental arrangement providers are putting forcefully in introducing sensors and deploying IT foundation fit for offering a moment by-minute report on the temperature levels while the vehicle is on the way. Subsequently, the developing incorporation for telematics, GPS frameworks, route frameworks, and temperature-observing sensors are relied upon to lift the logistics business, which thus, is expected to help the market development during 2021-2031.
Cell phone usage expansion, combined with the developing inclination for ecommerce shopping and home delivery, has changed the manner in which buyers search for the food items they need in their everyday life. Versatile application based ordering has supported the demand for new food items, particularly from Quick Service Restaurants (QSRs), which need a standard reserves of frozen food items. Henceforth, it has additionally multiplied the demand for continuous strategic administrations to stay aware of the stock, which, thus, is expected to increase the demand during 2021-2031.
Also, retailers are zeroing in on developing long haul vital intending to withstand solid rivalry in the retail business just as the change in buyer inclinations. The creation of products of the soil has fallen in Europe inferable from nonseasonal conditions that could introduce openings for the frozen food industry, which thus is additionally expected to drive the market during 2021-2031.
The market in the U.K. is ready to extend at a considerably high CAGR from 2021 to 2031. The U.K. frozen food item industry is presently the quickest developing retail class. Additionally, extension of retail natural ways of life is probably going to spike the demand for cold chain logistics service industry over the 2021-2031 figure time frame, accordingly expanding the demand for reefer truck rentals in the country.
Global Refrigerated Trucks Market Value Share Analysis, by Geography (2022)
The report titled “Global Refrigerated Trucks Market - Global Market Share, Trends, Analysis and Forecasts, 2023-2032”, wherein 2021 is historic period, 2022 is the base year, and 2023 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the Global Refrigerated Trucks Market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.
The global Refrigerated Trucks market is segmented as product type, vehicle type, and region. Based on product type, the Refrigerated Trucks market is segmented into insulated container, refrigerated truck, refrigerated transport By air, multimodal temperature container, atmosphere controlled container, other. Based on vehicle type, the Refrigerated Trucks market is segmented into frozen, chilled, others.
Based on geography, the Global Refrigerated Trucks Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, United Kingdom, Italy, France, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, Australia, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, UAE, South Africa and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on Global Refrigerated Trucks Market. Further, market share of prominent companies in the Global Refrigerated Trucks Market would also be estimated.
The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, swot analysis, and research and development focus of all the Refrigerated Trucks companies. The Global Refrigerated Trucks Market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution. Product portfolio would focus on all the products under the Refrigerated Trucks business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the Global Refrigerated Trucks Market.
The key players of the Global Refrigerated Trucks Market are Ryder System, Inc, Petit Forestier, The Hertz Corporation, Penske Corporation, Inc., and others.
Global Refrigerated Trucks Market Key Segments:
Based on product type
Based on vehicle type
The global Refrigerated Trucks market was worth US$ 4.12 billion in 2020.
The global Refrigerated Trucks market is expected to register a CAGR of 11.6% between 2022 and 2032.
The global Refrigerated Trucks market segmented on the basis of product type, vehicle type and geography.
Companies such as Ryder System, Inc, Petit Forestier, The Hertz Corporation, Penske Corporation, Inc. fall under the winner’s category.
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