Refrigerated Truck Market Trends

Global Refrigerated Truck Market Overview

Refrigerated Truck Market size was valued at USD 3.5 Billion in 2022. The Refrigerated Truck industry is projected to grow from USD 3.7 Billion in 2023 to USD 6.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.90% during the forecast period (2024 - 2032). Temperature regulation is becoming more and more necessary to stop food loss, potential health risks, and the commerce of perishable goods, which are the key market drivers enhancing the market growth.Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Refrigerated Truck Market Trends

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  The increasing need for temperature control to prevent food loss and potential health hazards is driving the market growth

  
  

Without the provision of refrigerated transportation, the food sector would suffer significant losses because the food products would spoil even before they reached the final consumers. There is a high need for refrigerated delivery for many products that are ready for consumption but manufactured in locations that are very far from the point of consumption. The presence of refrigerator trucks and vans aids in delivering gods in a state fit for eating. The use of refrigerated transportation helps to reduce waste, making it very environmentally beneficial. The products stay fresh because of these vehicles. As more manufacturers look for this kind of transportation to transfer their goods, the need for refrigerated transport is rising. The nutrients in these foods are unaltered since the dietary components of pharmaceutical items are preserved in the best possible way.

There is a need for the use of these transport vehicles due to customers' increasing knowledge of the importance of consuming healthy foods and the wide availability of different items. These trucks are critical to the expansion of the economy. The transport trucks serve the crucial purpose of delivering diverse goods to all areas of the nation. The local government and businesses view the utilization of these refrigerated vehicles as being very advantageous because it helps to increase profits while maintaining the freshness of the supplied goods. For businesses, using a transportation method is crucial. Any organization's ability to succeed depends on the quality of its product line. The products in refrigerator trucks or vans can be kept under observation, and the temperature can be adjusted as needed. Additionally, it makes distribution to the end user's locations simple. All of these factors will likely cause the market for refrigerated transport to expand over the course of the forecast period.

The need for refrigerated vehicles is primarily being driven by the burgeoning cold chain logistics industry and the rise in food retail services. Accordingly, the growing customer preference for frozen, chilled, and processed food products as a result of busy work schedules and sedentary lifestyles is also boosting market expansion. Further enhancing the use of refrigerated trucks for supply-based applications is the vast availability of frozen meat, ready-to-cook snacks, seasonal fruits and vegetables, etc., across various offline and online distribution channels. The freezer truck hummed with icy whispers, preserving its cargo of culinary delights on a cross-country gastronomic journey

For effective supply chain management, a number of food retailers are focusing on using modern cold chain transportation facilities. In addition, the market is being stimulated by a considerable expansion in the healthcare industry and a rise in the demand for temperature-sensitive products like vaccines, biopharmaceuticals, clinical trial materials, etc. to be transported safely. Additionally, the requirement for refrigerated trucks to protect heat-sensitive biological products during transportation activities is being further bolstered by the growing investments in the creation of cutting-edge medical facilities and research labs. The market will continue to rise as hybrid refrigerated trucks with phase change material (PCM) technology emerge, giving increased energy efficiency and enhanced operational characteristics.Thus, driving the Refrigerated Truck market revenue.

Refrigerated Truck Market Segment Insights

Refrigerated Truck Type Insights

The Refrigerated Truck market segmentation, based on type, includes Light Commercial Vehicle (LCV), Medium Commercial Vehicle (MCV), and Heavy Commercial Vehicle (HCV). Light commercial vehicle (LCV) segment dominated the market in 2022. In recent years, this market category has shown tremendous expansion. The usage of light commercial vehicles to transport frozen goods and refrigerated goods for short-distance delivery is in high demand as a result of an increase in the demand for home delivery services offered by numerous online portals. During the pandemic, there was a huge demand for the segment of light commercial vehicles because numerous online retailers offered delivery services that used these small, light trucks to move goods from one location to another.

Refrigerated Truck Tonnage Capacity Insights

The Refrigerated Truck market segmentation, based on tonnage capacity, includes Less than 10 tons, 10-20 tons, and More than 20 tons. 10-20 tons segment dominated the market in 2022. The segment's expansion is explained by the segment's scalability and the rising demand for food and beverage items.

Refrigerated Truck Application Insights

The Refrigerated Truck market segmentation, based on application, includes Food and Beverages, Pharmaceuticals, Chemicals, and Others. Food and beverages segment dominated the Refrigerated Truck market in 2022.This is brought on by a rise in the demand for bread and confectionery goods, beverages, fresh fruit, and dairy products. Even though this market has reached saturation in wealthy countries, it continues to grow rapidly in underdeveloped countries. In emerging nations, there is an increasing demand for chilled food products.

Figure 1: Refrigerated Truck Market, by Application, 2022 & 2032 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Refrigerated Truck Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Refrigerated Truck Market dominated this market in 2022 (45.80%). The need for frozen food, snacks, and fresh vegetables is growing, which is fueling the regional refrigerated truck industry. These factors include changing lifestyles, the expansion of e-commerce, rising income levels, and the desire for convenience. Further, the U.S. Refrigerated Truck market held the largest market share, and the Canada Refrigerated Truck market was the fastest-growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: REFRIGERATED TRUCK MARKET SHARE BY REGION 2022 (USD Billion) Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Refrigerated Truck market accounted for the healthy market share in 2022. The market is expanding as a result of increased expenditures being made in the food service industries of nations like Germany and the United Kingdom to upgrade their cold storage facilities in order to reduce food waste. Further, the German Refrigerated Truck market held the largest market share, and the U.K Refrigerated Truck market was the fastest-growing market in the European region.

The Asia Pacific Refrigerated Truck market is expected to register significant growth from 2023 to 2032. This is because emerging economies like China and India are present in the area. China, the top exporter of food items worldwide, is anticipated to contribute to the expansion of the APAC refrigerated transport industry. Additionally, increasing government spending in Asian nations to develop the logistics and transportation sector, together with an increase in the region's population that consumes frozen foods and an increase in disposable income, are all anticipated to have a significant impact on the market's expansion in APAC. The APAC food industry's growing e-commerce penetration is anticipated to have a beneficial impact on the refrigerated transport market. Moreover, China’s Refrigerated Truck market held the largest market share and the Indian Refrigerated Truck market was the fastest growing market in the Asia-Pacific region.

Refrigerated Truck Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Refrigerated Truck market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Refrigerated Truck industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Refrigerated Truck industry to benefit clients and increase the market sector. In recent years, the Refrigerated Truck industry has offered some of the most significant advantages to medicine. Major players in the Refrigerated Truck market, including Kögel Trailer GmbH & Co.KG, Hyundai Translead. Inc., Wabash National, Fahrzeugwert Bernard Krone Gmbh & Co.KG, China International Marine Containers (Group) Ltd., GRW Tankers and Trailers, Lamberet SAS, Great Dane LLC, Chereau, and Schmitz Cargobull AG, are attempting to increase market demand by investing in research and development Applications.

Co-managed IT services are offered by United IT Group. The business provides services for sourcing hardware, software, network infrastructure, backup and disaster recovery, and compliance. Utility Connect was introduced in March 2022 as a result of a partnership between United Technologies Corporation and Phillips Connect. Utility's proprietary wire harness, which has been redesigned to function with the Phillips Connect Smart7 nosebox, is the foundation of the Utility Connect system. Utility saw the benefits of offering the best, corrosion-free harnesses that would smoothly and dependably connect to a variety of sensors over the lifetime of the caravan early on.

A provider of heating, air conditioning, ventilation, refrigeration systems, building automation, and fire and security technologies, Carrier Corp. (Carrier), originally Carrier Corp. Under the Carrier, Carrier Transicold, Kidde, Edwards, LenelS2, and Automated Logic brand names, the company sells furnaces, air conditioners, heat pumps, ductless systems, refrigeration equipment, boilers, indoor air quality products, compressors, thermostats, and refrigeration equipment. Additionally, it provides installation, maintenance, and design services. Through a new partnership with ConMet in January 2022, Carrier Corporation increased its electrification capabilities by adding wheel-based power generation, which harvests energy that would otherwise be lost during braking events.

Key Companies in the Refrigerated Truck market include

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  Kögel Trailer GmbH & Co.KG

  
  


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  Hyundai Translead. Inc.

  
  


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  Wabash National

  
  


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  Fahrzeugwert Bernard Krone Gmbh & Co.KG

  
  


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  China International Marine Containers (Group) Ltd.

  
  


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  GRW Tankers and Trailers

  
  


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  Lamberet SAS

  
  


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  Great Dane LLC

  
  


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  Chereau

  
  


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  Schmitz Cargobull AG

  
  

Refrigerated Truck Industry Developments

October 2021: Krone, a producer of trailers, and Trailer Dynamics GmbH have established a strategic alliance. The creation of an electrified trailer that is production-ready and considerably reduces the diesel and CO2 emissions of diesel semitrailer tractors while extending the range of BEV semitrailer tractors is the shared objective.

February 2021: Small to medium-sized vans and lorries could use fully electric refrigeration units made by Ingersoll Rand.

Refrigerated Truck Market Segmentation

Refrigerated Truck Type Outlook

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  Light Commercial Vehicle (LCV)

  
  


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  Medium Commercial Vehicle (MCV)

  
  


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  Heavy Commercial Vehicle (HCV)

  
  

Refrigerated Truck Tonnage Capacity Outlook

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  Less than 10 tons

  
  


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  10-20 tons

  
  


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  More than 20 tons

  
  

Refrigerated Truck Application Outlook

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  Food and Beverages

  
  


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  Pharmaceuticals

  
  


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  Chemicals

  
  


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  Others

  
  

Refrigerated Truck Regional Outlook

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  North America

  
  
  
  
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    US

    
    
  
  
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    Canada

    
    
  
  
  
  


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  Europe

  
  
  
  
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    Germany

    
    
  
  
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    France

    
    
  
  
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    UK

    
    
  
  
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    Italy

    
    
  
  
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    Spain

    
    
  
  
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    Rest of Europe

    
    
  
  
  
  


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  Asia-Pacific

  
  
  
  
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    China

    
    
  
  
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    Japan

    
    
  
  
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    India

    
    
  
  
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    Australia

    
    
  
  
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    South Korea

    
    
  
  
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    Australia

    
    
  
  
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    Rest of Asia-Pacific

    
    
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America