Refrigerated Truck Rental Market Size was valued at USD 60.3 billion in 2022. The Refrigerated Truck Rental industry is projected to grow from USD 66.0 Billion in 2023 to USD 136.4 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.5% during the forecast period (2023 - 2032). The development of the cold chain industry, frozen food consumption, and the pharmaceutical industry primarily drives the market for refrigerated truck rentals. These are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR Smartphone popularity, coupled with a growing preference for online shopping and door-to-door delivery, has altered how consumers purchase food for their daily requirements. Mobile app-based ordering has increased the demand for fresh food products, particularly among restaurants that require a constant supply of frozen food products. As a result, there is a greater need for frequent logistics services to keep up with inventory levels. As a result, the expansion of the retail e-commerce industry is anticipated to increase the demand for rental refrigerated trucks. The growth of the refrigerated chain industry is crucial to economic expansion. Cold chain logistics prevents the deterioration of perishable goods during transport and is an essential component of the food and beverage industry.
Governments are progressively implementing the public infrastructure and laws required to develop refrigerated chains. Concurrently, service providers are training their employees and assisting them in enhancing their technical expertise in the operation, administration, and maintenance of specialized facilities required for the transportation and hauling of food. Opportunities for market expansion can be found primarily in the growing demand for refrigerated pharmaceutical and food and beverage transport. In addition, the refrigerated freight industry is anticipated to flourish in tandem with the continued expansion of products transported by road. In addition, the rapid development of the retail e-commerce industry, the resulting increase in the demand for advanced and efficient logistics, and the tightening of regulations on vehicle emissions have contributed to the expansion of reefer trucks in Europe. Refrigerated truck transport is a "derived demand" industry in which the demand for refrigerated truck drivers is directly proportional to the demand for the goods these vehicles are designed to transport. Moreover, reefer truck rental can be a cost-effective option for businesses that handle reefer cargo, as it eliminates the costs of maintaining a fleet of reefer vehicles. Additionally, refrigerated vehicle rental services are ideal for ensuring the proper storage and transport of temperature-sensitive goods and preventing the spoilage of perishable goods. Smartphone proliferation, coupled with a growing preference for online shopping and home delivery, has altered how consumers shop for the daily food products they need. Mobile app-based ordering has increased demand for fresh food products, particularly among Quick Service Restaurants (QSRs) that require a steady supply of frozen food products. Consequently, it has also increased the demand for frequent logistic services to keep up with the inventory, which is expected to increase the demand further.
Additionally, operators of refrigerated truck fleets are incorporating sophisticated technologies, such as spiral compressors, to improve the efficiency of the refrigerant. Several reefer truck rental service providers are investing heavily in installing sensors and deploying IT infrastructure that can provide a minute-by-minute report on the vehicle's temperature while it is in transit. This is driving the Refrigerated Truck Rental market revenue.
The Refrigerated Truck Rental Market segmentation, based on truck, includes light, medium, and heavy. The light category dominated the market, accounting for 45% of market revenue (31.1 billion). These vehicles are appropriate for intra-city transport of frozen and perishable foods, particularly for quick-service restaurants and supermarkets. Due to their small dimensions, they facilitate driving in cities with heavy traffic. With the development of the e-commerce retail, FMCG, and pharmaceutical sectors, the demand for light trucks is expected to increase. In addition, several regulations governing the entry of heavier commercial vehicles into congested cities during rush hours are anticipated to influence the demand.
Figure 1: Refrigerated Truck Rental Market, by Truck, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Refrigerated Truck Rental Market segmentation, based on rental term, includes short-term and long-term. During the forecast period, the segment of short-term category is anticipated to experience significant growth, as it assists businesses in meeting seasonal demand by providing suitable refrigerated vehicles for the job on a short-term basis, without commitments or penalties. This option is considered economically viable. In addition, short-term rental contracts offer end-users flexibility during transient peak seasons. These factors are anticipated to influence segment growth over the forecast period positively.
The Refrigerated Truck Rental Market segmentation, based on downstream field, includes food and beverages, retail, and others. The food and beverage category is the largest user of refrigerated rental vehicles among these categories. These vehicles are frequently used to transport perishable food items, such as fruits, vegetables, meat, and dairy products, which require a specific temperature range to maintain quality and freshness.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America has a robust logistics infrastructure and is home to numerous large perishable products companies. In this region, the food and beverage industry contributes significantly to the demand for refrigerated rental vehicles. Major products transported by refrigerated rental vehicles in the retail sector include pharmaceuticals and cosmetics.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: REFRIGERATED TRUCK RENTAL MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Refrigerated Truck Rental market accounts for the second-largest market share. Europe has several significant food and beverage companies and a well-developed logistics industry. This region's demand for rental refrigerated trucks is driven by the need to convey perishable goods such as meat, fish, and dairy products. Further, the German Refrigerated Truck Rental market held the largest market share, and the UK Refrigerated Truck Rental market was the fastest growing market in the European region
The Asia-Pacific Refrigerated Truck Rental Market is expected to grow at the fastest CAGR from 2023 to 2032. Asia-Pacific is a rapidly expanding market for refrigerated rental vehicles, with countries such as China and India increasing their demand. In this region, the food and beverage industry is the primary consumer of these trucks. The rising demand for processed food products and the expansion of e-commerce fuel the demand for refrigerated rental trucks. Moreover, China’s Refrigerated Truck Rental market held the largest market share, and the Indian Refrigerated Truck Rental market was the fastest growing market in the Asia-Pacific region.
In all regions, the food and beverage industry is the primary user of these vehicles, with the retail sector also making effective use of them. With the rising demand for temperature-sensitive products and the expansion of e-commerce, the demand for refrigerated rental trucks is anticipated to increase in the future years.
Leading market players are expected to invest at a rapid pace during the forecast period to stay ahead of the competition. The market leaders are employing various market developments such as new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. Additionally, the market leaders in the Refrigerated Truck Rental industry are further upgrading their equipment and services to attract a larger consumer base.
Market leaders in the global Refrigerated Truck Rental industry are looking to expand their manufacturing plants locally and regionally to reduce costs. Also, market leaders in the global Refrigerated Truck Rental industry offer various products within their portfolio to accommodate various applications. Major players in the Refrigerated Truck Rental market include Ryder System, Inc., Fraikin Limited, Penske Corporation, Inc., Petit Forestier, and The Hertz Corporation, among others.
Petit Forestier's refrigeration expertise is unparalleled as a French family business founded in 1907. The company's rental fleet consists of 70,000 refrigerated vehicles, 49,000 display chillers and freezers, and 5,000 refrigerated containers. It is supported by a vast branch network that spans 22 nations across Europe, Africa, the Middle East, and the United States. Petit Forestier relies on this coverage to provide service to over 15,000 consumers, constantly emphasizing quality and superior service. Petit Forestier concentrates on industries requiring refrigeration due to cold chain regulations. Our multi-product offering (refrigerated vehicles, display fridges, and refrigerated containers) satisfies your logistics requirements for temperature-controlled storage and transportation, from product manufacture to final consumer or field to plate.
Hertz Corporation is an American vehicle rental business headquartered in Estero, Florida. The company administers the Hertz brand in addition to Dollar Rent-A-Car, Firefly Car Rental, and Thrifty. It is one of the three largest car rental holding corporations in the United States, with a 36 percent market share, placing it ahead of Enterprise Holdings and Avis Budget Group. Hertz operates in 160 countries in North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East, and New Zealand, making it one of the world's largest vehicle rental companies by sales, locations, and fleet capacity. Hertz ranked 326th on the Fortune 500 list for 2020. The company filed for bankruptcy on May 22, 2020, citing the COVID-19 pandemic as the reason for a sharp decline in revenue and future bookings. On December 31, 2021, the company had $7.3 billion in revenue, $19.7 billion in assets, and 23,000 employees.
December 2021:Â Penske Truck Leasing acquired the assets of DeCarolis Truck Rental, Inc. This acquisition will increase Penske's fleet size by approximately 2,350 trucks, trailers, and tractors.
December 2021:Â Black Horse Carriers, Inc. was acquired by Penske, which is anticipated to facilitate the expansion of Penske's existing customer base in Chicago.
April 2021:Â Fraikin Limited U.K. announced a collaboration with Samsara. This partnership seeks to provide customers with real-time data to help them improve their fleets' safety, efficiency, and long-term viability.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 60.3 billion |
| Market Size 2023 | USD 66.0 billion |
| Market Size 2032 | USD 136.4 billion |
| Compound Annual Growth Rate (CAGR) | 9.5% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Truck, Rental Term, Downstream Field, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Ryder System, Inc., Fraikin Limited, Penske Corporation, Inc., Petit Forestier, The Hertz Corporation, Polar Leasing, Inc., U-COOL Refrigeration, LLC, ReeferTek USA, Corp, KookMate, and Innocool |
| Key Market Opportunities | Increased Demand for International Food Products |
| Key Market Dynamics | Rising E-Commerce Retail |
Refrigerated Truck Rental Market Highlights:
Frequently Asked Questions (FAQ) :
The Refrigerated Truck Rental Market size was valued at USD 60.3 Billion in 2022.
The global market is projected to grow at a CAGR of 9.5% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Ryder System, Inc., Fraikin Limited, Penske Corporation, Inc., Petit Forestier, and The Hertz Corporation.
Light trucks dominated the market in 2022.
The short terms rentals had the largest share in the global market.
Research Analyst Level II I have a degree in engineering (civil), with masters in business administration (marketing). with more than 4 years of experience in market research and consulting, i am involved in end-to-end process of market research, proposals, project kickoffs and delivery. i have research knowledge and expertise in consumer goods/packaging domain. also i have worked for various other domains like construction & equipment. effectively managed and delivered more than 60 report studies for regional as well as global clientele.
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