Refrigerated Truck Rental Market Size

Refrigerated Truck Rental Market Growth Projections and Opportunities

The refrigerated truck rental market is under influence of a wide range of factors, which in turn shape the dynamics of the market, responding to the growing needs of various industries. Another important factor influencing the market is intensifying need for temperature-controlled transportation across the different sectors namely pharmaceuticals, food and beverages, and healthcare. The rental of refrigerated trucks is boosted by their essential role in keeping perishable goods from spoilage as they are shipped to their destinations. The market size of the refrigerated truck rental was estimated at USD 60.3 billion in 2022. The Refrigerated truck rental industry is forecasted to grow from USD 66.0 billion in 2023 to USD136.4 billion in 2032 with a compound annual growth rate (CAGR) of 9.5%.

Consequently, the wave of globalization and the expansion of supply chains are one of the factors that lead to the growth of the market for the refrigerated truck rental. While more and more businesses seek new markets on a global scale, the necessity for efficient and reliable transportation of temperature sensitive products grows evermore crucial. Rented refrigerated vehicles can be a way out for companies searching to handle the unpredictable features of international logistics and safeguard their products at the same time.

The critical market factor is the transportation of perishable goods which is under the strict regulatory framework. The governments and the regulatory agencies worldwide are designing and enacting stricter regulations with regard to transportation of food stuff, pharmaceutical and other sensitive commodities. Adherence to these regulations make refrigerated trucks with high-end temperature control systems mandatory. This, in turn, forces businesses to go for rented refrigerated trucks in order to meet the requirements associated with the use of regulated special vehicles, which comes with huge capital investment.

The development of refrigeration systems is also a key factor that influences the refrigerated truck rental market. Thanks to the latest technology which comprises real-time temperature monitoring and data analytics, companies can now definitely be sure that their goods are in the best condition throughout the whole transportation. This improved awareness and control over the supply chain are contributing to making refrigerated truck rentals an increasingly popular option as businesses look to take advantage of the latest novelty without the burden of ownership.