The global refrigerated truck market will reach USD 5,836.80 billion at a 6.90% CAGR by 2030, states the new Market Research Future report.
Refrigerated Truck Market Growth Drivers
Burgeoning Need for Packaged Food to Boost Market Growth
The burgeoning need for packaged food will boost market growth over the forecast period. Global demand for refrigerated vehicles is being fueled by the rising per capita consumer spending on frozen food in various developed nations.
Eminent industry players profiled in the global refrigerated truck market report include,
|Market Size till 2030||2030: USD 5,836.80 billion|
|CAGR||6.90% CAGR (2022-2030)|
|Key Market Opportunities||Infrastructural developments of healthcare industries and consumer good manufacturing.
Increase in the transportation of life-saving medical drugs, vaccines, general medicines, supplements, and others
|Key Market Drivers||Consumer demand,
Significant boost in the food and beverages industry
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Refrigerated Truck Market Opportunities
Surge in Need for Organic Food to offer Robust Opportunities
The market for refrigeration trucks is predicted to benefit from a rise in consumer demand for organic food over conventional food as a result of increased consumer awareness of health and fitness. This is because the transportation of organic food specifically depends on maintaining the required temperature, and refrigerated trucks help to maintain the supply chain and logistics. These elements are anticipated to fuel market growth.
Dearth of Skilled Labor to act as Market Restraint
The dearth of skilled labor may act as a market restraint over the forecast period.
Refrigerated Truck Market Challenges
Unstable Fuel Prices to act as Market Challenge
The unstable fuel prices may act as a market challenge over the forecast period.
Refrigerated Truck Market Segmentation
The global refrigerated truck market is bifurcated based on type, tonnage capacity, and application.
By type, medium commercial vehicle will lead the market over the forecast period.
By tonnage capacity, 10-20 tons will dominate the market over the forecast period for the booming food industry especially in developing countries.
By application, food & beverages will spearhead the market over the forecast period for the increasing need for refrigerated products.
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COVID- 19 Analysis
The introduction of COVID-19 caused a variety of unfavorable conditions in the market for a number of sectors. However, the impacts are not so detrimental in the case of refrigerated trucks. The medical and pharmaceutical sectors have experienced tremendous global growth since COVID-19. Therefore, there is a growing need for refrigerated trucking as well. According to worldwide market trends for refrigerated trucks, the industry is predicted to rise due to the surge in demand for pharmaceutical, chemical, and medical items. Although there was a brief fall in the food and beverage sector due to a number of lockdowns in different regions of the world. The economy took a significant impact as a result of some countries’ decreased per capita spending. However, after lockdowns were lifted, markets quickly recovered.
Refrigerated Truck Market Regional Analysis
North America to Head Refrigerated Truck Market
Over the anticipated timeframe, the North American Region will dominate the global market for refrigerated trucks. The biggest revenue source in the local market is the US. The nation is the main force driving the increased globalization of cold chain trucking. The use of refrigerated trucks by local, regional, and international fast-food chains is the primary factor fueling the regional market’s expansion.
APAC to Have Significant Growth in Refrigerated Truck Market
The Asia-Pacific region’s refrigerated truck market is anticipated to develop at the greatest rate throughout the assessment period. The key drivers of the regional market’s growth are nations like Japan, China, & India. The main factor driving the regional market’s growth is the region’s expanding demand for processed foods and drinks. Another significant factor driving up demand for the refrigerated truck market is the region’s increasing pharmaceutical industry. Furthermore, during the next few years, there will probably be a significant increase in demand for refrigerated vehicles due to the industry’s expanding demand for processed meat and seafood. Due to the rising demand for fresh produce and drinks in nations like China and India, the Asia-Pacific region domineers the global market for refrigerated trucks. Due to increased industrialization, the rise in two-income homes, and the convenience of cooking frozen food products, there is a growing demand for refrigerated transportation in the Asia Pacific region. The hectic lifestyles of people in countries like China, India, & Japan are driving up demand for refrigerated transportation. Due to their widespread accessibility in the market, frozen food products are widely consumed in emerging economies.
Europe to Have Favorable Growth in Refrigerated Truck Market
In 2019, Germany was worth at USD 5.2 billion. The German Frozen Food Institute (GFFI) reports that sales of frozen food items increased by 1.5% in 2019 compared to 2018. The need for sustainable and healthful food is steadily increasing as consumers hunt for nutrient-dense options for their daily diet. Furthermore, 68% of German households make multiple monthly purchases of frozen goods. Additionally, the demand for frozen pizza, ready-to-eat frozen dinners, and frozen potato items all skyrocketed in 2019. Such elements are what propel the nation’s cold chain logistics sector, which in turn increases the need for refrigerated truck rental services. The British market is anticipated to grow at a very fast CAGR of 9.6% between 2020 & 2027. The fastest-growing retail segment at the moment is the frozen food products market.
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Additionally, the growth of retail food chains is anticipated to boost the need for cold chain logistics over the projected period, driving up demand for reefer truck rentals in the nation. Additionally, retailers are putting a lot of effort into creating long-term strategic planning in order to resist both the fierce competition in the retail business and the change in consumer tastes. Unseasonal conditions that may create chances for the frozen food business, which in turn is projected to drive the market, have led to a decrease in fruit and vegetable production in Europe.