Global Refrigerated Trucks Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Size (Light Vehicle, Heavy Vehicle), By Application (Food and Beverage, Pharmaceutical, Chemical, Others), And By Geography - Forecasts From 2022 To 2027

The demand for these vehicles to deliver a range of goods is rising rapidly across various industries, and this is likely to drive the worldwide refrigerated truck market to expand at a CAGR of 3.95% over the forecast period. A particular kind of vehicle called a refrigerator truck is made to transport perishable goods at controlled temperatures.

Typically, these vehicles are used to transport these perishable goods from one location to another without allowing the product's quality to decline. Ice cooling, various mechanical refrigeration systems, and liquid nitrogen can all be used as cooling agents in refrigerator trucks. The demand for these types of trucks is rising because of the consumer demand for transporting a variety of top-quality products, many of which are perishable in nature. A suitable vehicle can be selected based on the number of things being transported thanks to the varying sizes and payload and storage capacity of refrigerator trucks. Furthermore, the demand for providing high-quality goods has become more important as a result of the government's strict policies and regulations regulating the health and safety of people consuming these products.

Reverse Parking Alert Systems are becoming more and more popular as a result of rising disposable income and increased vehicle ownership. Added safety features like parking sensors and object detection are also a result of growing concerns about vehicle safety. For example, the logistics startup Rivigo has announced that they are planning to increase the number of vehicles in their refrigerated truck fleet throughout the following few years, from 2,500 fruits and vegetables. Additionally, the Turkish logistics firm Ekol just spent close to €3.5 million on 25 Mercedes Actros trucks for brand-new chilled vehicles Mitsubishi Industrial Companies Thermal Systems Ltd. in 2018 which is a group company of Mitsubishi Heavy Industries, announced that they had achieved the commercial production of all-electric refrigerator units which were designed for electric refrigerated trucks called the summer of 2019 would see Hino Motors, Ltd. release the Hino Profia COOL Hybrids. So, the expanding food and beverage industries among other industries, are boosting the demand for refrigerated trucks over the forecast period.

A substantial market share is held by the heavy vehicle category.

The global market for refrigerated trucks is divided into light and heavy vehicles based on size. Because this size is one of those that is frequently utilised for the delivery of chilled goods, heavy truck has a considerable market share because they have a respectable payload and storage capacity.

Over the projection period, the food and beverage segment is expected to increase significantly.

On the basis of application, the global refrigerated truck market has been segmented as follows: food and beverage, pharmaceuticals, chemicals, and others. Food and beverages hold a substantial share of the market owing to the increasing demand for different varieties of food and beverages among consumers.

The region's market will continue to be dominated by the Asia Pacific.

By geography, the global refrigerated truck market is segmented into North America, Europe, Middle East & Africa, Asia-Pacific, and South America. Asia-Pacific holds a significant market share driven by increasing demand for fresh fruits and beverages in countries like India and China, which in turn is boosting the refrigerated truck market growth.

Key Developments:

• September 2021- Farree Scientific, a pioneer in ultra-low temperature management for biopharmaceutical and other life science applications, was acquired by Trane Technologies. A need for modular, effective, and versatile ultra-low temperature storage and processing, including heating/thawing and cooling, is satisfied by Farree Scientific's unique technology.
• October 2019- Two fresh designs were unveiled by Hyundai Motor Company (HMC) at the North American Commercial Vehicle (NACV) Show. Both ideas enhance the Fuel Cell Electric Vehicle (FCEV) 2030 Vision for the widespread use of hydrogen-powered fuel cell technology by providing product information. While Hyundai Translead (HT), a renowned trailer manufacturer, unveiled the debut of its brand-new, clean energy refrigerated concept trailer, the HT Nitro ThermoTech®, HMC unveiled the HDC-6 NEPTUNE Concept Class 8 heavy-duty vehicle. The tractor-trailer set offers a glimpse at how transportation will develop both domestically and internationally.

Impact of COVID-19 on Refrigerated Trucks Market

The introduction of COVID-19 caused a variety of unfavourable 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.

Global Refrigerated Trucks Market Scope:

Market Segmentation

• By Size
  • Light Vehicle
  • Heavy Vehicle
• By Application
  • Food and Beverage
  • Pharmaceuticals
  • Chemical
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Thailand
    • Taiwan
    • Indonesia
    • Others

Frequently Asked Questions (FAQs)

Q1. What are the growth prospects for the refrigerated trucks market?
A1. The refrigerated trucks market is expected to grow at a CAGR of 3.95% over the forecast period.

Q2. How is the global refrigerated trucks market segmented?
A2. The global refrigerated truck market has been segmented by size, application, and geography.

Q3. What factors are anticipated to drive the refrigerated trucks market growth?
A3. The demand for these vehicles to deliver a range of goods is rising rapidly across various industries, and this is likely to drive the global refrigerated truck market.

Q4. Who are the major players in the refrigerated trucks market?
A4. Some of the major companies mentioned as a part of the refrigerated trucks market are Eicher, Schmitz Cargobull AG, MAN, Tata Motors Limited, Mahindra and Mahindra, and HYUNDAI MOTOR COMPANY.

Q5. Which region holds the largest market share in the global refrigerated trucks market?
A5. Asia-Pacific holds a significant share in the global refrigerated trucks market driven by increasing demand for fresh fruits and beverages in countries like India and China.

Eicher

Schmitz Cargobull AG

MAN

Tata Motors Limited

Mahindra and Mahindra

HYUNDAI MOTOR COMPANY

Daikin

Kögel

Wabash National

KRONE