Refrigerated Truck Rental Market - Industry Size, Share, Growth & Forecast 2028 | UnivDatos

 

The global refrigerated truck rental market is uplifting on account of the growing demand for temperature-controlled food distribution from the food processing industries. Moreover, the development of the cold chain industry plays a major role in driving growth. Cold chain logistics protects perishable commodities from spoilage during transportation and can hence be considered as an essential element in the food and beverage industry.

In addition, refrigerated truck fleet operators are also integrating advanced technologies, such as spiral compressors, to enhance the efficiency of the refrigerant. Several reefer truck rental solution providers are investing aggressively in installing sensors and deploying IT infrastructure capable of offering a minute-by-minute report on the temperature levels while the vehicle is in transit. Hence, the growing integration for telematics, GPS systems, navigation systems, and temperature-monitoring sensors are expected to elevate the logistics industry, which in turn is anticipated to boost the market growth.

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The Refrigerated Truck Rental Market is expected to grow at a steady rate of around 5% owing to the rising demand for processed and packaged food. An emerging number of hotels, restaurants, and cafes, coupled with the growing demand for processed and frozen food and continuous need for fresh produces owing to the greater demand in countries such as China in India is contributing to the growing demand for refrigerated truck rental. Asia-Pacific had the most establishments at over 17 million. In comparison, the region with the second-highest number of food service establishments was Latin America with over 2.3 million.

  According to UnivDatos Market Insights (UMI)’ research report “Global Refrigerated Truck Rental Market”, the market is expected to witness robust growth during the forecast period (2022-2028).  A growing number of food service outlets across countries is contributing to the growth of the market. As per the U.S department of agriculture, the food service and food retailing industries supplied about US$1.79 trillion worth of food in 2019. In 2020, the food service and food retailing industries supplied about US$1.69 trillion worth of food.

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Based on truck type, the market is segmented into light-duty trucks, medium-duty trucks, and high-duty trucks. The light duty truck grabbed the major market share and dominated the market in 2020. These vehicles are suitable for intra-city transportation of frozen foods and perishable products, especially for QSRs and supermarkets. Besides, several regulations on the entry of heavy commercial vehicles in congested cities during peak hours are also projected to influence the demand. Owing to their compact size, they offer ease of driving in traffic-congested cities. Hence, the demand for the light trucks segment is estimated to rise with the growth in e-commerce retail, FMCG, and pharmaceutical sectors. 

Based on the end-users, the market is segmented as food & beverage, retail, and others. Among these, the food & beverage segment grabbed the share in the market in 2020. This is mainly due to emerging demand from hotels, restaurants, and cafes. Moreover, the growing trend of QSRs (Quick service restaurants) among millennials is adding pace to the market growth.

APAC to witness extensive growth

For a better understanding of the market adoption of the Refrigerated Truck Rental industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period owing to the growing number of food and beverage manufacturing establishments. However, the North America region would witness considerable growth during the forthcoming years.

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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Refrigerated Truck Rental market are Carrier Global Corp., Innocool India Pvt. Ltd., Penske Truck Leasing Co. LP, Petit Forestier, Polar Leasing Inc., Fraikin Limited, ReeferTek USA Corp., Ryder System Inc., Hertz Global Holdings Inc., U-Cool Refrigeration LLC.

“Global Refrigerated Truck Rental Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.        

Market Segmentation:

1.      By Truck Type (Light-Duty Trucks, Medium-Duty Trucks, High-Duty Trucks)

2.      By Rental Type (Short-Term Rental, Long-Term Rental)

3.      By End-User (Food & Beverage, Retail, Others)

4.      By Region (North America, Europe, Asia-Pacific, Rest of the World)

5.      By Company (Carrier Global Corp., Innocool India Pvt. Ltd., Penske Truck Leasing Co. LP, Petit Forestier, Polar Leasing Inc., Fraikin Limited, ReeferTek USA Corp., Ryder System Inc., Hertz Global Holdings Inc., U-Cool Refrigeration LLC.)

Key questions answered in the study:

1.      What are the current and future trends of the global Refrigerated Truck Rental industry?

2.      How the industry has been evolving in terms of type, drive type, and application?

3.      How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.      What are the key growth drivers and challenges for the global Refrigerated Truck Rental industry?

5.      What is the customer orientation, purchase behavior, and expectations from the global Refrigerated Truck Rental suppliers across various region and countries?