Refrigerated Trucks Market Research Report 2024

Refrigerated Trucks Market Segment Analysis:

Refrigerated Trucks market is segmented on the basis of Type, Tonnage Capacity, and Application.

By Type, Light Commercial Vehicle Segment Is Expected to Dominate the Market During the Forecast Period

There are three segments by type such as light commercial vehicle, medium commercial vehicle, and heavy commercial vehicle. Among these, light commercial vehicle segment is expected to dominate the market during the forecast period.

• Small businesses prefer light commercial refrigerated trucks for their affordability and flexibility. The rise in online shopping has led to an increased demand for last-mile delivery services, in which these trucks are highly skilled at manoeuvring through small spaces.
• Positive government policies also assist in the utilization of environmentally friendly refrigerated trucks, encouraging their implementation through incentives.
• The increase in urbanization and population size has led to a higher need for food distribution, particularly in urban areas where small commercial vehicles are perfect for carrying perishable items. The development of technology, specifically smaller and more efficient refrigeration systems, has increased the appeal of these trucks to companies.
• Overall, there is a strong need for light commercial refrigerated trucks due to their effectiveness, appropriateness for final delivery stages, adherence to rules, and technological progress within the sector.

By Application, Food & Beverage Industry Segment Held the Largest Share In 2023

There are three segments by application such as food and beverage industry, the pharmaceutical industry, chemical industry. Among these, the food & beverage industry segment held the largest share in 2023.

• Refrigerated trucks are essential for the food and beverage industry for ensuring the quality and safety of perishable items such as fruits, vegetables, milk, meat, and seafood during transportation.
• Stringent regulations for food safety uphold the quality of products and foster trust among consumers and the refrigerated trucks play a crucial role in maintaining freshness by ensuring the cold chain remains unbroken, thus avoiding temperature variations.
• The food and beverage industry currently require more refrigerated trucks due to the increasing international presence of cold supply chains. Investments in dependable transportation and cold chain logistics are crucial as consumer preferences increasingly favor convenience and quality.
• The rise in popularity of pre-packaged and convenient foods underlines the significance of refrigerated transportation in maintaining the quality and freshness of products during the supply chain process.

Refrigerated Trucks Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast Period

• Factors like population increase, urbanization, and higher disposable incomes drives the growth in the food and beverage industry in Asia Pacific. This increased demand for refrigerated transportation made Asia Pacific an important market for refrigerated trucks, needed to safely deliver food products.
• Countries such as China, Japan, India, and South Korea, play a significant role in the global trade of perishable items. Refrigerated trucks are essential for transporting these products, helping to maintain Asia Pacific's market dominance.
• The improvement of infrastructure in the area, such as funding for roads, ports, and cold storage facilities, aids in the effective transfer of perishable products through the use of refrigerated trucks. The increase in e-commerce platforms in Asia Pacific has also led to an increased need for refrigerated trucks for final mile delivery of fresh food items.
• Government efforts to encourage sustainable transportation practices and the use of eco-friendly refrigerated trucks also strengthen Asia Pacific's market dominance.

Refrigerated Trucks Market Active Players

• Chereau (France)
• Eicher Motors Limited (India)
• Hyundai Hong Kong Co. Limited (South Korea)
• Mahindra & Mahindra Limited (India)
• Tata Motors Limited (India)
• Kögel Trailer GmbH & Co.KG (Germany)
• Hyundai Translead, Inc. (South Korea)
• Wabash National (United States)
• Fahrzeugwerk Bernard Krone GmbH & Co.KG (Germany)
• China International Marine Containers (Group) Ltd. (China)
• GRW Tankers and Trailers (South Africa)
• Lamberet SAS (France)
• Great Dane LLC (United States)
• Schmitz Cargobull AG (Germany)
• Thermo King Corporation (United States)
• Carrier Transicold (United States)
• Daikin Industries Ltd. (Japan)
• Ingersoll Rand Inc. (United States)
• Mitsubishi Heavy Industries Ltd. (Japan)
• Wabash National Corporation (United States)
• Utility Trailer Manufacturing Company (United States)
• Gray & Adams Ltd. (United Kingdom)
• Frigoblock Grosskopf GmbH (Germany)
• Hubbard Products Ltd. (United Kingdom)
• Klinge Corporation (United States), and Other Active Players.

Key Industry Developments in the Refrigerated Trucks Market:

• In May 2024, Navistar, Great Dane and Carrier Transicold, part of Carrier Global Corporation has collaborated to launch a commercial evaluation program using all-electric refrigeration technology on a battery-electric truck for sustainable, direct-emissions-free distribution of refrigerated and frozen food.
• In February 2024, UNICEF and Gavi, the Vaccine Alliance, handed over four refrigerated trucks for vaccine transportation to the Government of Nepal’s Ministry of Health and Population in Kathmandu. The refrigerated trucks will ensure the safe delivery of essential vaccines from federal vaccine storage facilities to provincial and district vaccine stores.

Frequently Asked Questions