What Is Refrigerator Truck?
A refrigerated truck is a van or truck type designed for carrying perishable goods at lower temperatures to avoid spoilage or contamination. These trucks are mostly equipped with a mechanical refrigeration system containing carbon dioxide (dry ice) as a cooling mechanism to maintain the temperature below freezing. Refrigerated trucks are widely adopted to transport numerous temperature-sensitive items, such as meat and fish, dairy products, fruits & vegetables, confectioneries, drugs, etc.
Growth Factors in Refrigerator Truck Market
Increasing Demand for Frozen Food and Increase in Income
The market for refrigerated trucks has recorded a massive surge in the growth rate in the last few years. The growing consumer demand for packaged food is the major factor causing an upsurge in the market's growth. The growing per capita consumer spending on frozen food across several developed nations catalyses the need for refrigerated trucks worldwide. Furthermore, the fast growth in the global pharmaceutical and medical industries is projected to increase the market's growth over the coming years.
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Increase in Governments Investment
Governments worldwide are supporting heavily to build an efficient healthcare infrastructure, which is likely to offer lucrative opportunities to participants worldwide. Furthermore, the factors such as an increase in e-commerce portals, an expansion in the transportation of life-saving medical drugs, and an increased number of vehicles across the globe may affect the market's performance positively over the forecast period.
Restraints in Refrigerated Truck Market
The growing need for more infrastructure for cold storage in developing countries is expected to restrain the growth of the refrigerated trucking market over the forecast period. Cold chain management is a recently adopted concept in supply chain management. A cold chain management is a network of cold stores, refrigerators, freezers, refrigerated trucks, and cold boxes that maintain the temperature of the food items during storage, transportation, and distribution from the factory. Thus, the lack of cold chain infrastructure, especially in developing economies, will result in low demand for refrigerated goods trucking services, likely as a major restraint for the market's growth.
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Covid-19 Impact on Refrigerated Truck Market
The pandemic had an extreme effect on a majority of industry sectors worldwide. But in the case of the global market for refrigerated trucks, the impact is quite different than others. Since the beginning of the global pandemic, the pharmaceutical and medical industries have been growing exponentially worldwide. Therefore, the need for refrigerated trucking has advanced in recent times. Due to the advancement in the food and beverages market to an array of shutdowns and lockdowns across different parts of the world and countries worldwide, the per capita expenditure had fallen, affecting the economy. But as the cases are declining worldwide, the market is expecting a surge in the growth rate.
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The Refrigerated Truck Market is Segmented into:
Based on the Product Type- The chilled products segment had the largest market share in the previous year and is expected to grow during the forecast period as there is a growth in the demand for dairy products, beverages, fresh fruits, bakery and confectionery items. Even though there has been saturation in the developed nations, the developing nations are seeing great growth in this segment. There's a growing demand for chilled food products indie emerging countries. The other factor accountable for the growth of the chilled food products segment is the growth in supermarkets across the world which provides good opportunities for the growth of this segment.
Based on Food Segment- The frozen food products segment is also anticipated to record a good market share. Different plant-based and animal-based perishable products are in demand, and therefore the frozen food segment is also predicted to see growth during the forecast period as there is a growing demand for ready-to-cook food, which is available in the frozen form, which is incredibly time-saving and easy, so the working class prefers it. It creates a need for refrigerated transport for moving these frozen food products from one place to another. The frozen food products available in the market can be extremely perishable if there is an alteration in the temperature, and they may also be unfit for consumption. Therefore, there is a growing demand for refrigerated transport, especially for this segment.
Based On The Technology Segment- The vapor compression segment had a larger market share in previous year, which shall dominate in the forecast year; this method or technology used in the refrigerated transport system is especially useful in preserving frozen food products. This technology is the most useful in the market across developed and developing nations. This technology allows for preserving the food's form until it reaches its destination.
Based On The Vehicle Used Segment- The lightweight commercial vehicle segment is anticipated to have the largest market share during the forecast period. This segment has seen considerable growth in recent years. Due to a growing demand for home delivery services provided by different online websites, the use of light commercial vehicles for carrying frozen and refrigerated products over short distances is witnessing great demand. During the pandemic, there was a good amount of demand for the light commercial vehicles segment, as many online stores were delivering delivery services that used these lightweight vehicles to transport products from one place to another.
Recent Developments in Refrigerated Truck Market
· In February 2021- Ingersoll Rand designed e200, a fully electric refrigeration unit e200 Units are customized for trucks and vans of medium sizes. The low-weight product is especially useful for urban setups for end-user deliveries, as it delivers convenience and reliability.
· In July 2021- established the first all-electric Class 1 refrigerated van using cooling technology designed by Thermo King. Different start-ups are joining the market and contributing to the increasing growth of the market.
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Major players in Refrigerated Truck Market
The companies include Chereau, Hyundai Translead.Inc., Wabash National, Lamberet SAS, GRW Tankers and Trailers, Kogel Trailer GmbH & Co.KG, China International Marine Containers Ltd., Great Dane and other prominent players in refrigerated truck market.
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About this Report
This global refrigerated truck market report provides growth drivers, latest opportunities, Segment revenue, covid-19 impact, restraints and major players. In addition, this report offers industry analysis and competitive landscape, company financials, and impact analysis. The report includes a detailed view of the global market, along with changing dynamics and trends.
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