The global refrigerated truck market is expected to grow at a CAGR of 2.06% throughout the forecast period owing to the fact that the demand of these trucks for the delivery of a variety of items is growing significantly across various industries. Refrigerated trucks are a type of vehicle, designed to carry perishable items at specific temperatures. Generally, these trucks are employed to deliver these perishable items from once place to another without allowing the quality of product to deteriorate Refrigerator truck can be ice-cooled, or can be powered by different mechanical refrigeration systems or can also use liquid nitrogen as a cooling agent. The demand for these types of trucks is rising because of the consumer demand for transporting a variety of top quality products perishable in nature. Refrigerated trucks are of different sizes, which means they have different payload capacity and storage space so that the proper truck can be chosen according to the number of items being transported. Moreover, due to the stringent policies and regulations in place by the government regarding the health and safety of individuals consuming these products, the requirement for delivering top quality items is rising, thus boosting the demand for refrigerated trucks and in turn bolstering the market growth.
As the key players are launching better products and making investments to improve refrigerator trucks, the demand for these is poised to grow in the coming years. For example, the logistics startup Rivigo has announced that they are planning to increase the vehicles in their refrigerated truck fleet for the transport of fresh fruits and vegetables to 2,500 in the next few years. Also, the Turkish logistics company Ekol has recently invested nearly 3.5 million € in 25 Mercedes Actros trucks for new refrigerated vehicles. In 2018, Mitsubishi Heavy Industries Thermal Systems Ltd. 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 are called the Hino Profia COOL Hybrids which would be released by Hino Motors, Ltd in the summer of 2019. So the expanding food and beverage among other industries is boosting the demand for refrigerated trucks over the forecast period.
Heavy vehicle segment to hold a significant market share
On the basis of size, the global refrigerated truck market is classified into light and heavy vehicles. Heavy vehicle holds a significant share in the market due to the fact that this size is one of the most commonly used for the transportation of refrigerated items as they have a decent storage and payload capacity.
Food and beverage segment to grow substantially over the forecast period
On the basis of application, the global refrigerated truck market has been segmented as food and beverage, pharmaceutical, chemical, and others. Food and beverage holds a substantial share of the market owing to the increasing demand for different varieties of food and beverage among the consumers.
Asia Pacific region to remain a dominant regional market
By geography, the global refrigerated truck market is segmented as North America, Europe, Middle East & Africa, Asia-Pacific, and South America. Asia-Pacific holds a significant market share driven by an increasing demand for fresh fruits and beverages in countries like India and China which in turn is boosting the refrigerated trucks market growth.
The global market has been segmented on the basis of size, application and geography.