Refrigerated trucks are used to carry and transport perishable items at specific temperatures. These trucks are employed with different refrigeration technologies. Increasing demand for fresh frozen food and beverage products is boosting the market growth of refrigerated trucks. Growing global cold supply chain in food and beverage and pharmaceuticals is also driving the global refrigerated truck market.
According to the report, the Global Refrigerated Truck Market is projected to increase at a CAGR of 2.06% over the forecast period 2019-2025.
Growing global food and beverage industry
Rising purchasing power and increasing urbanization is encouraging consumers to spend more on various food and beverage items. These items are perishable and are required to store at a certain temperature. Since people are getting more aware about food quality and its impact on human health, the demand for refrigerated trucks is growing at a decent rate. Increasing demand for fresh frozen food owing to the growing health awareness, especially in developed economies is further fuelling the market growth of refrigerated trucks worldwide. Furthermore, ever-growing e-commerce industry delivering fresh frozen food (meat, fish, etc), milk, and groceries has also surged the demand for refrigerated trucks, thus positively impacting the overall market growth.
Asia Pacific (APAC) one of the major regional markets for refrigerated truck vendors
Geographically, the global refrigerated truck market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America refrigerated truck market holds a considerable market share owing to the high demand for fresh processed food and beverage items in the region. The presence of major supermarket and hypermarket chains in countries like the U.S. and Canada is further contributing to the sale of processed food and beverage products, thus fuelling the market growth of refrigerated truck across the region. Growing chemical industry in the U.S. and Mexico, supported by governments’ favourable policies and measures to boost the domestic chemical manufacturing, is also augmenting the demand for refrigerated trucks in the North American region. However, Asia Pacific regional market for refrigerated trucks will witness a significant CAGR during the forecast period owing to the booming e-commerce industry. People are increasingly buying processed as well as fresh food products, both domestically produced and imported ones, via online channel which is boosting the market growth of refrigerated trucks in countries like China and India. Increasing investments in chemical industry, especially in China, along with the growing global demand for chemicals across various industries is further propelling the refrigerated truck market growth in the APAC region.
The major players covered as part of the report are Eicher, Schmidt Cargobull AG, MAN, Tata Motors Limited, Mahindra and Mahindra, and HYUNDAI MOTOR COMPANY.
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This report has segmented the Global Refrigerated Truck market on the basis following terms: