Global Refrigerated Trucks Market Estimated to grow at a CAGR of 2.06% over the forecast period
Knowledge Sourcing Intelligence announces the publication of a new report on “Global Refrigerated Trucks Market – Forecasts from 2020 to 2025" to their offering.
Refrigerated trucks can be defined as self-contained units which are used to transport goods that need to be stored and transported in a cold and stable environment in order to prevent them from losing their quality or go bad. Refrigerated trucks have a storage compartment which is insulated enough to keep outside heat from entering the unit, and these compartments use an advanced refrigeration system to regulate the internal temperature. Polymers used for insulation aid in keeping the internal temperature fairly stable which prevents the goods from losing quality in the event of refrigeration system going out for some time.
According to the report, the Global Refrigerated Trucks Market is projected to increase at a CAGR of 2.06% over the forecast period 2019-2025.
The refrigerated trucks market growth is being driven by solid growth of food and beverages industry across the globe. Growing demand for food and beverage products from continuously increasing global population has been giving impetus to the food and beverage manufacturing sector in many countries across the globe. According to a data from the World Bank Group, value added by F&B sector in many countries to the respective country’s manufacturing sector has remained fairly strong over the past decade. Australia’s food and beverage manufacturing sector, for instance, contributed around 24.64% to the overall manufacturing sector in 2018. This figure stood at 18.83% in 2006. United Kingdom’s F&B manufacturing sector’s contribution to the overall manufacturing sector rose from 14.60% in 2007 to 18.96% in 2018. Similarly, in the United States, the contribution of F&B manufacturing to the country’s overall manufacturing sector increased from 13.45% in 2007 to 15.89% in 2018. These statistics show that the F&B manufacturing sector is witnessing a continuous flow of investments into it by industry players. As this continues, investments into logistics function are also increasing. Since many food and beverage products require a low temperature in order to prevent their freshness and quality, refrigerated trucks are required. This is fuelling the demand for refrigerated trucks, thus propelling the market growth.
The market growth is also closely tied to the growth of chemical and pharmaceutical industry. Since chemicals can be very reactive at room temperature or might start showing different properties if not kept at a specific temperature, their transportation requires refrigerated trucks. Similarly, drugs need to be stored at a specified temperature in order to prevent them from showing undesired behaviour. Rapid flow of investments into these two sectors is driving with it the demand for advanced refrigerated trucks which can offer high degrees of reliability to manufacturers. Presence of a good number of market players across the globe is increasing the adoption of refrigerated trucks among customers, thus augmenting the market growth.
North America and Europe Together Account for a Considerably Large Share in the Global Refrigerated Trucks Market
Geographically, the global refrigerated trucks market has been segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America and Europe together hold a considerably large market share, and the market growth in these regions is majorly attributed to the presence of state-of-the-art research and logistics infrastructure across countries. Huge investments by industry players in these regions into F&B manufacturing and in manufacturing across other sectors such as pharmaceutical, chemical, and oil and gas among others, are increasing the demand for advanced logistics options among them. Strict enforcement of regulations regarding handling of such goods is further increasing the demand for refrigerated trucks among customers. The Asia Pacific refrigerated trucks market is expected to grow at a good CAGR over the projected period.
The major players covered as part of the report are Eicher, Schmidt Cargobull AG, Tata Motors Limited and Hyundai Motor Company among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-refrigerated-trucks-market
This report has segmented the global refrigerated trucks marketon the basis of following terms:
- Light Vehicle
- Heavy Vehicle
- Food and Beverage
- United Kingdom
Middle East and Africa
- Saudi Arabia
- South Korea
- North America
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