New York, US, May 09, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Refrigerated Truck Rental Market Research Report Information by Downstream Field, Region, Truck, and Rental Term - Forecast Till 2032”, the global Refrigerated Truck Rental market is predicted to bolster substantially during the review era from 2022 to 2030 at a substantial growth rate of around 9.5%. The reports further predict the market will acquire nearly USD 136.4 billion by the end of 2032. As per the documents, the Refrigerated Truck Rental market was valued at nearly USD 60.3 billion in 2022.
Refrigerated Truck Rental Industry Overview:
Refrigerated truck solutions transport fresh or frozen goods in a closed van; it is a refrigerated truck outfitted with refrigeration equipment and refrigeration units polyurethane insulated transport box for transporting refrigerated units transport truck. The refrigerated truck can be divided by freight box type, chassis carrying capacity, and manufacturer. It is popularly used for the transportation of frozen food (frozen truck), vaccine drugs (vaccine carriers), fruits & vegetables (fresh truck), dairy products (milk transport vehicles), and others. The global Refrigerated Truck Rental industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the development of the cold chain industry. Furthermore, the growing frozen food consumption globally and low refrigerated truck rental cost are also considered to be one of the crucial parameters enhancing the market performance over the assessment era. Moreover, the rapidly growing pharmaceutical industry is also likely to catalyze the development of the global market for Refrigerated Truck Rental over the coming years.
Competitive Analysis
The listing of the prominent refrigerated truck manufacturers across the global market for Refrigerated Truck Rental includes players such as:
- KookMate
- Ryder System, Inc.
- U-COOL Refrigeration, LLC
- Fraikin Limited
- Polar Leasing, Inc.
- Penske Corporation, Inc.
- The Hertz Corporation
- Petit Forestier
- Innocool
- ReeferTek USA, Corp
- Among others.
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Refrigerated Truck Rental Market USP Covered
Market Drivers
The global Refrigerated Truck Rental industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the development of the cold chain industry. Furthermore, the growing frozen food consumption across the globe is also considered to be one of the crucial parameters enhancing the market performance over the assessment era. Moreover, the rapidly growing pharmaceutical industry is also likely to catalyze the development of the global market for Refrigerated Truck Rental over the coming years. Refrigerated truck transport is a "derived demand" market in which the demand for refrigerated truck drivers is directly proportional to the goods they are developed to transport. In addition, the factors such as the cost-effective option for businesses, the growing e-commerce sector, increased demand for fresh food products, and growth of the refrigerated chain industry are also anticipated to enhance the market's size.
Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated.
Refrigerated Truck Rental Market Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 136.4 billion |
| CAGR during 2023-2032 | 9.5% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Truck, Rental Term, Downstream Field, and Region |
| Key Market Opportunities | Increased Demand for International Food Products |
| Key Market Dynamics | Rising E-Commerce Retail |
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Refrigerated Truck Rental Market COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Refrigerated Truck Rental market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
Refrigerated Truck Rental Market Segment Analysis
Among all the truck types, the light category secured the top spot across the global market for refrigerated truck rental with the largest contribution of around 45%. These vehicles are the right choice for intra-city transport of frozen and perishable foods, especially for quick-service restaurants and supermarkets. Because of the small dimensions, they assist in driving in cities with heavy traffic. The segment's growth is ascribed to the development of the e-commerce retail, pharmaceutical, and FMCG sectors; the demand for light trucks is expected to increase.
Among all the terms, the short-term segment is projected to secure the leading position across the global market for refrigerated truck rental over the assessment era. The short-term rental contracts provide end-users flexibility throughout transient peak seasons.
Among all the Downstream Fields, the food and beverage category is projected to secure the leading position across the global market for refrigerated truck rental over the assessment era.
Refrigerated Truck Rental Market Regional Analysis
The global market for Refrigerated Truck Rental is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.
The research reports by MRFR suggest that the North American region is anticipated to ensure the top position across the global Refrigerated Truck Rental industry over the assessment era. The growth of the regional market is ascribed to the factors such as a robust logistics infrastructure, large perishable products companies, and growing pharmaceuticals & cosmetics sectors.
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The European Refrigerated Truck Rental market is anticipated to ensure the second-largest market share globally. The growth of the regional market is ascribed to the factors such as a well-developed logistics industry, several significant food and beverage companies, and the need to convey perishable goods.
The Asia-Pacific Refrigerated Truck Rental Market is anticipated to showcase the maximum growth rate over the assessment era. The growth of the regional market is ascribed to the factors such as the expansion of e-commerce and rising demand for processed food products.
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