Refrigerated Truck Market is Poised to Reach USD 16.14 Billion By 2032 | Food and Beverage Industry Captures More Than 42% Revenue Says Astute Analytica
Global refrigerated truck market is expanding rapidly, fueled by the growing food trade, rising consumption of perishables, e-commerce expansion, and a focus on reducing food waste. Emerging markets hold significant growth potential as investments in cold chain logistics increase.
New Delhi, March 21, 2024 (GLOBE NEWSWIRE) -- As per the new report by Astute Analytica, the global refrigerated truck market is projected to surpass US$ 16.14 billion by 2032, up from US$ 6.50 billion in 2023, at a CAGR of 10.63% during the forecast period 2024–2032.
A surge in the consumption of perishable goods, such as fruits, vegetables, dairy, and meat that need to be delivered is a crucial reason why we're seeing an increase in the demand for refrigerated transport. In 2022 alone, the global food trade stores over $8 trillion dollars - accounting for close to 10% of the worldwide economy. Because of urbanization and shifting lifestyles, consumers want their products handed directly to them. They expect convenience and it doesn’t help that most people don’t have access to a car. All those numbers add up quickly and result in companies needing delivery trucks or trailers with temperature control systems.
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The rise in preference for packaged food also boosts refrigerated truck market growth as these products often need reliable cold chain transportation. For instance, the global frozen food market is set to hit $504.41 billion by 2030 from USD 265.13 billion in 2022 at a CAGR of 8.4%. This indicates the importance of refrigerated food trucks at a time when heightened concerns about food safety and quality go hand-in-hand with globalization that aggravates risks during food transportation processes. Stringent regulations have called for more temperature control systems but refrigerated trailers seem essential to maintain integrity of goods while they are on transit. The focus on safety and integrity provides strong impetus to reliable cold chain transportation solutions. The forecasted near-$900bn value of the rapidly growing global cold chain logistics market in 2030 shows how strong future sales could be for manufacturers of these types of trucks. As networks expand around the world to meet ever-rising consumer demand for sensitive-goods delivered at specific temperatures, vendors must respond with fleets built up with new or retrofitting old assets.
It’s estimated that between 25% and 35% of all food produced globally spoils before it can be eaten — much worse than proportionately disposing one out every four platefuls — but good cold storage infrastructure can mitigate this loss particularly in developing countries where too few supplies exist now. Moreover, governments are introducing policies aimed at reducing waste, and one way to do so is to encourage more refrigerator-equipped vehicles on the road. The last-mile delivery boom that has followed the growth of e-commerce in recent years has been a boon for refrigerated van and small-truck demand as people buy perishables online.
*Opportunity Lies in Loss *
· Globally, around 14% of food produced is lost between harvest and retail, while an estimated 17% is wasted in retail and at the consumption level due to poor cold storage supply chain, offering lucrative opportunity for players in the refrigerated truck market.
· Proper temperature control during transport is critical, as even small deviations of 2°C or more can increase food spoilage rates by 100%.
· In developing countries, 40% of losses occur at the post-harvest and processing levels, while in industrialized countries, over 40% of losses happen at the retail and consumer levels.
· Proper refrigeration during transport and storage can reduce food losses by 50% or more in developing countries.
*Key Findings in Global Refrigerated Truck Market *
Market Forecast (2032) US$ 16.14 Billion
CAGR 10.63%
Largest Region (2023) North America (36.3%)
By Type Medium Commercial Trucks (58.2%)
By Tonnage Capacity 10-20 tons (59%)
By Application Food & Beverage (42.8%)
Top Trends · Increasing demand for refrigerated trailers due to growth in e-commerce deliveries
· Shift towards electric and more environmentally friendly refrigeration units
· Rise of intermodal cold chain logistics and creative solutions from 3PLs
Top Drivers · Growing consumption of frozen foods, perishables, and temperature-sensitive goods
· Expansion of cold chain to meet needs of food, pharmaceutical, and other industries
· Demand for more efficient and reliable long-distance refrigerated transportation
Top Challenges · High operating costs due to fuel prices and maintenance requirements
· Inadequate transportation infrastructure and poor road conditions in some markets
*Medium Commercial Refrigerated Trucks: The Backbone of Efficient Cold Chain Delivery, Controls Over 58% Market Share *
The MCV segment is driving the refrigerated truck market. The food and beverage transportation business has always been important, but now its scalability is essential. MCVs are in demand because they can carry 10 to 20 tons of goods over medium-range distances. These types of vehicles are also highly sought for e-commerce and online grocery shopping. They’re efficient enough to ensure that temperature-sensitive products make it from the warehouse to the customer’s door. The other reason businesses are buying them because they’re affordable. This economic advantage is what drives many small businesses to choose an MCV instead.
By offering an optimal mix of carrying capacity and maneuverability, an MCV can’t be beat for any medium-distance delivery job needed to be done on a budget. Compared to larger heavy commercial trucks, MCVs offer numerous advantages to end users when it comes to purchase price, operating costs, and ongoing maintenance expenses. In line with this, it further contributes to the widespread adoption of medium commercial refrigerated trucks across several industries.
*Food and Beverage Industry Captures More Than 42% Revenue Share of Global Refrigerated Truck Market *
The global refrigerated truck market is mainly driven by the food and beverage industry due to the massive scale of goods, explosive growth, and increasing popularity of frozen foods. The food supply chain is going global, with a trade value that's over $8 trillion. This makes the need for long-distance trucks that can precisely control temperature all the more urgent.
Further down the line, emerging economies in Asia are craving more processed foods. India's alone expects to exceed $535 billion by 2025. Not only will this explode demand, but it will also expand the global cold chain market which is projected to reach $900 billion by 2030. Apart from this, rapid growth in the hectic and buy lifestyles also help these numbers grow fast as a large number of consumers prefer chilled and frozen foods for their convenience. In line with this, Astute Analytica estimated that the frozen food market will be worth $504.41 billion by 2030. Pharmaceutical and chemical industries use refrigerated transport as well. But when compared them to perishable food products, there’s just no contest about how important those snacks are on a hot summer day! Food safety is key here and currently 25-35% of food gets wasted globally. Refrigerated trucks ensure food products reach consumers safely and in optimal condition so they don't get thrown away on their way there or after arriving at consumers' door.
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*North America is Titan in Global Refrigerated Truck Market, Holds More than 36% Revenue Share *
The US is home to the world’s largest fleet of refrigerated trucks, and this supremacy is built on several key factors. The nation's food industry is massive, with annual contributions of over $1tn; it relies heavily on refrigerated transport, and many other sectors do too. E-commerce in the US has seen explosive growth in recent years, particularly in the online grocery market: sales surpassed $1tn by 2023, a milestone that would be impossible without robust cold chains. In addition, the US leads the world in cold chain innovation — as you might expect from a nation that hosts some of the biggest technology companies. This leadership in technology has led to strong demand for chilly vehicles.
Advancements in refrigeration units and IoT-enabled temperature monitoring, experiencing an estimated 20% annual growth, enhance the efficiency and reliability of refrigerated transport. This technological edge further contributes to the nation's strong demand for these specialized vehicles. A strong economy and high consumer spending on food are also helping to fuel demand for refrigerated trucks. American consumers in the refrigerated truck market spend a large proportion of their income on food products, including an increasing number of organic and specialty items. All these goods have to travel through a complex supply chain – often at controlled temperatures.
China currently uses refrigerated trucks for just 15% of its perishable goods – indicating plenty of growth potential as its cold chain expands – while Europe has a much denser fleet than any individual country. There are about 200,000 refrigerated trucks running across the continent; when added together they cover enough ground to stretch nearly four times around Earth’s equator. India’s truck fleet is also expected to grow rapidly in coming years. The country aims to reduce its huge amount of food waste – which in some sectors exceeds 40% – so there will be more need for temperature-controlled transport.
*Global Refrigerated Truck Market Key Players*
· Kgel Trailer GmbH & Co.KG .
· Hyundai Translead. Inc.
· Wabash National
· Fahrzeugwert Bernard Krone Gmbh & Co.KG
· China International Marine Containers (Group) Ltd.
· GRW Tankers and Trailers (US)
· Lamberet SAS
· Great Dane LLC
· Chereau
· Schmitz Cargobull AG
· Other Prominent Players
*Key Segmentation:*
*By Type*
· Light Commercial Vehicle (LCV)
· Medium Commercial Vehicle (MCV)
· Heavy Commercial Vehicle (HCV)
*By Tonnage Capacity*
· Less than 10 tons
· 10-20 tons
· More than 20 tons
*By Application*
· Food and Beverages
· Pharmaceuticals
· Chemicals
· Others
*By Region*
· North America
· Europe
· Asia Pacific
· Middle East & Africa
· South America
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*About Astute Analytica*
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
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CONTACT: Vipin Singh
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Email: sales@astuteanalytica.com
Website: https://www.astuteanalytica.com/