Refrigerated Truck Rental Market Size, Industry Share and Forecast,...

Refrigerated Truck Rental Market Size, Industry Share and Forecast, 2032

Posted 2024-04-23 11:35:36

Refrigerated Truck Rental Market

A type of freight transportation known as "refrigerated trucking" places a strong emphasis on transporting goods that require a temperature-controlled space to be shipped. A built-in refrigeration system is required to keep all the goods in trailers that are used for transportation of food and other items in an effective pre-shipped form. Refrigerator truck solutions always provide carefully planned transportation for goods that are sensitive to temperature without causing any harm to the item. Due to the necessity for multi-temperature longitudinal lanes and compartments, the global market for refrigerated truck rentals has grown significantly in recent years.

If you don't need to carry temperature-sensitive food, chilled truck transportation can be used for a variety of other uses. Pharmaceutical, plant, and personal care products are a few examples of general transport goods that require refrigerated trucks. But because the corporate environment in the contemporary economy is so dynamic, there is an increasing need for these kinds of solutions to meet the demands of consumers and the state of the environment.

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COVID-19 Impact:

The Covid-19 pandemic has had a significant negative effect on the growth trajectory of the global market for refrigerated truck rentals since lockdowns have hindered the flow of non-essential goods and products worldwide. All operations worldwide have been suspended due to supply chain disruptions and manufacturing unit closures, which has severely impeded the global market's ability to grow. Nonetheless, during the epidemic, the movement of some necessities, such as vaccines and other medical supplies that required careful handling due to temperature fluctuations, was permitted. This has sustained the global market throughout the Covid-19 pandemic. Nonetheless, the lifting of global lockdowns and the post-pandemic market environment are probably going to create some fresh opportunities in the global market in the upcoming years.

Refrigerated Truck Rental Market: Growth Drivers

The rapidly expanding cold chain industry will propel the expansion of the worldwide market. Frozen food and other products that are transported by cold chain logistics suppliers are becoming more and more popular worldwide. Thus, one of the main drivers of growth in the worldwide refrigerated truck rental industry is probably the rapidly expanding cold chain sector. Cold chain logistics are regarded as crucial to the food and beverage industry since they shield the product from harm during transportation. The government is promoting the growth of the cold chain by implementing necessary laws and public infrastructure. In parallel, service providers are giving their employees extensive training to improve their technical proficiency in maintenance management and operation of specialized facilities needed to transport and haul food & other stuff.

Refrigerated Truck Rental Market: Restraints

High maintenance costs are probably going to limit the global market's expansion. Maintaining freight vehicles and electronic equipment is crucial for the safe delivery of temperature-sensitive products to final consumers. Although regular vehicle maintenance is necessary to keep providing the public with high-quality, undamaged products, excessive maintenance expenses are anticipated to impede the worldwide market's expansion.

Refrigerated Truck Rental Market: Opportunities

The expanding e-commerce industry's need for refrigerated transportation of food and pharmaceutical goods will probably provide new opportunities in the global market. The industry for refrigerated trucks is probably going to expand in tandem with the steady rise in the amount of cargo that is moved on roads. A comprehensive growth environment will be created by the growing need for sophisticated and effective logistics to meet the end-users' soaring need for sophisticated transportation. Additionally, the worldwide refrigerated truck rental market is expected to rise at a faster rate due to the rapidly expanding reach of the e-commerce sector. E-commerce is probably going to open up a lot of profitable growth potential in the worldwide market, especially in the fresh food and grocery sectors.

In the upcoming years, the global market's growth rate will be further accentuated by the ongoing technological improvements in the refrigerated truck industry. Additionally, businesses are proactively marketing to the public about their fleet management services by providing pricing estimates, door-to-door service, document management, and customer assistance. The market is evolving to encompass the switch to environmentally friendly transportation options that reduce the amount of hydrofluorocarbons released into the atmosphere.

Refrigerated Truck Rental Market: Challenges

In the worldwide economy, government laws on car emissions can present significant challenges. Governments are implementing a number of measures to safeguard the environment and climate because of the growing worries about environmental health. As a result, the government is enforcing numerous rules on automobile emissions, which has become a significant obstacle in the worldwide market.

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Refrigerated Truck Rental Market: Segmentation

The global refrigerated truck rental market can be segmented into the downstream field, rental type, truck, and region.

By downstream field, the market can be segmented into retail, food & beverage, and others.

By rental type, the market can be segmented into long and short term.

By truck, the market can be segmented into heavy, medium, and light trucks type.

Recent Developments

The Petit Forestier Group and Volta Trucks collaborated to make a refrigerated 100% commercial electric vehicle available for rental from 2022.
Volta Trucks successfully raises €230m to begin a plan of producing an all-electric haulage framework.

Refrigerated Truck Rental Market: Regional Landscape

Europe accounts for the largest share in the global refrigerated truck rental market due to the high demand from consumers for healthy additives in their regular diet. Most of the people in the region rely on frozen foods on a monthly basis. Furthermore, the ready-to-eat frozen dinners, frozen pizzas, and others are high in demand in the region. Also, the presence of prominent cold chain logistics vendors in the market is likely to further push up the growth of the regional market.