Refrigerated Truck Rental Market - Global Industry Analysis

Refrigerated Truck Rental Market By Downstream Field (Food & Beverages and Retail), Rental Type (Short-term and Long-term), Truck (Light, Medium and Heavy), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028

Category: Automotive Report Format : PDF Report Code: ZMR-6947 Status : Upcoming

Description

Industry Perspective:

The report presents a comprehensive study on the growth factors, opportunities, and restraining factors.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Refrigerated Truck Rental Market: Overview

Refrigerated trucking is a kind of freight transport technique that emphasizes carrying products that need a temperature-controlled environment for shipment. Trailers that hold food and other stuff for transportation need a built-in refrigeration solution to maintain all the products in their effective pre-shipped state. Refrigerator truck solutions always offer well-prepared transport for temperature-sensitive products without any damage to the product. The global refrigerated truck rental market has seen considerable development in the last few years due to the requirement for the multi-temperature compartment and multi-temperature longitudinal lanes as per the requirement. Refrigerated truck transportation can be well utilized for different purposes except transporting temperature-sensitive foodstuff. Personal care, pharmaceutical, and plant products are some of the generic transport goods that depend on refrigerated trucking. However, the dynamic nature of the business landscape in the present economy is proliferating the demand for such solutions to comply with the current environmental conditions and product demand.

COVID-19 Impact:

The outbreak of the Covid-19 pandemic has severely impacted the growth trajectory of the global refrigerated truck rental market as there were worldwide lockdowns that restricted the movement of non-essential goods and products. Disruptions in the supply chain and shutdown of manufacturing units have halted all the operations across the globe, which in turn has significantly hampered the growth trajectory of the global market. However, the transportation of certain essential commodities like vaccines and other medical aid that were temperature-sensitive were allowed to move during the pandemic. This has kept the global market going during the Covid period. However, a lift of worldwide lockdowns and the post-pandemic market landscape is likely to open certain new avenues in the global market in the forthcoming years.

Refrigerated Truck Rental Market: Growth Drivers

Fast proliferating cold chain sector will drive the growth of the global market.

People all across the world are adopting frozen food and other products which are delivered via cold chain logistic vendors. Therefore, the fast proliferating cold chain sector is likely to be one of the primary factors fostering growth in the global refrigerated truck rental market. Cold chain logistics help protect the commodity from damage during transportation, and thereby these are considered to be an essential element in the food and beverage sector. The government is encouraging the development of the cold chain by rolling out the public infrastructure and few required legislations. Parallelly, service providers are also thoroughly training their staff in order to enhance their technical expertise in maintenance management and operation of specialized facilities needed to transport and haul food & other stuff.

Refrigerated Truck Rental Market: Restraints

High cost of maintenance is likely to restrain the growth of the global market.

It is important to maintain the freight vehicles and tech devices to deliver the temperature-sensitive products safely to the end-users. However, proper vehicle maintenance is important to continue delivering high-quality and non-damaged products to the people, but the involvement of high maintenance costs is likely to restrain the growth of the global market.

Refrigerated Truck Rental Market: Opportunities

Looming requirement for refrigerated transport for food and pharmaceutical products due to the growth of the e-commerce sector is likely to open new avenues in the global market.

The refrigerated truck sector is likely to grow in line with the constant growth in the volume of goods transported by roadways. The increasing requirement for advanced and efficient logistics to cater to the surging demand for complex transportation by end-users will provide a holistic growth environment. Also, the fast-growing scope of the e-commerce sector is likely to speed up the growth of the global refrigerated truck rental market. E-Commerce, particularly in the fresh food and grocery space, is likely to create lucrative growth opportunities in the global market. The ongoing technological advancements in the space of refrigerated trucks will further accentuate the growth rate of the global market in the forthcoming years. Also, companies are strategically promoting their fleet managing facilities to the people by offering cost estimation, door-to-door service, document management, and service support. Development in the market includes transformation to sustainable transportation units to lower the release of hydrofluorocarbons to prevent damage to the environment.

Refrigerated Truck Rental Market: Challenges

Government regulations on vehicle emissions can be a huge challenge in the global market.

Due to the constantly increasing concerns regarding environmental health, governments are taking several initiatives to protect the climate and the environment. Therefore, the government is imposing many regulations on vehicle emission, which in turn has emerged as a huge challenge in the global market.

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.

Refrigerated Truck Rental Market: Competitive Landscape

Some of the significant players in the global refrigerated truck rental market include Innocool, KookMate, ReeferTek USA, Corp., U-COOL Refrigeration, LLC, Polar Leasing, Inc., The Hertz Corporation, Petit Forestier, Penske Corporation, Inc., Fraikin Limited, Ryder System, Inc.

Global refrigerated truck rental market is segmented as follows:

By Downstream Field

  • Food and Beverages
  • Retail

By Rental Type

  • Short-term
  • Long-term

By Truck Type

  • Light
  • Medium
  • Heavy

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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FrequentlyAsked Questions

People all across the world are adopting frozen food and other products which are delivered via cold chain logistic vendors. Therefore, the fast proliferating cold chain sector is likely to be one of the primary factors fostering growth in the global refrigerated truck rental market.

Some of the significant players in the global refrigerated truck rental market include Innocool, KookMate, ReeferTek USA, Corp., U-COOL Refrigeration, LLC, Polar Leasing, Inc., The Hertz Corporation, Petit Forestier, Penske Corporation, Inc., Fraikin Limited, Ryder System, Inc.

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.

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