The global Refrigerated Truck Rental market was valued at USD 2.2 Billion in 2022 and it is anticipated to grow up to USD 3.8 Billion by 2032, at a CAGR of 5.5% during the forecast period.
Refrigerated truck rental is the renting of a truck that has been outfitted with a refrigeration unit. This type of truck is typically used to transport perishable goods, such as food or flowers. Refrigerated truck rental is a popular option for businesses that need to transport temperature-sensitive items but do not have the budget to purchase or maintain their own refrigerated truck.
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Market Trends and Drivers
The growth opportunities in the market can be found mainly in the looming need for refrigerated transport of pharmaceuticals and food and beverages. Moreover, the refrigerated freight industry is expected to thrive in line with the continued growth in the volume of goods transported by road. Furthermore, the rapid growth of the retail e-commerce industry, the subsequent growth in the need for advanced and efficient logistics, and strengthening regulations on vehicular emissions are some of the factors that have been augmenting the growth of reefer trucks.
Refrigerated truck transport happens to be a “derived demand” industry, where the demand for refrigerated truckers is directly proportional to the demand for the products these vehicles are supposed to haul. Besides, reefer truck rental can be a highly cost-effective alternative for businesses engaged in handling reefer cargo as it relieves these businesses from the costs incurred on maintaining a fleet of reefer trucks. Also, refrigerated truck rental services are ideal to ensure proper storage and transportation of temperature-sensitive products and prevent perishable products from spoilage.
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Global Refrigerated Truck Rental Market Segmentation
By Rental Type
- Short-term
- Long-term
By Truck Type
- Light
- Medium
- Heavy
By Application
- Food & Beverages
- Pharmaceuticals
- Chemicals
- Others
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Major Players in the Global Refrigerated Truck Rental Market
The key players in the Refrigerated Truck Rental market are as Ryder System , Inc., Fraikin Limited, Penske Corporation, Inc., Petit Forestier, The Hertz Corporation, Polar Leasing, Inc., U-COOL Refrigeration, LLC, ReeferTek USA, Corp., KookMate, and Innocool., among others
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