Market Definition
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.
Market Outlook
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.
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.
The key restraints and challenges in refrigerated truck rental market include high initial investment, volatile raw material prices, and stringent environmental regulations. High initial investment is a major restraint for the growth of the refrigerated truck rental market. The cost of a refrigerated truck is higher than that of a regular truck, due to the additional cost of the refrigeration system. This high cost acts as a barrier to entry for small and medium enterprises. Volatile raw material prices are another challenge for the refrigerated truck rental market. The prices of steel, aluminum, and copper, which are used in the manufacturing of refrigerated trucks, have been volatile in recent years. This volatility has a direct impact on the cost of refrigerated trucks. Stringent environmental regulations are also a challenge for the refrigerated truck rental market. These regulations limit the emissions of greenhouse gases from refrigerated trucks. This is a challenge for the industry as it needs to find ways to reduce emissions without compromising on the performance of the refrigerated trucks.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
The report analyses the global Refrigerated Truck Rental market based on By Rental Type, By Truck Type, By Application, and region.
Global Refrigerated Truck Rental Market By Rental Type
Based on rental type, the market has been segmented into short-term and long-term. The short-term rental segment is expected to witness significant growth from 2020 to 2027, as it aids the businesses in meeting the seasonal demand by offering suitable refrigerated trucks for the job for a short period, without any commitments or penalties. This is considered as an economically viable option. Also, short-term rental contracts offer flexibility to end-users during temporary peak seasons. Such factors are anticipated to positively influence segment growth over the forecast period.
Global Refrigerated Truck Rental Market by Truck Type
Based on truck type, market is segmented into Light, Medium, and Heavy. Light truck segment led the refrigerated truck rental market. These vehicles are suitable for intra-city transportation of frozen foods and perishable products, especially for QSRs and supermarkets. Owing to the compact size, they offer ease-of-driving in the traffic-congested cities. Hence, the demand for light trucks segment is estimated to rise with the growth in e-commerce retail, FMCG, and pharmaceutical sectors. Besides, several regulations on the entry of heavy commercial vehicles in congested cities during peak hours are also projected to influence the demand.
The heavy truck segment is poised to expand at the second-highest CAGR from 2022 to 2032. Heavy trucks are mostly preferred for long-distance transportation of frozen foods and perishable goods owing to their higher transportation capacity. Moreover, with the use of multi-temperature refrigerated systems, these trucks can transport multiple products such as meat, fish, and dairy products at the same time, thus improving the delivery efficiency as well as profit margins of the service providers.
Global Refrigerated Truck Rental Market by Application
In terms of application, the industry is classified into Food & Beverages. Pharmaceuticals, Chemicals, and Others. Among these, the Food & Beverages dominated in 2022 with a revenue share of 37.79%. Frozen food manufacturers are using technologies such as individual quick freezing (IQF) to improve the yield and quality of frozen foods. The IQF method involves transferring the individual food items on a conveyor belt into a blast freezer that quickly freezes the items. With the IQF method, every individual piece of food is frozen separately, as opposed to bulk or block freezing. This method boosts yield by 1.5-3% and results in better quality products with high nutritional value and less wastage. Examples of IQF foods include fruits such as blueberries, strawberries, and peaches, and vegetables such as corn, peas, and green beans. The global IQF vegetable market is expected to reach $2 billion by 2026, thus indicating significant demand for IQF food products in the future.
Geographical Analysis of Global Refrigerated Truck Rental MarketRegion-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Europe held the largest revenue share of 36.47% in 2021. The market in the U.K. is poised to expand at a considerably high CAGR of 9.6% from 2020 to 2027. The U.K. frozen food product industry is currently the fastest-growing retail category. Also, expansion of retail food chains is likely to spur the demand for cold chain logistics industry over the forecast period, thus increasing the demand for reefer truck rentals in the country. Moreover, retailers are focusing on developing long-term strategic planning to withstand stiff competition in the retail industry as well as the shift in consumer preferences. The production of fruits and vegetables has fallen in Europe owing to unseasonal conditions that could present opportunities for the frozen food industry, which in turn is further expected to drive the market.
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Major Players
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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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
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