Refrigerated Trucks Market- Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

Market Overview

The global refrigerated trucks market is expected to experience strong growth, with its market size projected to increase from USD 3,949.3 million in 2024 to USD 6,318.37 million by 2032, reflecting a compound annual growth rate (CAGR) of 6.05% during the forecast period. This growth is fueled by the rising demand for temperature-controlled transportation solutions across industries such as food and beverages, pharmaceuticals, and chemicals. As global supply chains become increasingly complex, there is a heightened need for efficient and reliable refrigerated transport, especially for perishable goods that require precise temperature management to ensure quality and safety during transit.

Several factors are driving the growth of the refrigerated trucks market. The growing global trade in perishable goods, particularly within the food and beverage industry, is a major driver. As consumers increasingly demand fresh produce, dairy products, and frozen foods year-round, the need for advanced refrigerated transportation solutions has surged. Moreover, the expansion of the pharmaceutical industry, particularly in the distribution of temperature-sensitive medications like vaccines, has significantly boosted the demand for refrigerated trucks. The rise of e-commerce and online grocery shopping trends is also playing a role in this growth, as retailers seek dependable logistics solutions to ensure the timely delivery of perishable products.

Market Drivers

Expansion of the Pharmaceutical Industry
The pharmaceutical industry’s growth, especially in the distribution of temperature-sensitive medications, is a key driver of the demand for refrigerated trucks. The transportation of vaccines, biologics, and other temperature-sensitive pharmaceuticals requires specialized cold chain logistics. For example, during the COVID-19 pandemic, the global distribution of vaccines necessitated highly specialized refrigerated transportation to maintain vaccine efficacy. This underscores the crucial role refrigerated trucks play in the pharmaceutical supply chain, particularly when handling sensitive products that require strict temperature control.

Market Challenges

High Operational Costs
A significant challenge for the refrigerated trucks market is the high operational costs associated with maintaining and operating these specialized vehicles. Refrigerated trucks require advanced refrigeration units, which are costly to purchase, install, and maintain. Additionally, these units consume substantial amounts of energy, often relying on diesel-powered engines that drive up fuel costs. The rising cost of fuel further exacerbates these expenses, making it difficult for logistics companies to control operational costs effectively. For smaller operators, these high costs can be prohibitive, limiting their ability to compete with larger, more established players in the market.

Segmentation

By Type:

Light Commercial Vehicle

Medium Commercial Vehicle

Heavy Commercial Vehicle

By Tonnage Capacity:

<10 Tons

10-20 Tons

20 Tons

By Application:

Food & Beverages

Pharmaceuticals

Chemicals

Others

By Region:

North America:

U.S.

Canada

Mexico

Europe:

Germany

France

The U.K.

Italy

Spain

Rest of Europe

Asia Pacific:

China

Japan

India

South Korea

Southeast Asia

Rest of Asia Pacific

Latin America:

Brazil

Argentina

Rest of Latin America

Middle East & Africa:

GCC Countries

South Africa

Rest of the Middle East and Africa

Key Player Analysis:

Thermo King (Ingersoll Rand)

Carrier Transicold (United Technologies Corporation)

DAF Trucks N.V.

Hyundai Translead

DAIKIN INDUSTRIES Ltd.

Ingersoll Rand

China International Marine Containers (Group) Co., Ltd.

Utility Trailer Manufacturing Company

Hyundai Translead Inc.

Schmitz Cargobull AG

KRONE

LAMBERET SAS

Wabash National Corporation