PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1443377
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1443377
Refrigerated Truck Rental Market size was valued at USD 62.400.23 Million in 2023, expanding at a CAGR of 10.1% from 2024 to 2032.
Refrigerated trucking is a freight transport method specifically designed for shipping foods and products that necessitate temperature-controlled transportation. Trailers equipped with built-in refrigeration systems ensure that all transported goods maintain their pre-shipped condition. Given the sensitivity of these goods to temperature fluctuations, refrigerated trucking providers are well-prepared to prevent damage or spoilage during transit.
Refrigerated Truck Rental Market- Market Dynamics
Surge in smartphone usage and a growing preference for online shopping have transformed consumers' food purchasing habits to propel market demand
The surge in smartphone usage and a growing preference for online shopping have transformed consumers' food purchasing habits. Mobile app-based ordering, particularly for fresh food products needed by restaurants, has spurred demand for frequent logistics services to manage inventory effectively. Consequently, the retail e-commerce industry's expansion is anticipated to drive increased demand for rental refrigerated trucks. To enhance refrigerant efficiency, operators of refrigerated truck fleets are incorporating innovative technologies such as spiral compressors. Many providers of refrigerated truck rental solutions are making substantial investments in sensor installation and IT infrastructure, allowing real-time temperature level reporting during transportation. The refrigerated truck rental market has witnessed notable development, with offerings like equipment featuring single or multi-temperature compartments or multi-temperature longitudinal lanes catering to diverse operational needs. Beyond food items, refrigerated truck transportation serves various industries. Plants, pharmaceuticals, and personal care products are among the commonly transported goods reliant on refrigerated trucking. The dynamic business environment in the current global economy is driving a growing demand for business professionals to stay updated, fueling market growth.
Refrigerated Truck Rental Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 10.1% over the forecast period (2024-2032)
Based on vehicle type segmentation, light truck was predicted to show maximum market share in the year 2023
Based on rental type segmentation, short-term was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Refrigerated Truck Rental Market is segmented on the basis of Vehicle type, Rental type, End User, and Region.
The market is divided into three categories based on vehicle type: light, medium, and heavy. In 2023, the light truck segment emerged as the leader in the refrigerated truck rental market. These vehicles are well-suited for intra-city transport of frozen foods and perishable items, particularly for Quick Service Restaurants (QSRs) and supermarkets. Their compact size ensures ease of navigation in traffic-congested urban areas. The demand for the light truck segment is expected to escalate with the growth of e-commerce retail, Fast-Moving Consumer Goods (FMCG), and pharmaceutical sectors. Additionally, regulations restricting the entry of heavy commercial vehicles into congested cities during peak hours are anticipated to impact demand.
The market is divided into two categories based on rental type: short-term and long-term. The short-term rental segment is expected to dominate the market during the forecast period. This rental option aids businesses in addressing seasonal demand by providing suitable refrigerated trucks for short periods without long-term commitments or penalties. It is considered an economically viable choice, offering flexibility to end-users during temporary peak seasons, contributing to positive segment growth projections.
Refrigerated Truck Rental Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The market faces intense competition with a multitude of truck rental service providers, including those associated with truck original equipment manufacturers offering rental services. Key industry players include Penske Corporation, Inc., Fraikin Limited, The Hertz Corporation, Petit Forestier, and Ryder System, Inc. These companies strategically promote their fleet management services to end users, incorporating telematics like GPS systems and navigation tools for optimal usage of rental reefer trucks. Services encompass door-to-door solutions, insurance, cost estimates, document administration, and service support. A noteworthy trend involves a rapid shift toward sustainable refrigeration units to minimize carbon footprint by reducing Chlorofluorocarbon (CFC) emissions, contributing to environmental impact mitigation.
In December 2021, Penske Truck Leasing acquired the assets of DeCarolis Truck Rental, Inc., expanding Penske's fleet by approximately 2,350 trucks, trailers, and tractors.
GLOBAL REFRIGERATED TRUCK RENTAL MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
The Hertz Corporation
Fraikin Limited
ReeferTek USA
Ryder System
KookMate
Polar Leasing
U-COOL Refrigeration
Innocool
Penske Corporation
Petit Forestier
Others