Global Refrigerated Truck Rental Market is expected to foresee significant growth. APAC to lead the growth!

Refrigerated trucking is a freight transport method that focuses on shipping of foods and products that require a temperature-controlled means of transport. Trailers that transport food and other products have a built-in refrigeration system to keep any and all products in their pre-shipped state. Since goods being transported are sensitive to temperature and refrigerated trucking providers are always prepared to ship goods to avoid damage or destruction of product. The refrigerated truck rental market has encountered significant development over recent years such as equipment with single or multi-temperature compartments or multi-temperature longitudinal lanes to suit different operations.

The Refrigerated Truck Rental Market is expected to grow at a steady rate of around 5% owing to the rising awareness about health and hygiene among end-users. Smartphone proliferation, coupled with the growing preference for online shopping and home delivery, has transformed the way consumers shop for the food products they require in their day-to-day life. Mobile app-based ordering has bolstered the demand for fresh food products, especially from Quick Service Restaurants (QSRs), which need a regular supply of frozen food products. Hence, it has also proliferated the demand for frequent logistic services to keep up with the inventory, which, in turn, is anticipated to augment the market for refrigerated truck rentals. As per Statista, the market size of the quick service restaurant industry worldwide consistently increased each year. In 2019, the sector was valued at approximately USD 875.26 billion, reflecting an increase over the previous year’s size of USD 862.58 billion. However, as a result of the stay-at-home restrictions implemented across the globe to minimize the spread of the coronavirus, the sector was forecast to decline in 2020.

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Based on truck type, the market is segmented into light-duty truck, medium-duty trucks, and heavy-duty truck. The light truck segment grabbed the major market share and dominated the market in 2020. These vehicles are appropriate for transporting perishable goods inside cities, particularly for QSRs and supermarkets. Due to their small size, they are convenient to drive in congested urban areas. As a result, it is predicted that the need for light trucks would increase along with the expansion of the FMCG, pharmaceutical, and e-commerce industries. In addition, it is anticipated that a number of restrictions on the admission of large commercial vehicles during rush hour will affect demand.

On the basis of rental type, the market is categorized into short-term and long term. The short-term segment grabbed the major market share and dominated the market in 2020 due to the fact that it assists companies in supplying seasonal needs by providing sufficient refrigerated vehicles for the task for a brief period of time, without obligations or consequences. Additionally, during cyclical peak seasons, end users have flexibility thanks to short-term leasing agreements. Over the forecast term, these variables should have a beneficial impact on segment growth.

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For a better understanding of the market adoption of the Refrigerated Truck Rental industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America region dominated the market and grabbed major market share in 2020. However, the Asia-Pacific region is expected to witness the highest CAGR during the forecast period on account of rising disposable income and the growing number of QSRs and Food chains.

Some of the major players operating in the market include Carrier Global Corp., Innocool India Pvt. Ltd., Penske Truck Leasing Co. LP, Petit Forestier, Polar Leasing Inc., Fraikin Limited, ReeferTek USA Corp., Ryder System Inc., Hertz Global Holdings Inc., U-Cool Refrigeration LLC.

Global Refrigerated Truck Rental Market Segmentation

Market Insight, by Truck Type

• Light-Duty Truck
• Medium-Duty Truck
• Heavy-Duty Truck

Market Insight, by Rental Type

• Short-term
• Long-term

Market Insight, by End-User

• Food and Beverage
• Retail
• Others

Market Insight, by Region

• North America
  • US
  • Canada
  • Rest of North America
• Europe
• Germany
• United Kingdom
• France
• Italy
• Spain
• Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Rest of Asia-Pacific
• Rest of the World

Top Company Profiles

• Carrier Global Corp.
• Innocool India Pvt. Ltd.
• Penske Truck Leasing Co. LP
• Petit Forestier
• Polar Leasing Inc.
• Fraikin Limited
• ReeferTek USA Corp.
• Ryder System Inc.
• Hertz Global Holdings Inc.
• U-Cool Refrigeration LLC