Refrigerated Truck Rental Market: Current Analysis and Forecast (2022-2028)
Emphasis on Truck Type (Light-Duty Trucks, Medium-Duty Trucks, High-Duty Trucks); Rental Type (Short-Term Rental, Long-Term Rental); End-User (Food & Beverage, Retail, Others.); Region/Country.
Global Refrigerated Truck Rental Market is expected to grow at a significant rate of around 5% during the forecast period. A rise in the number of truck registrations across countries coupled with the emerging demand from the food and beverages, chemicals and pharmaceuticals industry is contributing to the growing market of refrigerated truck rentals. Moreover, the adoption of advanced technologies such as AI for real-time monitoring, ADAS, etc., by the manufacturer for better efficiency is also contributing to the market growth. In April 2021, Fraikin Limited U.K. announced its partnership with Samsara. This partnership aims to make real-time data available to customers to assist them to enhance the safety, efficiency, and long-term viability of their associated fleets
Also, the demand for refrigerated truck rental is rising dramatically across the globe owing to the growing consumption of processed food in many high-income countries. For instance, the sales of packaged food across the globe were nearly USD 2,339.7 billion in 2015 and gradually increased to USD 2,578.9 billion in 2017 and USD 2,644.1 billion in 2019. Furthermore, advancement in technologies used in the manufacturing of food and beverages to maintain and prolong the shelf life of products to enhance the quality of the food is also propelling the growing demand for the refrigerated truck rental
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., are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst truck type, light-duty-truck category to witness higher CAGR during the forecast period”
Based on truck type, the market is segmented into light-duty trucks, medium-duty trucks, and high-duty trucks. The light duty truck grabbed the major market share and dominated the market in 2020. These vehicles are suitable for intra-city transportation of frozen foods and perishable products, especially for QSRs and supermarkets. Besides, several regulations on the entry of heavy commercial vehicles in congested cities during peak hours are also projected to influence the demand. Owing to their compact size, they offer ease of driving in traffic-congested cities. Hence, the demand for the light trucks segment is estimated to rise with the growth in e-commerce retail, FMCG, and pharmaceutical sectors.
“Amongst rental type, the short-term rentals to hold a significant share in the market in 2020”
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.
“Amongst End-User, the food & beverage segment to hold a significant share in the market in 2020”
On the basis of end-users, the market is categorized as food & beverage, retail, and others. Among these, the food & beverage segment to hold a significant share in the market in 2020. This is mainly due to emerging demand from hotels, restaurants, and cafes. Moreover, the growing trend of QSRs (Quick service restaurants) among millennials is adding pace to the market growth
“North America to hold a significant share in the market”
In 2020, North America region grabbed the major market share and dominated the market in 2020. However, the Asia-pacific region would witness a considerable share in the forthcoming years. A rise in the café, hotels, and restaurants across the region coupled with the growing demand for processed and packaged food is contributing to the growing demand for refrigerated truck rentals. Moreover, the growth of the travel and tourism industry and the rising attractiveness of Quick Service Restaurants (QSRs) among millennials is adding pace to the market growth. Asia-Pacific had the most establishments at over 17 million. In comparison, the region with the second highest number of food service establishments was Latin America with over 2.3 million.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
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Table of Contents
Research Methodology for the Refrigerated Truck Rental Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global refrigerated truck rental market were the three major steps undertaken to create and analyze the adoption of refrigerated truck rental in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global refrigerated truck rental market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the refrigerated truck rental market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the refrigerated truck rental market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as truck type, rental type, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the refrigerated truck rental market. Further, we conducted factor analysis using dependent and independent variables such as truck type, rental type, and end-users of refrigerated truck rental. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Refrigerated Truck Rental market across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Refrigerated Truck Rental market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the refrigerated truck rental market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global refrigerated truck rental market in terms of products/ services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global refrigerated truck rental market. Data was split into several segments & sub-segments post studying various parameters and trends in the truck type, rental type, and end-users in the global refrigerated truck rental market.
The main objective of the Global Refrigerated Truck Rental Market Study
The current & future market trends of the global refrigerated truck rental market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the refrigerated truck rental in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of truck type, rental type, and end-users
- Define and analysis of the regulatory framework for the refrigerated truck rental industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the refrigerated truck rentals for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the refrigerated truck rental market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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