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Allied Market Research

Refrigerated Truck Rental Market by Truck Type (Light, Medium, and Heavy), Rental Type (Short-term, and Long-term), and Downstream Field (Food and Beverages, Retail, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2028

A11523
Pages: NA
Aug 2021 | 86 Views
   
Author(s) : Sonia Mutreja
Tables: NA
Charts: NA
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COVID-19

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Refrigerated Truck Rental Market Outlook 2028 -

Refrigerated trucking is a freight transport method that focusses on shipping of foods and products that require a temperature-controlled means of transport. Trailer 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 provider 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.

In addition to foods that require temperature control, refrigerated truck transportation can also be used for many products. Plants, pharmaceuticals, and personal care products are some of the other commonly transported goods that rely on refrigerated trucking. Dynamic nature of the business environment in the current global economy is increasing the demand for business professionals to update themselves according to current conditions of the market, which propels the market growth.

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

2020–2028

  Base year considered

2020

  Forecast period

2021–2028

  Forecast units

Value (USD)

  Segments covered

Truck Type, Rental Type, Downstream Field, and Region

  Regions covered

North America (U.S., Canada and Mexico), Europe (Germany, U.K, France, Russia and rest of Europe), Asia-Pacific (China, Japan, India, South Korea and rest of Asia-Pacific), LAMEA (Latin America, Middle East and Africa)

  Companies covered

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.

 

COVID-19 Impact analysis

The pandemic has had a negative impact on the refrigerated truck rental market for the year 2020, as there is restriction in movement of non-essential goods. In addition, disruption in the supply chain and production & manufacturing of frozen foods across the globe has led to shut down in all operations, which hampered the market growth. However, requirement of controlled temperature transport for delivering vaccine and other essential medical is the factor that propels growth of the market during pandemic.

Top Impacting Factors

  • Developing cold chain industry, increasing usage of frozen food, and developing pharmaceutical industry are the main factor drive growth of the refrigerated truck rental market.
  • Rise in concerns regarding carbon footprint issue is the major factor that hampers growth of the market.
  • Furthermore, speedy growth of the retail e-commerce industry, consequent growth in the need for technological advancements and efficient logistics provide opportunities for the market.

Growth of the retail e-commerce industry

Popularity of smartphones, coupled with rise in preference for online shopping and door-to-door delivery has changed the way consumers buy food for their daily needs. Mobile app-based ordering has propelled demand for fresh food products, mainly for restaurants, which need a steady supply of frozen food products. As a result, it has also increased demand for frequent logistics services to keep up with inventory, hence growth of the retail e-commerce industry is expected to increase demand for rental refrigerated trucks.

Technological advancement

Refrigerated truck fleet operators are integrating innovative technologies, such as spiral compressors, to improve effectiveness of refrigerants. Several refrigerated truck rental solution providers are investing heavily in installing sensors and deploying IT infrastructure that can provide minute-by-minute temperature level reports during vehicle transportation.

These companies have been strategically promoting their fleet managing facilities to end users by providing users with best use of rented refrigerated trucks through door-to-door service, insurance, cost estimation, document management, and service support. One of the most recent developments in the market has been the rapid shift to sustainable refrigeration units to reduce carbon footprint by minimizing release of chlorofluorocarbons (CFCs), thereby affecting the overall environmental impact. Moreover, growth in integration for GPS systems, navigation systems, and temperature-monitoring devices are expected to elevate the logistics industry, which is expected to propel growth of the refrigerated truck rental market.

Key segments covered:

Segments

Subsegments

  Truck Type

  • Light
  • Medium
  • Heavy

  Rental Type

  • Short-term
  • Long-term

  Downstream Field

  • Food and Beverages
  • Retail
  • Others

  Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

 

Key benefits of the report:

  • This study presents the analytical depiction of the refrigerated truck rental industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with challenges of the refrigerated truck rental market.
  • The current market is quantitatively analyzed from 2020 to 2028 to highlight the market growth scenario.
  • The report provides a detailed refrigerated truck rental market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the refrigerated truck rental market research report:

  • Which are the leading market players active in the refrigerated truck rental market?
  • What would be the detailed impact of COVID-19 on the market?
  • What current trends would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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