The reefer truck is a refrigerated vehicle with the refrigeration unit on the trailer or built directly on the frame. The reefer truck is a van or truck and is used to transport freight that is perishable in nature.
Rising consumer demand and increase in spending power among consumers is boosting the demand for food & beverages, which in turn is driving the reefer truck market. Expansion of food processing and packaged food sectors and their increased demand have boosted cold chain transport and in turn the reefer truck market. Rising trend of doorstep or last-mile delivery of groceries and frozen food has boosted the demand for reefer trucks. Improved road connectivity and infrastructure and expansion of the healthcare industry in developing countries are expected to boost the sales of reefers trucks in these countries. Advent of e-commerce portals delivering dairy, meat, and groceries has propelled the reefer truck market. The supply chain network in Africa and Latin America is expected to expand and thus boost the reefer truck market in these regions.
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The global reefer truck market can be segmented based on vehicle type, end-use industry, and region. Based on vehicle type, the reefer truck market can be classified into light and medium duty reefer truck and heavy duty reefer truck. The light and medium duty reefer truck segment accounted for a notable share of the reefer truck market. Light duty refrigerated vans are employed extensively by SMEs for last-mile transport and hence, contribute to the prominent market share. Light and medium duty reefer trucks are robust and utilized for end-to-end delivery. Consequently, the segment is expected to gain share of the global reefer truck market during the forecast period.
Based on end-use industry, the reefer truck market can be split into food & beverage and pharmaceutical. The food & beverage segment accounts for a prominent share of the global market, due to cold chain transport of perishable food products. Road connectivity between rural and urban areas has improved the supply chain of dairy commodity, which in turn is propelling the sales of reefer trucks. Pharmaceutical drugs that are sensitive to temperature are transported by reefer trucks. Developments in medicines and expansion of the healthcare industry are expected to boost the pharmaceutical segment of the market during the forecast period.
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In terms of geography, the global reefer truck market can be segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in Asia Pacific is projected to expand at a significant growth rate during the forecast period. Rising demand for fresh vegetable supplies, improvement in infrastructure are expected to boost the reefer truck market in the region. North America and Europe are major market for reefer trucks, and the market in these regions is expected to expand at a steady pace during the forecast period owing to the rising demand for frozen foods
Key players operating in the global reefer truck market include Kogel Trailer GmbH & Co., KG, Hyundai Translead Inc., Wabash National Corporation, KRONE, GRW Tankers and Trailers, Schmitz Cargobull AG, Great Dane LLC, and China International Marine Containers (Group) Ltd.
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