Global Reefer Truck Market was valued at US$ xx Million and expected to reach US$ XX Million by 2027 at a CAGR of xx% during the forecast period.
Global Reefer Truck Market was valued at US$ xx Million and expected to reach US$ XX Million by 2027 at a CAGR of xx% during the forecast period.
Definition:
Reefer Truck is a commercial vehicle with a refrigeration unit attached to the trailer of the truck. The truck is mainly used in cold chains of food & beverages, pharmaceutical, chemical industries.
The report covers an in-depth analysis of COVID 19 pandemic impact on Global Reefer Truck Market by region and on the key players’ revenue affected till July 2020 and expected short term and long-term impact on the market.
Global Reefer Truck Market
Market Dynamics
Rise in the global population and improvements in the standards of living have impacted the consumption patterns of the economies. Change in the consumption patterns has led to the progress of the food & beverage industry around the globe. According to the World Bank, US$5 trillion is spent by the 4.5 billion low-income populations in developing countries each year. Expansion of the food & beverage industry in the developed and emerging economies has played a pivotal role in the growth of the cold chains. Reefer trucks are an inherent part of the cold chains that assist the food & beverage industry to expand the distribution networks. An extensive distribution network is correlated to the strategic competitiveness of the food & beverage company. Therefore, the incumbent strives to gain a competitive advantage over the competitors by expanding in new regions for market growth. Consequently, this factor has led to the growth in the Global Reefer truck market.
Blooming e-commerce groceries industry due to the digital shift accelerated by the COVID-19 pandemic and flourishing organized retail sector worldwide due to the monetary competitive advantages are the driving factor for the global reefer truck industry growth. Extension of shelf life of groceries facilitated by the cold chains and demand for the freshness in the perishable product has led to increased deployment of the refrigerator units in heavy commercial vehicles segment. For instance, Rivigo, a logistic startup is aiming to scale up the refrigerated trucks from 250 to 2500 for transportation of fresh fruits and vegetables in India.
The pharmaceutical industry frequently utilizes chemicals, drugs, or solutions that require specific temperatures during the life cycle. The effectiveness of some specific drugs reduces due to ambient temperature exposure. Therefore, pharmaceutical manufacturers deploy reefer trucks for the transportation of drugs from the plant to distributors and pharmacies in order to ensure the drug‘s reliability. Many pharmaceutical companies have developed COVID-19 the vaccine that requires sub-zero or low temperatures and reefer trucks has made global distribution feasible.
Segment Analysis
Based on applications, the food & beverage segment is expected to hold the major market share in the global reefer truck market and is forecasted to grow with a CAGR of xx% during the forecast period. Growth in the global population coupled with the busy lifestyle is anticipated to be the contributing factor for the growth in the segment. The emergence and expansion of fast-food establishments in the developing economies have led to the increased deployment of reefer trucks for the transport of food ingredients. For instance, Domino’s has outlets 17,200 in 90 countries, Subway employs store at 41,600 locations in 111 countries, and McDonald's Corporation 38,000 restaurants in 100 countries. Growing market share of organized retailer and e-commerce Grocery is expected to contribute to the dominance of the segment.
Regional Analysis
Global Reefer Truck Market1
Asia Pacific is expected to be the dominating region during the forecast period and is forecasted to grow with a CAGR of xx%. The growth in the population base over the years and the significant expansion of the food & beverage industry in the region is expected to drive the demand for the reefer truck market during the forecast period. According to the United Nations Population Fund, Asia Pacific has 60% of the world’s population with 4.3 billion people living in the region. The scale of the food requirements attributable to the population is expected to contribute to the growth of the food & beverages industry in the region. The pharmaceutical industry in the Asia Pacific region employs a large fleet of reefer trucks and is forecasted to grow further. India is one of the largest exporters of the COVID-19 vaccine and in January 2021, Tata Motors and Daimler launched refrigerated trucks for Covid-19 vaccine cold chain opportunities. According to the International Society for Pharmaceutical Engineering, Asia Pacific is the second-largest pharmaceutical market in the world after North America.
Competitive Landscape
The MMR reports cover key developments in the Reefer Truck market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product approvals product launches, and others. Inorganic growth strategies activities witnessed in the Reefer Truck market were mergers & acquisitions and collaborations & partnership.
The objective of the report is to present a comprehensive analysis of the Global Reefer Truck Market to the stakeholders in the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Reefer Truck Market dynamics, structure by analyzing the market segments and project the Global Reefer Truck Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Reefer Truck Market make the report investor’s guide.
Scope of Global Reefer Truck Market
Global Reefer Truck Market, By Applications
• Food and Beverage
• Pharmaceuticals
• Chemical
• Others
Global Reefer Truck Market, by Vehicle type
• Light &Medium Commercial Vehicles
• Heavy Commercial Vehicle
Global Reefer Truck Market Segmentation, by Region
• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa
Global Reefer Truck Market Major Players
• Mitsubishi Heavy Industries, Ltd.
• China International Marine Containers (Group) Ltd
• Wabash National Corporation
• Daikin
• Great Dane LLC
• Schmitz Cargobull AG
• Kögel Trailer GmbH & Co.KG
• HYUNDAI Translead, Inc.
• KRONE
• CHEREAU
• LAMBERET SAS
• GRW Tankers and Trailers
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