Dublin, Oct. 30, 2024 (GLOBE NEWSWIRE) -- The "Refrigerated Truck Rental - Global Strategic Business Report" has been added to ResearchAndMarkets.com's offering.
The global market for Refrigerated Truck Rental was estimated at US$9.6 Billion in 2023 and is projected to reach US$12.9 Billion by 2030, growing at a CAGR of 4.3% from 2023 to 2030.
The rise in demand for fresh produce, frozen foods, and vaccines has driven the need for refrigerated transportation solutions. Renting refrigerated trucks allows businesses to access advanced cold chain logistics without the significant capital expenditure of purchasing a vehicle, making it an attractive option for small and medium-sized enterprises (SMEs) and businesses with seasonal or short-term transportation needs.
Vehicle types include light commercial vehicles (LCVs), medium commercial vehicles (MCVs), and heavy commercial vehicles (HCVs), each catering to different transport capacities and distances. Temperature ranges typically include chilled (above freezing) and frozen (below freezing), with specialized trucks available for ultra-low temperature requirements, particularly for pharmaceutical and medical use. End-use industries include food and beverage, retail, pharmaceuticals, chemicals, and healthcare, with the food and beverage sector holding the largest share due to the increasing demand for fresh and frozen food items. The market is geographically diverse, with North America, Europe, and Asia-Pacific leading the way in terms of infrastructure and demand.
How Is Technology Transforming the Refrigerated Truck Rental Market?
Technological advancements are playing a pivotal role in enhancing the efficiency and reliability of refrigerated truck rental services. Telematics and GPS tracking systems have become standard in many rental fleets, providing real-time location tracking and monitoring of temperature conditions within the truck. This ensures that goods are transported at the correct temperature, minimizing spoilage and ensuring compliance with safety standards. Additionally, innovations in refrigeration units, such as electric-powered and solar-assisted systems, are reducing the environmental impact of refrigerated transportation. These technologies not only improve operational efficiency but also contribute to the growing demand for eco-friendly cold chain logistics solutions.
What Factors Are Driving Growth in the Refrigerated Truck Rental Market?
The growth in the refrigerated truck rental market is driven by several factors, including the increasing demand for temperature-controlled transportation in the food and pharmaceutical industries, the rise of e-commerce grocery delivery, and the growing importance of cold chain logistics for vaccine distribution. The cost-effectiveness and flexibility of rental services make them an attractive option for businesses looking to scale operations or meet seasonal demand without the long-term commitment of vehicle ownership. Technological advancements in refrigeration systems, coupled with the increasing focus on sustainability and energy efficiency, are also contributing to market expansion. Additionally, the global expansion of the cold chain infrastructure, particularly in emerging markets, is further fueling growth in refrigerated truck rentals.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Light Trucks Rental segment, which is expected to reach US$7.1 Billion by 2030 with a CAGR of a 4.7%. The Medium Trucks Rental segment is also set to grow at 4.2% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was estimated at $2.5 Billion in 2023, and China, forecasted to grow at an impressive 4.1% CAGR to reach $2.1 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Key Questions Answered:
- How is the Global Refrigerated Truck Rental Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players in the Refrigerated Truck Rental market such as Albatross Refrigerated Truck Hire, CoolVans, Empire Rent A Car, Enterprise Holdings, Inc., Eurocold and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Some of the 48 companies featured in this Refrigerated Truck Rental market report include:
- Albatross Refrigerated Truck Hire
- CoolVans
- Empire Rent A Car
- Enterprise Holdings
- Eurocold
- Freezy Rentals
- Keep It Cold
- Location Legare
- Penske Truck Rental
- Petit Forestier
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 228 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $9.6 Billion |
| Forecasted Market Value (USD) by 2030 | $12.9 Billion |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- World Market Trajectories
- Refrigerated Truck Rental - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Rising Demand for Cold Chain Logistics Drives Growth in Refrigerated Truck Rental Market
- Growing Focus on Fresh and Frozen Food Distribution Expands Addressable Market for Refrigerated Trucks
- Technological Innovations in Refrigeration Units Strengthen Business Case for Temperature-controlled Transportation
- Increasing Adoption of Short-term Rental Services for Seasonal or Occasional Cold Chain Needs Spurs Growth
- Surge in Demand for Pharmaceutical Cold Chain Solutions Expands Market for Refrigerated Truck Rentals
- Rising Popularity of E-Commerce and Online Grocery Delivery Fuels Demand for Cold Chain Vehicles
- Technological Advancements in Telematics and GPS Tracking Enhance Fleet Management in Refrigerated Trucks
- Growing Focus on Sustainable and Eco-friendly Refrigeration Solutions Expands Opportunities for Rental Fleets
- Rising Adoption of Refrigerated Truck Rentals in Small and Medium-sized Enterprises (SMEs) Strengthens Market Growth
- Surge in Demand for Flexible and On-demand Refrigerated Logistics Services Expands Addressable Market
- Technological Innovations in Electric and Hybrid Refrigerated Trucks Propel Growth in Green Logistics
- Growing Focus on Food Safety and Perishable Goods Handling Expands Use of Refrigerated Truck Rentals
- Growing Need for Emergency and Short-notice Cold Chain Logistics Boosts Demand for Refrigerated Truck Rentals
FOCUS ON SELECT PLAYERS
- Albatross Refrigerated Truck Hire
- CoolVans
- Empire Rent A Car
- Enterprise Holdings
- Eurocold
- Freezy Rentals
- Keep It Cold
- Location Legare
- Penske Truck Rental
- Petit Forestier
For more information about this report visit https://www.researchandmarkets.com/r/4am6oj
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