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Refrigerated Truck Rental Market Is Anticipated to Grow at A CAGR of 5.5% By 2032

02-17-2023 10:53 AM CET | Industry, Real Estate & Construction

Press release from: Global Insight Services

Refrigerated Truck Rental Market

Refrigerated Truck Rental Market

The global Refrigerated Truck Rental market was valued at USD 2.2 Billion in 2022 and it is anticipated to grow up to USD 3.8 Billion by 2032, at a CAGR of 5.5% during the forecast period.

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Refrigerated truck rental is the renting of a truck that has been outfitted with a refrigeration unit. This type of truck is typically used to transport perishable goods, such as food or flowers. Refrigerated truck rental is a popular option for businesses that need to transport temperature-sensitive items but do not have the budget to purchase or maintain their own refrigerated truck.

Market Trends and Drivers

The growth opportunities in the market can be found mainly in the looming need for refrigerated transport of pharmaceuticals and food and beverages. Moreover, the refrigerated freight industry is expected to thrive in line with the continued growth in the volume of goods transported by road. Furthermore, the rapid growth of the retail e-commerce industry, the subsequent growth in the need for advanced and efficient logistics, and strengthening regulations on vehicular emissions are some of the factors that have been augmenting the growth of reefer trucks.

Refrigerated truck transport happens to be a "derived demand" industry, where the demand for refrigerated truckers is directly proportional to the demand for the products these vehicles are supposed to haul. Besides, reefer truck rental can be a highly cost-effective alternative for businesses engaged in handling reefer cargo as it relieves these businesses from the costs incurred on maintaining a fleet of reefer trucks. Also, refrigerated truck rental services are ideal to ensure proper storage and transportation of temperature-sensitive products and prevent perishable products from spoilage.

View Detailed Report Description - https://www.globalinsightservices.com/reports/refrigerated-truck-rental-market/

Major Players in the Global Refrigerated Truck Rental Market

The key players in the Refrigerated Truck Rental market  are  as  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., among others

COVID-19 Impact

In 2020, owing to the COVID-19 pandemic, the sales of automotive refrigerants declined in the region, which adversely affected the market in focus. However, in December 2020, US Congress approved a $900 billion stimulus package to revive the economy. Such initiatives are expected to drive the demand for refrigerated truck rentals in the region. In addition, Owing to the removal of lockdown restrictions, large-scale COVID-19 vaccination drives, and the predicted economic recovery, The refrigerated truck rental market in the region revive is expected to witness growth during the forecast period.

Global Refrigerated Truck Rental Market Segmentation

By Rental Type

Short-term
Long-term

By Truck Type

Light
Medium
Heavy

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By Application

Food & Beverages
Pharmaceuticals
Chemicals
Others

With Global Insight Services, you receive:

10-year forecast to help you make strategic decisions
In-depth segmentation which can be customized as per your requirements
Free consultation with lead analyst of the report
Excel data pack included with all report purchases
Robust and transparent research methodology

Ground breaking research and market player-centric solutions for the upcoming decade according to the present market scenario

About Global Insight Services:

Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.

Contact Us:

Global Insight Services LLC
16192, Coastal Highway, Lewes DE 19958
E-mail: info@globalinsightservices.com
Phone: +1-833-761-1700
Website: https://www.globalinsightservices.com/

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