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Global Refrigerated Truck Rental Industry Revenues To Grow At Nearly 5.5% By 2032 | Ryder System , Inc., Fraikin Limited, Penske Corporation, Inc., Petit Forestier

03-29-2023 07:09 AM CET | Business, Economy, Finances, Banking & Insurance

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.

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.

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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.

Market Restraints and Challenges

The key restraints and challenges in refrigerated truck rental market include high initial investment, volatile raw material prices, and stringent environmental regulations. High initial investment is a major restraint for the growth of the refrigerated truck rental market. The cost of a refrigerated truck is higher than that of a regular truck, due to the additional cost of the refrigeration system. This high cost acts as a barrier to entry for small and medium enterprises. Volatile raw material prices are another challenge for the refrigerated truck rental market. The prices of steel, aluminum, and copper, which are used in the manufacturing of refrigerated trucks, have been volatile in recent years. This volatility has a direct impact on the cost of refrigerated trucks. Stringent environmental regulations are also a challenge for the refrigerated truck rental market. These regulations limit the emissions of greenhouse gases from refrigerated trucks. This is a challenge for the industry as it needs to find ways to reduce emissions without compromising on the performance of the refrigerated trucks.

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Global Refrigerated Truck Rental Market Segmentation

By Rental Type

• Short-term
• Long-term

By Truck Type

• Light
• Medium
• Heavy

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

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Reasons to buy Refrigerated Truck Rental Market Report:

• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market

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Contact Us:

Global Insight Services LLC
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E-mail: info@globalinsightservices.com
Phone: +1-833-761-1700
Website: https://www.globalinsightservices.com/

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.

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