Refrigerated Truck Rental Market Expands as Cold Chain Logistics Demand Surges

Refrigerated trucking is a freight transport method that focusses on shipping of foods and products that require a temperature-controlled means of transport. Trailer that transport food and other products have a built-in refrigeration system to keep any and all products in their pre-shipped state. Since goods being transported are sensitive to temperature and refrigerated trucking provider are always prepared to ship goods to avoid damage or destruction of product. The refrigerated truck rental market has encountered significant development over recent years such as equipment with single or multi-temperature compartments or multi-temperature longitudinal lanes to suit different operations.

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Popularity of smartphones, coupled with rise in preference for online shopping and door-to-door delivery has changed the way consumers buy food for their daily needs. Mobile app-based ordering has propelled demand for fresh food products, mainly for restaurants, which need a steady supply of frozen food products. As a result, it has also increased demand for frequent logistics services to keep up with inventory, hence growth of the retail e-commerce industry is expected to increase demand for rental refrigerated trucks.

In addition to foods that require temperature control, refrigerated truck transportation can also be used for many products. Plants, pharmaceuticals, and personal care products are some of the other commonly transported goods that rely on refrigerated trucking. Dynamic nature of the business environment in the current global economy is increasing the demand for business professionals to update themselves according to current conditions of the market, which propels the market growth.

Refrigerated truck fleet operators are integrating innovative technologies, such as spiral compressors, to improve effectiveness of refrigerants. Several refrigerated truck rental solution providers are investing heavily in installing sensors and deploying IT infrastructure that can provide minute-by-minute temperature level reports during vehicle transportation.

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These companies have been strategically promoting their fleet managing facilities to end users by providing users with best use of rented refrigerated trucks through door-to-door service, insurance, cost estimation, document management, and service support. One of the most recent developments in the market has been the rapid shift to sustainable refrigeration units to reduce carbon footprint by minimizing release of chlorofluorocarbons (CFCs), thereby affecting the overall environmental impact. Moreover, growth in integration for GPS systems, navigation systems, and temperature-monitoring devices are expected to elevate the logistics industry, which is expected to propel growth of the refrigerated truck rental market.

Top Impacting Factors

Developing cold chain industry, increasing usage of frozen food, and developing pharmaceutical industry are the main factor drive growth of the refrigerated truck rental market.

Rise in concerns regarding carbon footprint issue is the major factor that hampers growth of the market.

Furthermore, speedy growth of the retail e-commerce industry, consequent growth in the need for technological advancements and efficient logistics provide opportunities for the market.

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By Region

North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

Key Market Players
Petit Forestier, The Hertz Corporation, KookMate, U-COOL Refrigeration, LLC, Fraikin Limited, Ryder System , Inc., Innocool, Penske Corporation, Inc., Polar Leasing, Inc., ReeferTek USA, Corp

Questions answered in the refrigerated truck rental market research report:

Which are the leading market players active in the refrigerated truck rental market?
What would be the detailed impact of COVID-19 on the market?
What current trends would influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the market?
What are the projections for the future that would help in taking further strategic steps?

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