Reefer Truck Market to Grow at 9% until 2023

Increasing urbanization, growing demand for fresh food items and rising awareness regarding food safety and standards to drive global reefer truck market through 2023

According to TechSci Research report, “Global Reefer Truck Market By Vehicle Type, By Application Type, By Region, Competition, Forecast & Opportunities, 2013 – 2023”, the global reefer truck market is projected to grow at a CAGR of more than 9% on account of surging demand for fresh food as people are becoming more health conscious and growing restaurants and retail store businesses across the globe. Moreover, consumers across the globe are getting more concerned about food safety and standards, which is positively influencing global reefer trucks market. Additionally, increasing research and development on food transport, backed by various joint ventures and investments by leading companies in fresh fruits, vegetables and meat items is further anticipated to compliment the global reefer truck market during the forecast period.

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In 2017, L&MCV reefer truck dominated the global reefer truck market with over two-third of the volume share. A large demand for reefer trucks emanates from North America owing to massive growth of e-commerce for last mile delivery and comparatively higher health awareness in the region. However, Asia-Pacific is anticipated to witness the fastest growth in the market due to rising per capita income and growing consumption. Some of the major players operating in the global reefer truck market include Schmitz Cargobull AG, Wabash National Corporation, CHEREAU, Kögel, and CIMC, among others. These players are expanding their presence and working on more technologically advanced and affordable reefer trucks to expand their market share. Furthermore, increasing investments and continuous product development by automotive companies in the temperature control unit is also anticipated to compliment the global reefer truck market.

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“Demand for reefer trucks is growing owing to rising demand from restaurants and supermarkets across the globe, coupled with rising demand for unique food items, such as Solomon fish, Australian buffalo milk, etc. Moreover, stringent government regulations across various countries on food supply and distribution to ensure food safety with respect to freshness and quality is further driving demand for reefer trucks, globally. Additionally, many ongoing research and development projects such as use of solar panel in refer trucks, telematics service, etc., would further steer the global reefer truck market during forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Reefer Truck Market By Vehicle Type, By Application Type, By Region, Competition Forecast & Opportunities, 2013 – 2023” has analyzed the potential of reefer truck market across various countries, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.

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