Refrigerated Truck Rental Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026

The refrigerated truck rental market share is expected to increase to USD 2.21 billion from 2021 to 2026, at a CAGR of 4.88%.

This refrigerated truck rental market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers refrigerated truck rental market segmentation by type (long term and short term) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The refrigerated truck rental market report also offers information on several market vendors, including Carrier Global Corp., Innocool India Pvt. Ltd., Penske Truck Leasing Co. LP, Petit Forestier, Polar Leasing Inc., ReeferTek USA Corp., Ryder System Inc., Hertz Global Holdings Inc., and U-Cool Refrigeration LLC among others.

What will the Refrigerated Truck Rental Market Size be During the Forecast Period?

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Refrigerated Truck Rental Market: Key Drivers, Trends, and Challenges

The stringent regulations to control emissions boosting refrigerated truck rentals is notably driving the refrigerated truck rental market growth, although factors such as emergence of truck sharing may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the refrigerated truck rental industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Refrigerated Truck Rental Market Driver

One of the key factors driving the global refrigerated truck rental market growth is the stringent regulations to control emissions boosting refrigerated truck rentals. The governments of several countries are increasing the fuel duty rates to discourage the use of motorized vehicles. The US government is continuously raising the bar of the CAFE standards since 2011 when the standard was at 27.5 mpg for all cars and light trucks sold that year. This standard has been rising since and will reach 54.5 mpg by 2025. The CAFE Standards are beneficial for the environment and increase the costs for automotive manufacturers to adopt new technologies. The manufacturers pass these costs to the end-users, increasing the price of the vehicle and complying with the new emission standards. Therefore, fleet operators are discouraged from purchasing new vehicles and prefer truck rentals. For instance, in India, government-mandated new vehicles to comply with Bharat Stage-IV emission norms, which increased the price of new CVs in the country. This will drive the concerned market growth during the forecast period.

Key Refrigerated Truck Rental Market Trend

Boost in e-commerce across developing economies providing a platform for refrigerated truck rentals is one of the key refrigerated truck rental market trends that is expected to impact the industry positively in the forecast period. In 2021, more than 80% of the global population was estimated to have access to the internet. APAC has the highest number of internet users across the globe. Factors such as high Internet penetration, increasing online shoppers, and rising per capita income will drive the e-commerce sector. The growing acceptance and success of e-commerce sites have paved the way for startups to focus on online services, which, in turn, will support the refrigerated truck rental market in the coming years.

Key Refrigerated Truck Rental Market Challenge

One of the key challenges to the global refrigerated truck rental market growth is the emergence of truck sharing. The owners of refrigerated trucks can also share their trucks as it increases the overall efficiency of the transport network that meets peak demands more efficiently than rental trucks. Thus, fleet operators are no longer forced to purchase refrigerated trucks and instead hire them from other operators for short-term demand peaks. This model decreases transport costs significantly as it will increase the utilization rate of the existing fleets and infrastructure. This may hamper the growth of the market in focus during the forecast period.

This refrigerated truck rental market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global refrigerated truck rental market as a part of the global specialized consumer services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the refrigerated truck rental market during the forecast period.

Who are the Major Refrigerated Truck Rental Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Carrier Global Corp.
• Innocool India Pvt. Ltd.
• Penske Truck Leasing Co. LP
• Petit Forestier
• Polar Leasing Inc.
• ReeferTek USA Corp.
• Ryder System Inc.
• Hertz Global Holdings Inc.
• U-Cool Refrigeration LLC

 

This statistical study of the refrigerated truck rental market encompasses successful business strategies deployed by the key vendors. The refrigerated truck rental market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• Carrier Global Corp. - The company offers refrigerated truck rental services such as the carrier transicold solution.
• Innocool India Pvt. Ltd. - The company offers refrigerated truck rental services such as ford transit refrigerated truck and ford custom refrigerated truck rental services.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The refrigerated truck rental market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Refrigerated Truck Rental Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the refrigerated truck rental market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Refrigerated Truck Rental Market?

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32% of the market's growth will originate from North America during the forecast period. US and Canada, are the key markets for refrigerated truck rental in North America. Market growth in this region will be faster than the growth of the market in Europe.

The increase in demand for automatic climate control systems in North America is increasing the adoption of refrigerated trucks, which will facilitate the refrigerated truck rental market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

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.

What are the Revenue-generating Type Segments in the Refrigerated Truck Rental Market?

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The refrigerated truck rental market share growth by the long-term segment will be significant during the forecast period. Managing a refrigerated truck service, repairs, and maintenance is an expensive and time-consuming operation. When renting a vehicle for a long period of time, all its services and maintenance are handled by the provider, which will drive the segment growth. The service and maintenance expenses that are usually handled by the provider include the following:

• New and customized RSV vehicles
• Annual vehicle registration and insurance
• Truck maintenance costs
• Refrigerator maintenance costs
• 24/7 trucks assistance
• 24/7 fridge assistance 

This report provides an accurate prediction of the contribution of all the segments to the growth of the refrigerated truck rental market size and actionable market insights on post COVID-19 impact on each segment.

 

Refrigerated Truck Rental Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Decelerate at a CAGR of 4.88%
Market growth 2022-2026	$ 2.21 billion
Market structure	Concentrated
YoY growth (%)	5.39
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 32%
Key consumer countries	US, Canada, China, UK, and Germany
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Carrier Global Corp., Innocool India Pvt. Ltd., Penske Truck Leasing Co. LP, Petit Forestier, Polar Leasing Inc., ReeferTek USA Corp., Ryder System Inc., Hertz Global Holdings Inc., and U-Cool Refrigeration LLC
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Refrigerated Truck Rental Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive refrigerated truck rental market growth during the next five years
• Precise estimation of the refrigerated truck rental market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the refrigerated truck rental industry across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of refrigerated truck rental market vendors

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