Europe Refrigerated Truck Rental Market Insights Forecasts to 2032
- The Europe Refrigerated Truck Rental Market Size was valued at USD 24.52 Billion in 2022.
- The Market is growing at a CAGR of 8.8% from 2022 to 2032.
- The Europe Refrigerated Truck Rental Market Size is expected to reach USD 57.39 Billion by 2032.
- Europe is expected to grow the fastest during the forecast period.
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The Europe Refrigerated Truck Rental Market Size is expected to reach USD 57.39 Billion by 2032, at a CAGR of 8.8% during the forecast period 2022 to 2032. The market is being driven by rising demand for refrigerated transportation of food and drinks, as well as drugs and pharmaceuticals. Furthermore, refrigerated truck operators are implementing innovative innovations such as spiral compressors to improve refrigeration utilization. Several suppliers are spending heavily on sensors and computing systems that can provide minute-by-minute data on temperatures while trucks are being moved. These factors are projected to drive Europe refrigerated truck rental market expansion even further.
Refrigerated trucking is a type of freight transport that focuses on the transportation of goods such as food and groceries that must be transported in a temperature-controlled environment. A refrigeration unit is put into trailers that haul food and other products to maintain all products in their original pre-shipped condition. Because the commodities being carried are temperature-dependent, refrigerated trucking providers are constantly prepared to transport goods in order to prevent product destruction or harm. Refrigerated truck transportation can be utilized for a variety of products alongside foods that require temperature control. Other widely committed goods that rely on refrigerated shipping include plants, medications, and personal care products. In recent years, the European refrigerated truck rental market has seen significant growth, including vehicles incorporating single or multi-temperature sections or multi-temperature transversal lanes to suit various applications.
The major players in the Europe Refrigerated Truck Rental Market include Ryder System, Inc., Petit Forestier, Fraikin Limited, KRONE, FedEx, Ingersoll Rand, LAMBERET SAS, Polar Leasing, Inc., Penske Corporation, Inc., and The Hertz Corporation. These businesses have aggressively promoted their fleet management solutions to end users. It features technologies such as navigational systems with GPS and autopilots that provide optimal use of the rental refrigerated trucks with doorstep services, insurance premiums, cost estimates, data management, and maintenance assistance.
This research report categorizes the market for Europe Refrigerated Truck Rental Market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Europe Refrigerated Truck Rental Market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Europe Refrigerated Truck Rental Market.
Europe Refrigerated Truck Rental Market Report Coverage
|Market Size in 2022:||USD 24.52 Billion|
|Forecast Period 2022-2032 CAGR:||8.8%|
|2032 Value Projection:||USD 57.39 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||100|
|Segments covered:||By Truck Type, By Rental Type, and COVID-19 Impact Analysis|
|Companies Covered:||Ryder System, Inc., Petit Forestier, Fraikin Limited, KRONE, FedEx, Ingersoll Rand, LAMBERET SAS, Polar Leasing, Inc., Penske Corporation, Inc., The Hertz Corporation|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The market's growth prospects and development potential is mostly found in the growing requirement for refrigerated delivery of pharmaceuticals and food and drinks. In addition, the explosive expansion of the e-commerce retail business, a corresponding rise in the demand for modern and efficient transportation and logistics, and tightening rules on vehicle emissions are some of the factors driving the growth of refrigerated trucks in Europe. Refrigerated truck transport is a "derived demand" sector, which means that the market for refrigerated truckers is directly proportionate to the demand for the goods that these trucks are intended to convey. Furthermore, the refrigerated truck rental can be a very cost-effective option for organizations that handle refrigerated cargo because it eliminates the expenditures associated with owning a fleet of refrigerated trucks.
Additionally, the frozen food product market in the United Kingdom continues to be the fastest-growing retail segment. Moreover, the expansion of retail food chains is expected to boost demand for cold-chain logistics services over the projected period, resulting in higher demand for refrigerated truck rentals in the entire nation. Furthermore, vendors are concentrating on comprehensive strategic planning in order to endure the tough competition in the retail business as well as changes in consumer tastes. Fruit and vegetable output in Europe has decreased due to unseasonal conditions, which may create chances for the frozen food business, which is likely to boost the market further.
However, the high upfront expenses of renting refrigerated trucks are major issues limiting the market growth. Refrigerated trucks are occasionally demanding to rent or purchase, making it difficult for small firms to invest in vehicles. Furthermore, constraints such as restricted availability, maintenance and repair costs, and sustainability issues such as greenhouse gas emissions are projected to have a negative impact on market development.
- In 2022, the light refrigerated truck segment is witnessing a higher growth rate over the forecast period.
On the basis of truck type, the Europe Refrigerated Truck Rental Market is segmented into light refrigerated truck, medium refrigerated truck, and heavy refrigerated truck. Among these, the light refrigerated truck segment is witnessing a higher growth rate over the forecast period. These types of vehicles are ideal for transporting frozen meals and perishable goods inside cities, particularly for quick-service restaurants and grocery store chains. Because of their small size, they are easy to drive in congested areas. As a result, the need for light refrigerated trucks is expected to develop in tandem with the expansion of the e-commerce retail, FMCG, and pharmaceutical industries. Furthermore, due to their heavy transportation capacity, huge refrigerated trucks are commonly used for the long-distance conveyance of frozen foods and perishable products.
- In 2022, the short-term rental segment accounted for the largest revenue share of more than 47.3% over the forecast period.
On the basis of rental type, the Europe Refrigerated Truck Rental Market is segmented into short-term rental and long-term rental. Among these, the short-term rental segment dominates the market with the highest revenue share of 47.3% over the forecast period, mainly because it helps customers in fulfilling peak demand by providing appropriate refrigerated trucks for the task for a short period of time, with no obligations or sanctions. This is seen as a financially viable solution. Additionally, short-term rental agreements provide end-users with mobility during transitory periods of high demand. Such variables are expected to have a beneficial impact on category growth during the projection period.
The report offers the appropriate analysis of the key organizations/companies involved within the Europe Refrigerated Truck Rental Market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Ryder System, Inc.
- Petit Forestier
- Fraikin Limited
- Ingersoll Rand
- LAMBERET SAS
- Polar Leasing, Inc.
- Penske Corporation, Inc.
- The Hertz Corporation
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In September 2022, Krone showcased the Cool Liner refrigerated semi-trailer's versatility with three exhibits at the IAA Transportation. As a particularly sustainable innovation leader, the all-electric eCool Liner with its own drive train and Celsineo unit is the focus of attention. The eCool Liner is also totally electrically powered by the Carrier Vector HE 19 E, making it ideal for low-noise night-time deliveries. The refrigeration unit releases no CO2 or fine dust when using the Cool Liner with Carrier Vector eCool. The system monitors position, door, operating data, refrigeration temperature, refrigeration machine, coupling state, and brake system malfunction alerts.
- In September 2021, Robertson's Fine Foods, a Scottish butcher and premium pork supplier, has taken delivery of five new temperature-controlled vehicles on contract hire from Fraikin, marking the company's first big shift away from outright purchase and short-term rental.
This study forecasts revenue at global, regional, and country levels from 2021 to 2032. Spherical Insights has segmented the Europe Refrigerated Truck Rental Market based on the below-mentioned segments:
Europe Refrigerated Truck Rental Market, By Truck Type
- Light Refrigerated Truck
- Medium Refrigerated Truck
- Heavy Refrigerated Truck
Europe Refrigerated Truck Rental Market, By Rental Type
- Short-term Rental
- Long-term Rental
Europe Refrigerated Truck Rental Market, By Country
- Rest of Europe
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