The Europe refrigerated truck rental market size is expected to reach USD 35.4 billion by 2027, according to a study conducted by Grand View Research, Inc. It is anticipated to expand at a CAGR of 8.3% during the forecast period. Rising demand for frozen foods and rapidly growing e-commerce, retail, and logistics sectors across the region is projected to drive the market growth. Moreover, reefer truck manufacturers are gradually integrating refrigerated containers with multi-temperature systems to improve the operational efficiency of the delivery process and provide high-quality products. This, in turn, would result in the simultaneous transportation of various food and beverage and pharmaceutical products, thus, positively influencing the market growth.
On
the other hand, advances in technology are allowing service providers to
penetrate the emerging markets in the region and offer innovative solutions
capable of addressing the complexities involved in refrigerated transportation.
The strengthening hygiene standards and the increasing demand for processed
food across Europe are also expected to drive the growth of the refrigerated
truck rental market over the forecast period. Besides, the growing need to
transport temperature-sensitive pharmaceutical products and biological samples
in line with the growing per capita healthcare expenditure is also expected to
boost the growth.
The
truck rental industry is witnessing aggressive adoption of telematics, GPS
systems, and navigation systems to ensure that the trucks are operating on the
designed routes and maintaining the delivery schedules. Some rental service
providers have started equipping their refrigerated trucks with temperature
monitoring systems, which help them to monitor temperature levels every minute
and alert the drivers and fleet operators in case of any equipment failure.
These systems have resulted in a decline in the percentage of refrigeration
equipment failures and have also improved the response time by nearly 70%.
Hence, the integration of such technologies would assist the fleet operators to
timely detect the equipment failure and respond effectively to the situation
either by fixing the failure immediately or transferring the goods to another
truck and subsequently protecting the products from spoilage.
The
U.K. refrigerated truck rental market is anticipated to register a considerable
CAGR over the forecast period owing to the rising demand for organic fruit
pulps and baby food. For instance, in 2018, sales of organic food products grew
by 5.3% to reach USD 2.53 billion. Therefore, cold chain logistics would be a
vital solution to store some of the temperature-sensitive organic food
products, thus keeping its essential nutrients safe for more extended periods.
The fruit pulp & concentrates, and the frozen food industry would play a
decisive role in shaping the demand for the refrigerated truck rental market.
For instance, pizza and ice cream are the most popular frozen food items sold
across the country. Further, the development of food retail chains in the
country is projected to drive the demand for cold chain logistics industry by
2027, which is anticipated to bode well for the truck rental market in the
country.
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Europe
Refrigerated Truck Rental Market Report Highlights
- The light
truck segment is expected to dominate the market and is expected to reach
around USD 14.7 billion by 2027. Light trucks are suitable for intra-city
transportation of frozen foods and perishable products. They are effective
in city driving conditions and their demand is estimated to rise with the
growth in e-commerce and FMCG sectors
- Short-term
rental segment dominated the market in 2019 and is projected to expand at
the highest CAGR of 9.4% from 2020 to 2027. It aids the European
businesses meeting the requirements of seasonal demand by offering
suitable refrigerated trucks for the job at a short notice, without any
commitments or penalties
- Germany is
projected to account for the majority share of the market over the
forecast period and is anticipated to exceed USD 9.9 billion by 2027. The
consumers are gradually looking for simple and nutritious solutions for
their daily diet, therefore the demand for sustainable and healthy food
continues to upsurge in the country, which is further augmenting the
demand
- Some of the
key players in the Europe refrigerated truck rental market are Fraikin
Limited; Penske Corporation, Inc.; Petit Forestier; The Hertz Corporation;
and Ryder System, Inc.
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Europe
Refrigerated Truck Rental Market Segmentation
Grand View Research has
segmented the Europe refrigerated truck rental market based on truck type,
rental type, and country:
Europe
Refrigerated Truck Rental Truck Type Outlook (Revenue, USD Million, 2016 -
2027)
- Light Truck
- Medium Truck
- Heavy Truck
Europe
Refrigerated Truck Rental Type Outlook (Revenue, USD Million, 2016 - 2027)
- Short-term
- Long-term
Europe
Refrigerated Truck Rental Country Outlook (Revenue, USD Million, 2016 - 2027)
- Europe
- U.K.
- Germany
- Italy
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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