FELTON, California, April 2, 2019 /PRNewswire/ -- The global refrigerated trucks market is expected to reach USD 11.15 billion by 2025. The growing demand for fresh and frozen products on a global level is expected to add to the growth of the refrigerated trucks.
Heavy commercial vehicle (HCV) is projected to dominate the market and is expected to generate a revenue of USD 4.12 billion by the end of 2025. The segment is expected to witness growth on account of their ability to carry high capacity and are capable of transporting various food categories including meat products and dairy goods.
The majority of manufacturers have been using the air blown evaporator technology which is considered less complicated and less expensive as compared to other technologies. Air blown evaporator technology has the ability to evaporate the refrigerant and transform from liquid to a gaseous forms. Manufactures including Zhengzhou Guchen Industry Co., Ltd and Carlsen Baltic are using this technology in their finished reefer fleets.
Asia Pacific is expected to witness growth at a CAGR of more than 12.1% from the period of 2017 to 2025. The increasing number of organized retail chains including QSRs in emerging economies including China and India on account of gaining popularity of convenience food among working class population is expected to increase the utility of processed food. The increasing penetration of processed food is expected to spur growth in the refrigerated trucks market over the coming years.
Browse full research report with TOC on "Global Refrigerated Trucks Market Size And Forecast, By Vehicle Type (LCV, MCV, HCV), By Application (Food, Pharmaceuticals), By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa), And Trend Analysis, 2019 - 2025" at: https://www.hexaresearch.com/research-report/refrigerated-trucks-market
Middle East & Africa was valued at around USD 260.0 million in 2017 and is expected to grow over the coming years. Rise in the working women population and convenience are among the leading factors driving the growth of the market in the region. Countries such as Saudi Arabia and Egypt are among the key growth countries in the Middle East & Africa Region.
Asia pacific is expected to be the fastest growing market with at a CAGR of more than 12.0% from 2017 to 2025. The demand is expected to be relatively strong from countries such as India, China, and Japan where the demand for frozen and chilled products is on the rise.
Some of the key manufacturers in the market include China International Marine Containers (Group) Ltd, Wabash National Corporation, Great Dane LLC, Schmitz Cargobull AG, and Kögel Trailer GmbH & Co.KG. In the coming years, manufacturers are expected to launch new products to strengthen their market positioning. The focus is expected to be on key growth markets, mainly in the Asia Pacific region, where the demand is expected to strengthen in the coming years.
In December 2015, Eicher Trucks & Buses, a prominent Indian manufacturer of commercial vehicles, launched reefer trucks in the series of Pro 1000 and Pro 6000 commercial trucks. On similar lines, in February 2016, Wabash National Corporation launched refrigerated semi-trailers and refrigerated trucks based on its Molded Structural Composite (MSC) Technology.
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Hexa Research has segmented the global refrigerated trucks market report based on type, application and region:-
Segmentation by vehicle type
Segmentation by application
Segmentation by region
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Key country markets:
Key players analyzed:
- China International Marine Containers (Group) Ltd
- Wabash National Corporation
- Great Dane LLC
- Schmitz Cargobull AG
- Kögel Trailer GmbH
- HYUNDAI Translead
- LAMBERET SAS
- GRW Tankers and Trailers
About Hexa Research
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
SOURCE Hexa Research