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.
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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.
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
o U.K.
o Germany
o Italy
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.