Global Reefer Truck Market to Grow at 9% until 2023 | TechSci Research

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Reefer Truck Market to Grow at 9% until 2023: TechSci Research
According to TechSci Research report, “Global Reefer Truck Market By Vehicle Type, By Application Type, By
Region, Competition, Forecast & Opportunities, 2013 - 2023”, the global reefer truck market is projected to grow
at a CAGR of more than 9% on account of surging demand for fresh food as people are becoming more health
conscious and growing restaurants and retail store businesses across the globe. Moreover, consumers across the
globe are getting more concerned about food safety and standards, which is positively influencing global reefer
trucks market. Additionally, increasing research and development on food transport, backed by various joint
ventures and investments by leading companies in fresh fruits, vegetables and meat items is further anticipated to
compliment the global reefer truck market during the forecast period..
In 2017, L&MCV reefer truck dominated the global reefer truck market with over two-third of the volume share. A
large demand for reefer trucks emanates from North America owing to massive growth of e-commerce for last mile
delivery and comparatively higher health awareness in the region. However, Asia-Pacific is anticipated to witness
the fastest growth in the market due to rising per capita income and growing consumption. Some of the major
players operating in the global reefer truck market include Schmitz Cargobull AG, Wabash National Corporation,
CHEREAU, Kögel, and CIMC, among others. These players are expanding their presence and working on more
technologically advanced and affordable reefer trucks to expand their market share. Furthermore, increasing
investments and continuous product development by automotive companies in the temperature control unit is
also anticipated to compliment the global reefer truck market.
“Demand for reefer trucks is growing owing to rising demand from restaurants and supermarkets across the globe,
coupled with rising demand for unique food items, such as Solomon fish, Australian buffalo milk, etc. Moreover,
stringent government regulations across various countries on food supply and distribution to ensure food safety
with respect to freshness and quality is further driving demand for reefer trucks, globally. Additionally, many
ongoing research and development projects such as use of solar panel in refer trucks, telematics service, etc.,
would further steer the global reefer truck market during forecast period.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
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© TechSci Research