Global Refrigerated Trucks Market Expected to Reach USD 15.6 Billion by 2033 - IMARC Group

December 19, 2024 | Transportation and Logistics

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Global Refrigerated Trucks Market Statistics, Outlook and Regional Analysis 2025-2033

The global refrigerated trucks market size was valued at USD 10.3 Billion in 2024, and it is expected to reach USD 15.6 Billion by 2033, exhibiting a growth rate (CAGR) of 4.72% from 2025 to 2033.

Refrigerated Trucks Market

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The market is strengthening as the demand for ecologically friendly transportation solutions grows. Furthermore, businesses around the world seek strategies to reduce their carbon footprint owing to the growing awareness about climate change. The expanding use of all-electric refrigerated trucks, which provide zero-emission solutions for transporting perishable commodities, is a significant driver of this shift. For instance, in May 2024, GreenPower Motors unveiled its fully electric refrigerated truck at the Home Delivery World event in Philadelphia. The truck, which belongs to GreenPower's EV Star series, merges advanced zero-emission technology with top-tier performance features, establishing new benchmarks for refrigerated delivery in the mid and last-mile sectors.

Moreover, the inflating need for effective and high-performance refrigerated trucks is driving companies to adopt cutting-edge battery technologies and novel refrigeration systems, which is strengthening the market. In May 2024, GS Global introduced BYD’s T4K electric refrigerated truck in South Korea. It comes with an 82 kWh LFP battery and has a range of 205 km at ambient temperature. The truck includes a battery-operated refrigeration system that helps improve its environmentally friendly design by delivering quick cooling efficiency without depending on conventional fossil fuel-driven refrigeration units. Additionally, the Isuzu NRR-EV truck, introduced at the ACT Expo in the U.S. in May 2024, features Thermo King’s e300 fully electric refrigeration unit. This setup, utilizing a 60-180 kWh battery, offers a distance capability of up to 235 miles, employing R-452A refrigerant to decrease CO2 emissions and enhance energy efficiency.

Global Refrigerated Trucks Market Statistics, By Region

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia-Pacific leads the overall market due to its expanding transportation and logistics industries.

North America Refrigerated Trucks Market Trends:

North America's market is driven by rising demand for perishable commodities in the food and pharmaceutical industries. Furthermore, improvements in refrigeration and GPS tracking are significantly driving market demand. The United States is also seeing a rapid growth owing to the surging of electric refrigerated trucks to reduce carbon emissions. Walmart utilizes these electric trucks to manage its supply chain in an efficient way.

Europe Refrigerated Trucks Market Trends:

The growth of the region is driven by stronger emissions regulations and the expanding online meal delivery. Furthermore, the deployment of electric refrigerated trucks is increasing, with Germany leading the way. In addition, DHL is also introducing electric refrigerated trucks into their fleets to meet environmental goals while safely transporting food and medications across the region.

Asia-Pacific Refrigerated Trucks Market Trends:

Asia-Pacific dominates the market due to its expanding trade networks and burgeoning manufacturing sector. For example, in September 2024, Thermo King improved its RV-series high-roof truck refrigeration units in Asia-Pacific, boasting nearly 19% higher energy efficiency, increased driver comfort with a 20% larger cab, and superior refrigeration capability. These advances enable heavy-duty cold chain transportation, making refrigerated vehicles more efficient and reliable across the region.

Latin America Refrigerated Trucks Market Trends:

The refrigerated truck industry in Latin America is expanding as fresh fruit and medications become more popular. Brazil also plays a crucial role as it is used in transporting oranges and mangoes. Also, BRF is investing in advanced refrigerated logistics systems to ensure the timely delivery of perishable commodities. This focuses on food safety requirements and logistical problems, further propelling the industry growth.

Middle East and Africa Refrigerated Trucks Market Trends:

The growth of the region is driven by the rising demand for temperature-sensitive products in extreme weather regions. The UAE and South Africa are key markets for refrigerated trucks, which transport perishable items like meat and dairy. At the same time, business organizations like Al-Futtaim are incorporating innovative cooling technology and fleet management systems to ensure efficient transportation throughout the region's diverse landscape.

Top Companies Leading in the Refrigerated Trucks Industry

Some of the leading refrigerated trucks market companies include Chereau, Eicher Motors Limited, Hyundai Hong Kong Co. Limited, Mahindra & Mahindra Limited, Tata Motors Limited, among many others. In October 2023, Mahindra collaborated with Snowman Logistics, one of a cold chain solutions providers in India, to customize refrigerated trucks for last-mile deliveries of pharmaceuticals and temperature-sensitive goods across the country. This collaboration aimed to provide extensive refrigerated transportation options for e-commerce companies.

Global Refrigerated Trucks Market Segmentation Coverage

On the basis of the type, the market has been bifurcated into light commercial vehicle, medium commercial vehicle, and heavy commercial vehicle, wherein light commercial vehicle dominates the overall market as it is used in localized delivery, and small-scale distribution.
Based on the tonnage capacity, the market is categorized into less than 10 tons, 10-20 tons, and more than 20 tons. Refrigerated trucks vary by weight capacity, influencing cargo volume, refrigeration power, and suitability for transporting several types of goods, from small deliveries to large and bulk shipments.
On the basis of the application, the market has been divided into food and beverage, pharmaceuticals, chemicals, and others. Among these, food and beverage represents the largest share. Refrigerated trucks play a crucial role in the food and beverage (F&B) industry by ensuring the safe transportation of perishable goods.

Report Features	Details
Market Size in 2024	USD 10.3 Billion
Market Forecast in 2033	USD 15.6 Billion
Market Growth Rate 2025-2033	4.72%
Units	Billion USD
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment: Type Tonnage Capacity Application Region
Types Covered	Light Commercial Vehicle, Medium Commercial Vehicle, Heavy Commercial Vehicle
Tonnage Capacities Covered	Less Than 10 Tons, 10-20 Tons, More Than 20 Tons
Applications Covered	Food and Beverage, Pharmaceuticals, Chemicals, Others
Regions Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Chereau, Eicher Motors Limited, Hyundai Hong Kong Co. Limited, Mahindra & Mahindra Limited, Tata Motors Limited, etc.
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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