Europe Refrigerated Truck Rental Market size was valued at US$ 17.84 Bn. in 2020. Medium Trucks is expected to dominate the post COVID era for Europe Refrigerated Truck Rental Market.Europe Refrigerated Truck Rental Market Overview:
Refrigerated trucking is a type of freight transportation that focuses on the transportation of foods and other items that require a temperature-controlled environment. A built-in refrigeration system in trailers that transport food and other products keeps all products in their pre-shipped form. Because the goods being carried are temperature sensitive, refrigerated trucking companies are constantly ready to ship goods to avoid product damage or destruction. In recent years, the refrigerated truck rental business has seen tremendous growth, with equipment featuring single or multi-temperature compartments or multi-temperature longitudinal lanes to suit various applications. Europe Refrigerated Truck Rental market is expected to register CAGR of approximately 8.3% during the forecast period.To know about the Research Methodology:- Request Free Sample Report 2020 is considered as a base year to forecast the market from 2021 to 2027. 2020's market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2027. 2020 is a year of exception and analyzed especially with the impact of lockdown by region.
Europe Refrigerated Truck Rental Market Dynamics:
The growing requirement for refrigerated transportation of pharmaceuticals, food, and beverages is where the market's potential opportunities can be located. Furthermore, with the continuous expansion in the volume of goods moved by road, the refrigerated freight business is predicted to expand. Furthermore, the rapid rise of the retail e-commerce business, the resulting increase in the need for modern and efficient logistics, and the tightening of vehicle emissions standards are all contributing to the growth of reefer trucks in Europe. Refrigerated trucking is a "derived demand" sector, which means that demand for refrigerated trucks is directly proportionate to demand for the products these vehicles are designed to deliver. Telematics, GPS systems, and navigation systems are being aggressively adopted in the truck rental sector to ensure that trucks are running on planned routes and meeting delivery deadlines. Some rental service providers have begun installing temperature monitoring systems in their refrigerated vehicles, which allow them to check temperature levels every minute and inform drivers and fleet operators in the event of an equipment breakdown. The percentage of refrigeration equipment failures has decreased, and the response time has reduced by about 70%, thanks to these solutions. As a result, the integration of such technologies would assist fleet operators in detecting equipment failure in a timely manner and effectively responding to the situation, either by immediately repairing the failure or transferring the goods to another truck, thereby protecting the products from spoilage. Refrigerated truck fleet operators are also incorporating innovative technologies to improve refrigerant efficiency, such as spiral compressors. Several reefer truck rental solution providers are putting a lot of money on sensors and IT infrastructure that can deliver a minute-by-minute report on temperature levels while the truck is in transit. As a result, the rising integration of telematics, GPS systems, navigation systems, and temperature-monitoring sensors is likely to improve the logistics industry, resulting in market growth.Europe Refrigerated Truck Rental Market Segment Analysis:
Truck type Segment is driving the Europe Refrigerated Truck Rental Market: In 2019, the light truck sector dominated the European refrigerated vehicle rental industry, with a market value of USD 7.4 billion. These vehicles are ideal for transporting frozen meals and perishable goods inside cities, particularly for QSRs and supermarkets. They are easy to drive in traffic-congested cities because to their small size. As a result, expansion in the e-commerce retail, FMCG, and pharmaceutical sectors is expected to boost demand for light trucks. Moreover, various restrictions prohibiting big commercial vehicles from entering congested areas during peak hours are expected to have an impact on demand. From 2020 to 2027, the heavy truck segment is expected to grow at the second-fastest rate of 8.1 percent. Because of their increased carrying capacity, heavy trucks are commonly used for long-distance transportation of frozen foods and perishable items. Furthermore, these trucks can transport numerous products such as meat, fish, and dairy products at the same time thanks to the utilization of multi-temperature refrigerated systems, enhancing delivery efficiency and profit margins for service providers.
Europe Refrigerated Truck Rental Market Regional Analysis:
In 2019, Germany was valued at USD 5.2 billion. Sales of frozen food items increased by 1.5 percent in 2019 compared to the previous year, according to the German Frozen Food Institute (GFFI). Consumers are gradually seeking healthier alternatives for their everyday diets, resulting in an increase in demand for sustainable and healthful foods. Furthermore, 68 percent of German homes buy frozen foods on a monthly basis. In addition, demand for frozen pizza, ready-to-eat frozen dinners, and frozen potato items increased dramatically in 2019. Such elements are fueling the country's cold chain logistics business, which is pushing up demand for reefer truck rental services. From 2020 to 2027, the market in the United Kingdom is expected to grow at a rate of 9.6%. The fastest-growing retail segment in the United Kingdom is frozen food products. In addition, over the projected period, the expansion of retail food chains is expected to boost demand for cold chain logistics, resulting in an increase in demand for reefer truck rentals in the country. Furthermore, retailers are concentrating on creating long-term strategic planning in order to weather the retail industry's fierce competition as well as shifting consumer preferences. Fruit and vegetable output has decreased in Europe due to unseasonal conditions, which may create chances for the frozen food business, which is likely to drive the market even higher. The objective of the report is to present a comprehensive analysis of the Europe Refrigerated Truck Rental market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Europe Refrigerated Truck Rental market dynamics, structure by analyzing the market segments and project the Europe Refrigerated Truck Rental market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Europe Refrigerated Truck Rental market make the report investor’s guide.Europe Refrigerated Truck Rental Market Scope: Inquire before buying
Europe Refrigerated Truck Rental Market Report Coverage Details Base Year: 2020 Forecast Period: 2021-2027 Historical Data: 2016 to 2020 Market Size in 2020: US $ 17.84 Bn. Forecast Period 2021 to 2027 CAGR: 8.3% Market Size in 2027: US $ 31.17 Bn. Segments Covered: by Truck Type • Light • Medium • Heavy by Rental Type • Long Term • Short Term Europe Refrigerated Truck Rental Market, by Region
• North America • Europe • Asia Pacific • Middle East and Africa • South AmericaEurope Refrigerated Truck Rental Market Key Players
• Fraikin Limited • Penske Corporation, Inc • Petit Forestier • Ryder System, Inc. • The Hertz Corporation • The Hertz Corporation • Polar Leasing, Inc. • U-COOL Refrigeration, LLC • ReeferTek USA, Corp • Daikin Industries • FedEx • DB Schenker • General Mills • Hyundai Motor Company • Ingersoll Rand IncFAQ:
1] What segments are covered in the Europe Refrigerated Truck Rental Market report? Ans. The segments covered in the Europe Refrigerated Truck Rental Market report are based on Truck Type, Rental Type. 2] Which region is expected to hold the highest share in the Europe Refrigerated Truck Rental Market? Ans. Germany, UK Region is expected to hold the highest share in the Europe Refrigerated Truck Rental Market. 3] What is the market size of the Europe Refrigerated Truck Rental Market in 2020? Ans. The market size of the Europe Refrigerated Truck Rental Market in 2020 was valued at US $ 17.84 Bn. 4] Who are the top key players in the Europe Refrigerated Truck Rental Market? Ans. Fraikin Limited, Penske Corporation, Inc, Petit Forestier, Ryder System, Inc., The Hertz Corporation, The Hertz Corporation, Polar Leasing, Inc., U-COOL Refrigeration, LLC, ReeferTek USA, Corp, Daikin Industries, FedEx, DB Schenker, General Mills, Hyundai Motor Company, Ingersoll Rand Inc 5] What will be the market size of the Europe Refrigerated Truck Rental Market in 2027? Ans. The market size of the Europe Refrigerated Truck Rental Market is expected to be US$ 31.17 Bn. By 2027
1. Europe Refrigerated Truck Rental Market: Research Methodology 2. Europe Refrigerated Truck Rental Market: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Europe Refrigerated Truck Rental Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Europe Refrigerated Truck Rental Market: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 3.12. COVID-19 Impact 4. Europe Refrigerated Truck Rental Market(2020-2027) 4.1. Europe Refrigerated Truck Rental Market, by Truck Rental Type (2020-2027) • Light • Medium • Heavy 4.2. Europe Refrigerated Truck Rental Market, by Rental Type (2020-2027) • Long Term • Short Term 4.3. Europe Refrigerated Truck Rental Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 5. Company Profile: Key players 5.1. Fraikin Ltd. 5.1.1. Company Overview 5.1.2. Financial Overview 5.1.3. Global Presence 5.1.4. Capacity Portfolio 5.1.5. Business Strategy 5.1.6. Recent Developments 5.2. Penske Corporation, Inc 5.3. Petit Forestier 5.4. Ryder System, Inc. 5.5. The Hertz Corporation 5.6. The Hertz Corporation 5.7. Polar Leasing, Inc. 5.8. U-COOL Refrigeration, LLC 5.9. ReeferTek USA, Corp 5.10. Daikin Industries 5.11. FedEx 5.12. DB Schenker 5.13. General Mills 5.14. Hyundai Motor Company 5.15. Ingersoll Rand Inc.