India Refrigerated Trucks Market Size Set to Grow at Steady CAGR of 9.16% to Reach USD 4.23 by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India refrigerated trucks market size at USD 5.90 billion in 2022. During the forecast period between 2023 and 2029, India refrigerated trucks market size is to grow at a robust CAGR of 14.23% reaching a value of USD 14.00 billion by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India refrigerated trucks market size at USD 5.90 billion in 2022. During the forecast period between 2023 and 2029, India refrigerated trucks market size is to grow at a robust CAGR of 14.23% reaching a value of USD 14.00 billion by 2029. There have been notable trends in the market for refrigerated vehicles in India. Due to India's expanding cold chain industry, demand for refrigerated vehicles, also known as reefer trucks, has been rising steadily. The growth of online grocery delivery services, expanding organized retail, and rising consumer awareness of food safety and quality have all boosted demand for refrigerated transportation. The government's emphasis on lowering post-harvest losses and enhancing infrastructure for food preservation has also helped to strengthen the market. Manufacturers are putting cutting-edge technologies like temperature-controlled systems, telematics, and GPS tracking in refrigerated trucks to address the growing need for dependable and efficient transportation of perishable goods.
India Refrigerated Trucks Market – Overview
Reefer trucks, commonly referred to as refrigerated trucks, are specialized vehicles made for the transportation of perishable commodities, medications, and other items that require a controlled atmosphere due to their temperature sensitivity. These vehicles have integrated cooling systems that keep the temperature in the cargo area constant and low, usually between -18°C and 4°C (0°F and 40°F). To avoid spoiling and retain product freshness during transit, the refrigeration system circulates cold air, frequently propelled by a separate diesel engine or electric motor. Food, beverages, pharmaceuticals, and other temperature-sensitive goods are transported and distributed using refrigerated trucks, assuring their quality and safety from the point of origin to point of use.
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Impact of COVID-19 on India Refrigerated Trucks Market
The COVID-19 pandemic significantly impacted the India refrigerated trucks market, causing disruptions and changes in the industry. The strict lockdown measures and restrictions imposed to control the spread of the virus resulted in a decline in demand for refrigerated transportation services. The food and pharmaceutical sectors, major consumers of refrigerated trucks, experienced disruptions in their supply chains, affecting the market. Also, the temporary closure of hotels, restaurants, and catering services further dampened the demand for refrigerated transportation. However, with the gradual easing of restrictions and the resumption of economic activities, the market is expected to recover, driven by increasing demand for safe and efficient cold chain logistics in the post-pandemic era.
India Refrigerated Trucks Market – By Application
On the basis of application, India refrigerated trucks market is divided into Food and Beverages, Pharmaceuticals, and Chemicals. The food and beverages segment is the largest contributor to the India refrigerated trucks market. India's thriving food and beverage sector, including the fast-growing processed food market, drives the demand for refrigerated trucks to transport perishable goods across the country. With a vast population and changing consumer preferences, the need for efficient cold chain logistics in the food industry is increasing rapidly. The pharmaceutical and chemical segments also contribute to the market, but the food and beverages industry holds the largest share due to the extensive scope and demand for refrigerated transportation in India's dynamic food market.
Competitive Landscape
India refrigerated trucks market is fiercely competitive. Major companies in the market include Carrier Airconditioning & Refrigeration Limited, Ice Make Refrigeration Limited, JCBL Limited, KOLD SEAL, Motherson Sumi System Ltd, Subros Limited, Surin International Private Limited, Tata Motors Limited, Trane Technologies India Pvt Ltd, and TransACNR. Companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in India refrigerated trucks market.
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