Report Overview

Increased demand for temperature-controlled transportation services due to expanding organized retail, e-commerce, and cold chain logistics sectors propelling the growth of the India Refrigerated Trucks Market during the forecast period between 2023 and 2029.

India Refrigerated Trucks Market – Trends & Forecast Report, 2029

India refrigerated trucks market size was estimated at USD 5.90 billion in 2022. During the forecast period between 2023 and 2029, the size of India refrigerated trucks market is projected to grow at a CAGR of 14.23% reaching a value of USD 14.00 billion by 2029. India refrigerated trucks market has witnessed significant trends in recent years. The demand for refrigerated trucks, also known as reefer trucks, has been steadily increasing due to the growth of the cold chain industry in India. The expanding organized retail sector, increasing consumer awareness of food safety and quality, and the rise in online grocery delivery services have all contributed to the surge in demand for refrigerated transportation. Also, the government's focus on reducing post-harvest losses and improving food preservation infrastructure has further boosted the market. To meet the growing demand, manufacturers are introducing advanced technologies such as temperature-controlled systems, telematics, and GPS tracking in refrigerated trucks to ensure efficient and reliable transportation of perishable goods.

India Refrigerated Trucks Market - Overview

Refrigerated trucks, also known as reefer trucks, are specialized vehicles designed to transport perishable goods, pharmaceuticals, or any other temperature-sensitive items that require a controlled environment. These trucks are equipped with integrated cooling systems that maintain a consistent and low temperature throughout the cargo compartment, typically between -18°C to 4°C (0°F to 40°F). The refrigeration system, often powered by a separate diesel engine or an electric motor, circulates cold air to prevent spoilage and maintain product freshness during transit. Refrigerated trucks play a vital role in the transportation and distribution of food, beverages, medicines, and other temperature-critical products, ensuring their quality and safety from origin to destination.

Growth Drivers

Technological Advancements

India refrigerated trucks market has witnessed significant growth, with one of the key drivers being technological advancements. The introduction of advanced refrigeration systems and temperature control solutions has revolutionized the transportation of perishable goods across the country. These technological advancements ensure the integrity and freshness of products throughout the supply chain, catering to the growing demand for safe and high-quality food and pharmaceutical products. Also, the integration of telematics and GPS tracking systems in refrigerated trucks enables real-time monitoring of temperature, humidity, and location, ensuring optimal conditions during transportation. As a result, these technological developments are expected to continue driving the growth of the India refrigerated trucks market, facilitating the efficient and reliable distribution of perishable

Restraints

Supply Chain Disruptions

The refrigerated trucks market in India faces significant challenges due to supply chain disruptions. With the COVID-19 pandemic and subsequent lockdowns, the movement of goods and perishable items has been severely impacted, leading to reduced demand for refrigerated transportation. Also, inadequate cold storage infrastructure and unreliable power supply pose obstacles to the efficient operation of refrigerated trucks. Limited access to financing options for small-scale transport operators further constrains market growth. The lack of standardized regulations and temperature monitoring systems also hinders the expansion of the refrigerated trucks market in India. Overcoming these restraints requires robust investments in cold chain infrastructure, streamlined regulations, and technology-driven solutions to ensure the safe and efficient transportation of perishable goods.

Impact of COVID-19 on the 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

Segmental Coverage

India Refrigerated Trucks Market – By Type

On the basis of type, India refrigerated trucks market is divided into Light Commercial Vehicle, Medium Commercial Vehicle, and Heavy Commercial Vehicle segments. The heavy commercial vehicle segment represents the largest share of the market. HCVs are typically larger and have higher load capacities compared to LCVs and MCVs, making them suitable for transporting large quantities of perishable goods over long distances. The demand for refrigerated trucks in the HCV segment is driven by factors such as the growth of organized retail, expansion of cold chain infrastructure, and increasing consumption of frozen and processed food products.

India Refrigerated Trucks Market – By Tonnage Capacity

On the basis of tonnage capacity, India refrigerated trucks market is divided into Less than 10 tons, 10-20 tons, and more than 20 tons segments. The largest segment is more than 20 tons in terms of truck capacity. This segment encompasses refrigerated trucks that have a capacity exceeding 20 tons. These trucks are typically utilized for transporting larger quantities of perishable goods and require specialized refrigeration systems to maintain the desired temperature throughout the transportation process. The demand for such high-capacity refrigerated trucks is driven by the growing need for efficient and reliable transportation of perishable goods across various industries in India.

India Refrigerated Trucks Market – By Application

On the basis of application, India refrigerated trucks market is divided into Food and Beverages, Pharmaceuticals, and Chemicals segments. 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.

India Refrigerated Trucks Market – By Region

Geographically, India refrigerated trucks market is divided into North India, South India, East India, and West India. The South India is the largest contributor to the India refrigerated trucks market. Comprising the states of Andhra Pradesh, Karnataka, Kerala, Tamil Nadu, and Telangana, South India covers a vast area and is home to a significant population. It is known for its rich cultural heritage, diverse languages, and distinctive cuisine. The region boasts a diverse landscape, ranging from the coastal plains of the Bay of Bengal to the Western Ghats Mountain range. South India is renowned for its architectural marvels, ancient temples, and serene backwaters. Its vibrant cities, such as Chennai, Bengaluru, and Hyderabad, are centers of commerce, technology, and education.

Competitive Landscape

Major players in the India refrigerated trucks 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. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Scope of the Report

By Type

• • Light Commercial Vehicle

  • Medium Commercial Vehicle

  • Heavy Commercial Vehicle

By Tonnage Capacity

• • Less than 10 tons

  • 10-20 tons

  • More than 20 tons

By Application

• • Food and Beverages

  • Pharmaceuticals

  • Chemicals

  • Others

By Region

• • North India

  • South India

  • East India

  • West India