Global Reefer Truck Market was valued at US$ xx Million and expected to reach US$ XX Million by 2027 at a CAGR of xx% during the forecast period.
Global Reefer Truck Market Definition: Reefer Truck is a commercial vehicle with a refrigeration unit attached to the trailer of the truck. The truck is mainly used in cold chains of food & beverages, pharmaceutical, chemical industries. The report covers an in-depth analysis of COVID 19 pandemic impact on Global Reefer Truck Market by region and on the key players’ revenue affected till July 2020 and expected short term and long-term impact on the market.
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Global Reefer Truck Market Dynamics Rise in the global population and improvements in the standards of living have impacted the consumption patterns of the economies. Change in the consumption patterns has led to the progress of the food & beverage industry around the globe. According to the World Bank, US$5 trillion is spent by the 4.5 billion low-income populations in developing countries each year. Expansion of the food & beverage industry in the developed and emerging economies has played a pivotal role in the growth of the cold chains. Reefer trucks are an inherent part of the cold chains that assist the food & beverage industry to expand the distribution networks. An extensive distribution network is correlated to the strategic competitiveness of the food & beverage company. Therefore, the incumbent strives to gain a competitive advantage over the competitors by expanding in new regions for market growth. Consequently, this factor has led to the growth in the Global Reefer truck market. Blooming e-commerce groceries industry due to the digital shift accelerated by the COVID-19 pandemic and flourishing organized retail sector worldwide due to the monetary competitive advantages are the driving factor for the global reefer truck industry growth. Extension of shelf life of groceries facilitated by the cold chains and demand for the freshness in the perishable product has led to increased deployment of the refrigerator units in heavy commercial vehicles segment. For instance, Rivigo, a logistic startup is aiming to scale up the refrigerated trucks from 250 to 2500 for transportation of fresh fruits and vegetables in India. The pharmaceutical industry frequently utilizes chemicals, drugs, or solutions that require specific temperatures during the life cycle. The effectiveness of some specific drugs reduces due to ambient temperature exposure. Therefore, pharmaceutical manufacturers