Europe Refrigerated Truck Rental Market

Europe Refrigerated Truck Rental Market Size (2022 - 2027):

The Europe Refrigerated Truck Rental Market size is estimated to reach a valuation of USD 31.6 billion by 2027 and is predicted to register a CAGR of 7.94% during 2022-2027.

Market Overview:

A refrigerated truck is equipped with a refrigeration unit to keep the truck's contents cool or frozen. These trucks are often used to transport perishable goods such as food, pharmaceuticals, and flowers. Many truck rental companies offer refrigerated trucks for rent daily, weekly, or monthly. Some companies may require a minimum rental period, so you must check with the company you are considering renting from. When renting a refrigerated truck, it is essential to carefully review the terms and conditions of the rental agreement, including the specific requirements for operating and maintaining the truck. It is also a good idea to check the truck's condition before accepting it and to report any issues or concerns to the rental company as soon as possible.

Market Drivers:

Increasing demand for fresh and perishable food is one of the key factors driving the refrigerated truck rental market in the European region. With the growing demand for fresh and perishable food products, the need for refrigerated truck rentals is also increasing. These trucks transport food products such as dairy, meat, fruits, and vegetables from the production site to the distribution center or retail outlets. In addition, the rise of e-commerce has led to an increase in the demand for refrigerated truck rentals, as these vehicles are used to transport goods that need to be kept at a specific temperature, resulting in market growth. Furthermore, the growing F&B industry in Europe is expected to boost the need for refrigerated trucks in this region and result in market growth. As the industry expands, the demand for these trucks is also expected to increase.

In addition, the growing demand for frozen food is expected to boost the Europe refrigerated truck rental market growth. The demand for frozen food is increasing considerably in the European region, which has increased the need for refrigerated trucks to transport these products. The demand for frozen food has increased due to various factors, including the convenience of having pre-prepared meals and the increasing popularity of meal delivery services. As the demand for frozen food continues to grow, the need for refrigerated trucks to transport these products will also likely increase.

Market Restraints:

High upfront costs associated with renting refrigerated trucks are key factors restraining the market growth. Refrigerated trucks can be expensive to purchase, which may make it difficult for small businesses to invest in them. Renting refrigerated trucks can be a more cost-effective solution, but the rental costs may still be prohibitively high for some companies. In addition, factors such as limited availability, costs associated with maintenance and repair, and environmental concerns such as emissions are expected to impact the market growth negatively.

Market Opportunities:

Increasing demand for frozen food and the growing popularity of meal delivery services are anticipated to offer lucrative growth opportunities to the market participants in the Europe refrigerated truck rental market. The popularity of meal delivery services, such as food delivery apps, is increasing in Europe. This trend may lead to an increase in demand for refrigerated trucks to transport food to customers. In addition, technological advancements are anticipated to provide growth possibilities in the market. Technological advances, such as developing more energy-efficient refrigeration systems, may present opportunities for companies to differentiate themselves from their competitors and offer more cost-effective solutions to their customers. European gIn addition, governments may offer incentives, such as subsidies or tax breaks, to companies that use environmentally friendly refrigerated trucks. This could create opportunities for companies that offer refrigerated truck rentals to invest in more sustainable options.

EUROPE REFRIGERATED TRUCK RENTAL MARKET REPORT COVERAGE:

Market Segmentation:

Europe Refrigerated Truck Rental Market – By Truck Type:

• Light
• Medium
• Heavy

Based on truck type, the light truck segment accounted for the largest share of the market in 2021.

Europe Refrigerated Truck Rental Market – By Rental Type:

• Short-term
• Long-term

Based on rental type, the long-term segment had a significant share of the Europe refrigerated truck rental market in 2021.

Europe Refrigerated Truck Rental Market – By Country:

• Germany
• UK
• France
• Italy
• Spain
• Rest of Europe

Geographically, the German refrigerated truck rental market had the leading share of the European region in 2021. Germany is a significant market for refrigerated truck rentals in Europe. The demand for refrigerated truck rentals in Germany is driven by the country's strong economy and the growing demand for frozen and perishable food products. Several factors may contribute to the growth of the German refrigerated truck rental market. These include the increasing popularity of meal delivery services, the growing demand for frozen food, and the expansion of e-commerce in the country. Additionally, technological advances, such as the development of more energy-efficient refrigeration systems, may also contribute to the market's growth.

On the other hand, the UK market is anticipated to showcase a healthy CAGR during the forecast period.

COVID-19 Impact on the Europe Refrigerated Truck Rental Market:

The COVID-19 pandemic has had a mixed impact on Europe's refrigerated truck rental market. The demand for refrigerated truck rentals may have increased due to the need to transport and store additional food products due to the pandemic. For example, there may have been an increased demand for refrigerated trucks to transport frozen foods to retail stores or used in meal delivery services. However, the COVID-19 pandemic has negatively impacted the refrigerated truck rental market in Europe. On the other hand, the economic downturn caused by the pandemic may have led to a decrease in demand for certain types of refrigerated truck rentals, such as those used for events or catering. Additionally, the pandemic may have disrupted supply chains and made it more difficult for companies to obtain refrigerated trucks. However, Europe's refrigerated truck rental market is anticipated to register a healthy CAGR during the forecast period.

Market Key Players:

1. The Hertz Corporation
2. DB Schenker
3. General Mills
4. Hyundai Motor Company
5. Ingersoll Rand Inc
6. Polar Leasing, Inc.
7. U-COOL Refrigeration, LLC
8. ReeferTek USA, Corp
9. Fraikin Limited
10. Penske Corporation, Inc
11. Petit Forestier
12. Daikin Industries
13. FedEx
14. Ryder System, Inc.

Market Key Developments:

• In December 2021, Penske Truck Leasing bought the assets of DeCarolis Truck Rental, Inc. This acquisition refers to purchasing DeCarolis Truck Rental's physical assets, such as its trucks, trailers, and tractors. Penske Truck Leasing is a company that rents out a fleet of trucks, trailers, and tractors to businesses for transportation and logistics purposes. By acquiring DeCarolis Truck Rental's assets, Penske will be able to expand its existing fleet by adding approximately 2,350 additional vehicles. This will allow the company to meet increased service demand or enter new markets.