India Refrigerated Trucks Market Insights Forecasts to 2032

• The India Refrigerated Trucks Market Size was valued at USD 4.97 Billion in 2022.
• The Market is Growing at a CAGR of 10.8% from 2022 to 2032
• The India Refrigerated Trucks Market Size is expected to reach USD 13.96 Billion by 2032

The India Refrigerated Trucks Market Size is anticipated to exceed USD 13.96 Billion by 2032, growing at a CAGR of 10.8% from 2022 to 2032.

Market Overview

The Indian refrigerated trucks market refers to the transportation industry segment concerned with the distribution and transportation of temperature-sensitive goods via refrigerated vehicles. These trucks are outfitted with advanced cooling systems to maintain specific temperature conditions while transporting perishable products such as fruits, vegetables, dairy products, pharmaceuticals, and other temperature-sensitive items. As one of the world's largest producers and consumers of perishable goods, India's refrigerated truck market has grown significantly over the years. Demand for such vehicles has increased as the organized retail sector has expanded, e-commerce activities have increased, consumer preferences for frozen and processed foods have increased, and cold chain infrastructure has improved.

Report Coverage

This research report categorizes the market for the India refrigerated trucks market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the refrigerated trucks market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the refrigerated trucks market.

Driving Factors

Due to changing consumer preferences, urbanization, and an increase in disposable incomes, India's food processing industry has seen rapid growth. As the demand for processed and frozen food grows, efficient cold chain logistics, including refrigerated trucks, become critical to preserving the quality and freshness of these products during transportation. Perishable goods such as fruits, vegetables, seafood, and dairy products are produced and exported in large quantities in the country. Refrigerated trucks are required to meet international standards and ensure the viability of these exports. Furthermore, as domestic consumption of perishable goods rises, so does the demand for refrigerated transportation within the country.

Restraining Factors

Due to the specialized cooling systems and insulation required, the cost of purchasing and maintaining refrigerated trucks is significantly higher than that of standard vehicles. Because of the high initial investment, small and medium-sized businesses may be discouraged from entering the market or upgrading their existing fleets, limiting overall market growth.

Market Segmentation

The India Refrigerated Trucks Market share is classified into type and tonnage capacity.

• The medium commercial vehicle segment accounted for the largest share of the India refrigerated trucks market in 2022.     

The India refrigerated trucks market is segmented by type into light commercial vehicle, medium commercial vehicle, and heavy commercial vehicle. Among these, the medium commercial vehicle segment accounted for the largest share of the India refrigerated trucks market in 2022. The MCV segment's dominance can be attributed to its versatility, which provides a balance between payload capacity and maneuverability, which aligns well with India's perishable goods transportation needs. MCVs are widely used for intra-city and inter-city distribution, making them indispensable in the supply chains of a variety of industries such as food processing, pharmaceuticals, and retail.     

• The 10-20 tons segment is expected to hold the largest share of the India refrigerated trucks market during the forecast period. 

Based on the tonnage capacity, the India refrigerated trucks market is divided into less than 10 tons, 10-20 tons, more than 20 tons. Among these, the 10-20 tons segment is expected to hold the largest share of the India refrigerated trucks market during the forecast period. The category of medium commercial vehicles (MCVs) includes refrigerated trucks with load capacities ranging from 10 to 20 tons. MCVs balance payload capacity and maneuverability, making them suitable for both intra-city and inter-city transportation. They are preferred by companies that deal with medium-sized volumes of perishable goods, such as wholesalers, distributors, and retailers.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the India refrigerated trucks market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 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
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at India, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the India Refrigerated Trucks Market based on the below-mentioned segments:

India Refrigerated Trucks Market, By Type

• Light Commercial Vehicle
• Medium Commercial Vehicle
• Heavy Commercial Vehicle

India Refrigerated Trucks Market, By Tonnage Capacity

• Less than 10 tons
• 10-20 tons
• More than 20 tons

India Refrigerated Trucks Market, By Application

• Food and Beverages
• Pharmaceuticals
• Chemicals