High accessibility of internet and government initiatives to attract investment in refrigeration trucks is expected to drive the India refrigerated truck market through FY2027
According to TechSci Research report, “India Refrigerated Truck Market By Truck Type (Light, Medium, Heavy), By Temperature Compartment (Single, Multiple), By Application (Food and Beverage, Pharmaceutical, Chemical. Others), By Company and By Geography, Forecast & Opportunities, FY2027”, the India refrigerated truck market in automobile sector is expected to grow at a steady CAGR until FY2027, owing to expansion of the food industry and surge in demand of high-quality perishable goods. Technological advancements of refrigerated trucks to increase efficiency and increased accessibility of internet to remote areas as well as metropolitan cities is propelling the growth of the refrigerated truck market in the region. Also, the demand for ready to eat, frozen and processed products due to rise in disposable income and increasing popularity for e-commerce is also anticipated to major role in the growth of the refrigerated market in India. Government initiatives to set up cold storages and organized supply chain to bloom business and generate job opportunities and granting subsidy to organizations for investing to improve refrigeration market is expected to foster market growth in the coming next five years.
Also, improvement of roads for smooth transportation and granting tax reliefs to investor are other factors boosting the refrigeration truck market growth.
Since the off-set of COVID-19, the demand for pharmaceuticals and perishable products in addition with dairy products has increased considerably. Certain medicines and chemicals need a specific temperature to remain in good condition, thereby increasing the demand for refrigerated trucks to maintain the supply chain and transportation of pharmaceutical and chemicals to different places.
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India Refrigerated Truck market is segregated into based on truck type, temperature compartment, application, and region. Based on the application, market is further bifurcate into food and beverage, pharmaceutical, chemical and others. Food and beverage sector in addition to pharmaceutical sector are the major drivers for the growth of the India refrigeration truck market. Emerging trend of online food delivery as well as surge in demand of frozen and temperature sensitive perishable products like fruits, vegetables and dairy products is creating lucrative opportunities for the refrigeration truck market growth. Based on temperature compartment refrigeration truck is categorized into single and multiple compartments. Both sectors are expected to witness substantial growth in the predicted period due to their individual advantages and benefits.
The major players operating in the market are Tata Motors Limited, Mahindra and Mahindra Limited, JCBL Limited, SML Isuzu Limited, MAN Truck & Bus India Pvt. Ltd., Ashok Leyland Ltd., Daimler India Commercial Vehicles Private Limited, Volvo Eicher Commercial Vehicles Ltd., Omega Seiki Mobility, Motherson Sumi Systems Limited and others are some of the leading players operating in India refrigerated truck market. Companies operating in the market are using strategies such as joint ventures, product launches, mergers, and research collaborations to boost their share and increase their geographic reach.
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“Rising demand for organic food over conventional due to surge in consumer awareness regarding health and fitness is expected to positively influence the India refrigeration market as transportation of organic food specifically depends on maintaining requisite temperature and refrigerated trucks aids in maintaining the supply chain and logistics. These factors are expected to fuel India refrigeration truck growth till FY2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based India management consulting firm.
“India Refrigerated Truck Market By Truck Type (Light, Medium, Heavy), By Temperature Compartment (Single, Multiple), By Application (Food and Beverage, Pharmaceutical, Chemical. Others), By Company and By Geography, Forecast & Opportunities, FY2027”, has evaluated the future growth potential of India refrigerated truck market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India refrigerated truck market.
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