India Refrigerated Truck Market to grow at a significant rate during the Forecast Period
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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