ASEAN Refrigerated Truck Market Poised For Robust Growth, Projected To Reach US$ 3.73 Billion By 2032 Astute Analytica

(MENAFN- EIN Presswire)

The market, encompassing aftermarket refrigeration systems and telematics services, is expected to grow at a CAGR of 12.07% from 2024 to 2032.

CHICAGO, NY, UNITED STATES, November 19, 2024 /EINPresswire / -- The ASEAN refrigerated truck market , which includes aftermarket refrigeration systems and telematics services, was valued at US$ 1,362.5 million in 2023. This dynamic market is poised for significant expansion, with projections indicating it will reach US$ 3,728.3 million by 2032, reflecting a Compound Annual Growth Rate (CAGR) of 12.07% during the forecast period from 2024 to 2032.

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The surge in demand for refrigerated trucks in Southeast Asia is driven by the region's growing food and pharmaceutical sectors, which require reliable and efficient cold chain logistics to transport perishable goods. The integration of advanced refrigeration technology and telematics services is enhancing operational efficiency, optimizing fuel consumption, and ensuring the integrity of temperature-sensitive products.

Key trends driving market growth include the increasing adoption of IoT-based telematics solutions that provide real-time tracking and monitoring of temperature conditions, alongside rising demand for aftermarket refrigeration systems in both new and existing trucks. Additionally, improvements in regulatory standards and the growing emphasis on sustainability and energy-efficient solutions are further contributing to the market's expansion.

Key Insights:

Market Value (2023): US$ 1,362.5 million

Projected Market Value (2032): US$ 3,728.3 million

CAGR (2024-2032): 12.07%

Key Drivers: Expansion of the food and pharmaceutical sectors, advancements in refrigeration technology, adoption of telematics, and a focus on energy efficiency.

As demand for refrigerated transportation continues to rise, the ASEAN refrigerated truck market is expected to see substantial investment, technological innovation, and increased competition among industry players. The market's growth is reflective of broader global trends in supply chain management and the increasing importance of maintaining the quality of perishable goods throughout their journey.

Top Players in ASEAN Refrigerated Truck Market

Refrigerated Truck Rental Players
Penske Corp
Hertz Corp
ZeusQencana
Lalamove
MGM Bosco Logistics
Success Frozen
Rentalorry
Systematic Air Conditioning Pte Ltd
U-COOL Refrigeration LLC
Enterprise Truck Rental
Other Prominent Players
Refrigerated Truck Players
Carrier Transicold.
Bernard KRONE Holding SE & Co. KG
China International Marine Containers (Group) Ltd Great Dane LLC
Hyundai Translead. Inc.
Kgel Trailer GmbH & Co.
Lamberet SAS
Schmitz Cargobull AG
Thermo King
Wabash National
Other Prominent Players
Telematics Service Players
Arvento
Atlanta Telematics
Sensel Telematics
Geotab
Tata Motors
Tracko Bit
Teltonika
Intangles
Intellishift
Linxup
Fleetio
Other Prominent Players

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Market Segmentation Overview:

By Solution

Vehicle
Insulated Truck
Chiller Conversion Truck
Semi-Freezer Truck
Full-Freezer Truck
Frozen Refrigerated and Reefer
Truck
Multimodal Temperature
Container
Atmosphere Controlled
Container
Others
Truck Refrigeration System
Parts & Spares
Telematics Control Unit
Services
Rental Services
Post Purchase Services (Repair & Maintenance)
Telematics Services (Data Based Services)
Location Tracking
Temperature Monitoring
Fuel Monitoring
Vehicle Performance
Driver Monitoring
Driver License Card Read
Telephone Support
Route Optimization
Safety Evaluation
Others

By Tonnage Capacity

Less than 1.5 Tons
1.5 - 10 Tons
10-20 Tons
More than 20 Tons

By Vehicle Type

ICE
EV

By Temperature Range

Frozen (Below -15°C)
Chilled (-5 - 5°C)
Dry (10 - 20°C)

By End Use Industry

Food and Beverage
Frozen Food
Chilled Food
Others
Retail
Pharmaceuticals
Transportation
Others

By Country

Singapore
Thailand
Vietnam
Indonesia
Malaysia
Philippines
Rest of ASEAN

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About Astute Analytica:

Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the globe.

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Aamir Beg
Astute Analytica
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