ASEAN Refrigerated Truck Market is Poised to Reach Valuation of US$ 3,728.3 Million By 2032 | Astute Analytica

Robust food and beverage industry along with increasing consumer preference for fresh and frozen food products, necessitates efficient cold chain logistics in ASEAN countries. High demand for refrigerated trucks with a capacity of less than 1.5 tons in ASEAN countries is influenced by their suitability for urban logistics, the booming e-commerce sector, the specific needs of the food and beverage industry, cost-effectiveness, and environmental considerations.

New Delhi, May 29, 2024 (GLOBE NEWSWIRE) — According to the latest Astute Analytica Research, ASEAN refrigerated truck market is projected to hit the market valuation of US$ 3,728.3 Million by 2032 from US$ 1,362.5 million in 2023 at a CAGR of 12.07% during the forecast period 2024–2032.

The ASEAN refrigerated truck market is poised for significant growth in the coming years. With a population projected to reach 717.5 million by 2025 and rapid urbanization, the demand for fresh and frozen food products is on the rise. The expanding e-commerce sector, expected to hit $153 billion by 2025 in Southeast Asia, is further fueling the need for refrigerated transportation to ensure timely delivery of perishable goods. The food and beverage industry in ASEAN, valued at $288.4 billion in 2022, is a key driver of the refrigerated truck market’s growth. Governments are also supporting the sector through initiatives like Indonesia’s “Sea Toll Road” program, which aims to improve maritime logistics infrastructure and cold chain facilities.

Get Free Sample PDF Copy: https://www.astuteanalytica.com/request-sample/asean-refrigerated-truck-market

Advanced technologies are being adopted to enhance efficiency and product quality in ASEAN’s refrigerated trucks. Smart refrigeration systems using IoT sensors and cloud platforms enable real-time cargo tracking and can reduce operational costs by 10-15%. Solar-powered refrigeration units can cut fuel consumption by up to 25%. Telematics and GPS tracking optimize routes and delivery times, with the ASEAN commercial vehicle telematics market expected to grow at a CAGR of 12.5% between 2024 and 2032.

Despite the promising outlook, the ASEAN refrigerated truck market faces challenges such as inadequate infrastructure, high initial costs of refrigerated trucks ($50,000 to $100,000 on average), and a lack of skilled personnel. Only 79% of roads in ASEAN are paved, compared to 95% in developed countries. The fragmented nature of the market, with many small and medium-sized enterprises, leads to intense competition and price pressures. However, opportunities lie in the development of harmonized regulations across ASEAN countries to promote market integration and address the challenges posed by the current fragmented landscape.

Key Findings in ASEAN Refrigerated Truck Market

Market Forecast (2032) US$ 3,728.3 Million
CAGR 12.07%
By Vehicle Type ICE Vehicles (92.9%)
By Solution Vehicle (72.1%)
By Tonnage Capacity Less Than 1.5 Tons (51.2%)
By Temperature Frozen (Below -15℃) (53.6%)
By End Use Industry Food and Beverage (48.1%)
Top Trends
  • Adoption of advanced technologies like smart refrigeration systems, IoT sensors, and cloud platforms for real-time cargo tracking and operational efficiency
  • Increasing use of solar-powered refrigeration units to reduce fuel consumption and carbon emissions
  • Growing popularity of telematics and GPS tracking systems for route optimization and improved delivery times
Top Drivers
  • Rising population and urbanization in ASEAN countries, leading to increased demand for fresh and frozen food products
  • Rapid growth of the e-commerce sector, necessitating timely delivery of perishable goods
  • Expansion of the food and beverage industry, valued at $288.4 billion in 2022 in the ASEAN region
Top Challenges
  • Inadequate infrastructure, including underdeveloped road networks and limited cold storage facilities
  • High initial costs of refrigerated trucks, ranging from $50,000 to $100,000, deterring small and medium-sized enterprises
  • Fragmented nature of the ASEAN refrigerated truck market, leading to intense competition and price pressures

Electrifying ASEAN’s Cold Chain is Challenging: ICE Refrigerated Trucks Dominates with Over 92.9% Market Share

The ASEAN refrigerated truck market is at a crossroads, with over 91% of its fleet still relying on internal combustion engines (ICE). Despite this, the electric vehicle (EV) segment is expected to grow at a formidable CAGR of 14.84% over the next few years. This growth is driven by rising demand for perishable goods, changing consumer preferences, and increasing income levels, alongside the rapid expansion of the e-commerce sector, expected to hit $153 billion by 2025 in Southeast Asia. Consumer preferences, however, remain a significant hurdle. A substantial 56-81% of consumers still favor ICE vehicles over EVs. EV adoption rates are notably low, with Thailand at 0.7%, Malaysia at 0.3%, and Indonesia at a mere 0.1% as of 2023. Moreover, the percentage of consumers preferring an EV as their next vehicle in Indonesia, Malaysia, the Philippines, and Vietnam is under 5%.

In terms of infrastructure, Singapore leads with 1,800 public charging outlets and strong governmental support aimed at increasing EV adoption. Conversely, Thailand is emerging as a low-cost manufacturing hub for automakers and is pushing initiatives like the 30@30 plan and a planned ban on ICE vehicles by 2035. Challenges abound due to infrastructure gaps and the dominance of small and medium-sized enterprises, which often lack the resources to invest in advanced technologies. The market’s segmentation reveals that the less than 1.5 tons segment held the largest share in 2023, while the frozen segment is expected to grow the fastest.

Innovation is on the horizon in the refrigerated truck market, with startups like Singauto Technology introducing EV models like the S1, boasting an 85-kWh battery and a 270 km range when fully loaded. Singauto has already received 20,000 pre-orders and aims for profitability at 30,000 trucks. Singapore, a major trade hub, and Indonesia, with a rapidly growing urban population, are pivotal markets. Indonesia’s consumption of refrigerated or frozen products is projected to surpass USD 3 billion by 2032. The transition to electric refrigerated trucks in ASEAN is complex but promising. With dedicated efforts from governments, businesses, and investors, the region can pave the way for a more sustainable and efficient cold chain logistics network.

Inquire Before Buying This Research Report: https://www.astuteanalytica.com/inquire-before-purchase/asean-refrigerated-truck-market

Refrigerated Trucks with Less Than 1.5 Tons are in High Demand Across ASEAN Countries: Contribute Over 51.2% Market Share

In ASEAN countries, the preference for refrigerated trucks with a capacity of less than 1.5 tons is driven by various factors, including urbanization, e-commerce growth, and the need for efficient logistics in the food and beverage industry. The urban population in ASEAN is rapidly increasing, necessitating efficient logistics solutions for perishable goods. Indonesia plans to invest around USD 240 billion in enhancing its infrastructure between 2022 and 2024, which includes improving logistics capabilities. The rapid urbanization in ASEAN countries necessitates efficient logistics solutions for perishable goods, adding a boost the demand for refrigerated truck market. Smaller trucks are more maneuverable in congested urban areas, making them ideal for last-mile deliveries. Larger trucks face significant operational challenges in narrow streets and heavy traffic, which are common in urban settings.

The booming e-commerce sector in ASEAN countries has heightened the demand for refrigerated trucks in this capacity range. The ASEAN e-commerce logistics market size is expected to reach USD 6.22 billion in 2024, growing at a CAGR of 14.5% to reach USD 11.30 billion by 2029. E-commerce platforms require reliable and flexible logistics solutions to deliver perishable goods quickly and efficiently, which smaller refrigerated trucks can provide. The food and beverage segment held a significant market share in the refrigerated truck market due to the high demand for perishable goods. The market for refrigerated or frozen products in Southeast Asia is rapidly growing, with consumption expected to total more than USD 28 billion by 2025 among the region’s largest countries. Smaller trucks are better suited for frequent, smaller deliveries that are typical in the food and beverage sector.

Logistics costs in certain ASEAN member countries can make up as much as 20% of the total cost of finished products, nearly twice the worldwide average. Smaller trucks are generally more fuel-efficient and have lower maintenance costs compared to larger trucks, making them a more economical choice for businesses. The adoption of IoT in logistics can lead to a 10-15% reduction in operational costs, and the integration of AI and ML is expected to increase the efficiency of supply chain operations by 30% in the next decade.

Surge in Frozen Food Consumption in ASEAN Countries, Controls Over 53.65% Share of Refrigerated Truck Market

The frozen food market in ASEAN countries is witnessing significant growth, driven by various socio-economic factors and changing consumer behaviors. The global frozen food market to be valued at $504.41 billion and is expected to grow at a CAGR of 8.4% from 2024 to 2030. This trend is mirrored in the ASEAN region, where the market is projected to expand to $75 billion in 2032. One of the primary drivers of this growth is the increasing urbanization and busy lifestyles in ASEAN countries, which have led to a higher demand for convenient and ready-to-eat frozen meals. The rise in the number of working women has also contributed significantly to this trend. Additionally, the expansion of retail stores offering a variety of frozen food products has made these items more accessible to consumers.

Technological advancements in freezing methods, such as blast freezing and individual quick freezing (IQF), have improved the quality and shelf life of frozen foods, further boosting their popularity. The food service segment, which includes fast food franchises, cafes, and hotels, has also seen substantial growth, adding more values to the refrigerated truck market. In terms of specific product segments, frozen ready meals dominate the market, driven by innovations in product diversity, including plant-based alternatives and global cuisines.

Indonesia, one of the fastest-growing economies in the ASEAN market, is expected to see its consumption of refrigerated or frozen products surpass $3 billion by 2032. The ASEAN cold chain logistics market, essential for the distribution of frozen foods, is estimated to reach $12.70 billion by 2028. Consumer preferences are also shifting towards frozen foods due to their convenience and longer shelf life. The average volume per person in the food market is expected to amount to 315.00 kg in 2024, with a significant portion being frozen products.

Singapore’s Dominance in the ASEAN Refrigerated Truck Market to Remain Unhindered, Controls Over 32.6% Market Share

Singapore’s strategic location and advanced infrastructure have positioned it as a dominant player in the ASEAN refrigerated truck market. As a major global logistics hub with one of the world’s busiest ports, Singapore facilitates extensive trade and transportation networks. The country’s well-developed infrastructure, including high-quality roads with a road quality index of 6.5 out of 7, and a cold storage capacity of 1.5 million cubic meters, is crucial for efficient refrigerated transportation. Economically, Singapore’s high GDP per capita of $65,233 in 2023 supports substantial investment in advanced logistics solutions. The presence of global logistics giants such as DHL and Nippon Express further enhances the availability and utilization of refrigerated trucks. Additionally, the e-commerce market in Singapore is projected to reach $13.4 billion by 2025, significantly increasing the demand for efficient cold chain logistics to ensure timely delivery of perishable goods.

Technological advancements play a significant role in Singapore’s dominance. The country is at the forefront of adopting cutting-edge technologies such as IoT sensors, smart refrigeration systems, and telematics, which collectively improve the efficiency and reliability of refrigerated trucks. For instance, over 2,500 IoT-enabled trucks and 1,000 smart refrigeration systems are currently in operation. Moreover, companies like Singauto Technology are pioneering the development of fully electric refrigerated trucks, aligning with Singapore’s commitment to sustainability and reducing carbon emissions by 36% by 2030.

Government support and favorable policies further bolster Singapore’s position in the ASEAN refrigerated truck market. With government funding for logistics innovation reaching $500 million, initiatives aimed at enhancing infrastructure and promoting technological adoption are well-supported. The regulatory environment in Singapore is conducive to investment in advanced logistics solutions, including refrigerated trucks.

Market demand and consumer behavior also drive the growth of refrigerated transportation in Singapore. The country’s robust food and beverage industry, valued at $8.5 billion, along with increasing consumer preference for fresh and frozen food products, necessitates efficient cold chain logistics. The average delivery time for perishable goods in Singapore is impressively fast at 24 hours, showcasing the efficiency of its logistics network.

ASEAN Refrigerated Truck Market Key Players

  • 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.KG.
    • 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

Key Segmentation:

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℃)
  • Chilled (-5 – 5℃)
  • Dry (10 – 20℃)

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

Buy Now Full Report: https://www.astuteanalytica.com/industry-report/asean-refrigerated-truck-market?buy_now=true&license_type=single

About Astute Analytica

Astute Analytica is a global analytics and advisory company which 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. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

Contact Us:
Astute Analytica
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
For Sales Enquiries: sales@astuteanalytica.com
Website: https://www.astuteanalytica.com/
LinkedIn Twitter YouTube

CONTACT: Contact Us: Astute Analytica Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World) For Sales Enquiries: sales@astuteanalytica.com Website: https://www.astuteanalytica.com/

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Privacy & Cookies Policy