ASEAN Refrigerated Truck Market is Poised to Reach Valuation of US$ 3,728.3

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.

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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.

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Key Findings in ASEAN Refrigerated Truck Market

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…