Market Size of Mexico Refrigerated Truck Industry
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Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 0.76 Billion |
Market Size (2029) | USD 1.07 Billion |
CAGR (2024 - 2029) | 7.10 % |
Market Concentration | Medium |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
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Mexico Refrigerated Truck Market Analysis
The Mexico Refrigerated Truck Market size is estimated at USD 0.76 billion in 2024, and is expected to reach USD 1.07 billion by 2029, growing at a CAGR of 7.10% during the forecast period (2024-2029).
Over the medium term, the rising demand for temperature-controlled transportation of perishable goods is driving steady growth in the country’s refrigerated truck market. The country's rapidly expanding population and thriving food and beverage industry are driving the demand for prompt and dependable refrigerated transportation services, which may lead to the market witnessing major growth during the forecast period.
Mexico is a major exporter of various food products, such as fresh produce, processed foods, and beverages. These goods often require temperature-controlled transportation to maintain quality and extend their shelf life during long-distance shipping. The growing export market creates a need for refrigerated vehicles to ensure the products reach their destination in optimal condition.
The growing use of electric and hybrid refrigerated trucks and the government's efforts to encourage eco-friendly modes of transportation are anticipated to offer growth opportunities for the market in the coming years. In addition, the demand for refrigerated trucks with advanced monitoring and tracking systems is anticipated to be driven by the growing emphasis on food safety and quality.
Mexico Refrigerated Truck Industry Segmentation
A refrigerated truck is a closed van equipped with refrigeration units and insulation for transporting fresh or frozen goods. Refrigerated trucks are commonly used to transport frozen food, dairy products, fruits, vegetables, vaccine drugs, and other perishable goods.
The Mexican refrigerated truck market is segmented by truck type, temperature range, type, and end user. By truck type, the market is segmented into light-duty trucks and medium and heavy-duty trucks. By temperature range, the market is segmented into multi-temperature range and single temperature range. By type, the market is segmented into chiller and freezer. By end user, the market is segmented into the healthcare sector, food and beverage sector, chemicals, and others. For each segment, the market sizing and forecast have been done based on the value (USD).
By Truck Type | |
Light-Duty Truck | |
Medium and Heavy-Duty Truck |
By Temperature Range | |
Multi-temperature Range | |
Single Temperature Range |
By Type | |
Chiller | |
Freezer |
By End User | |
Healthcare Sector | |
Food and Beverages Sector | |
Chemicals | |
Others |
Mexico Refrigerated Truck Market Size Summary
The Mexico refrigerated truck market is poised for significant growth over the forecast period, driven by the increasing demand for temperature-controlled transportation of perishable goods. This demand is fueled by the country's expanding population and robust food and beverage industry, which necessitate reliable refrigerated transportation services. Mexico's role as a major exporter of food products, including fresh produce and processed foods, further amplifies the need for refrigerated vehicles to maintain product quality during long-distance shipping. The market is also witnessing a shift towards electric and hybrid refrigerated trucks, supported by government initiatives promoting eco-friendly transportation solutions. Additionally, the emphasis on food safety and quality is driving the demand for trucks equipped with advanced monitoring and tracking systems.
The growth of the refrigerated truck market is further bolstered by the expanding healthcare and pharmaceutical sectors, which require temperature-controlled transportation for medications and medical supplies. The country's investment in cold chain infrastructure is essential for preserving the efficacy of temperature-sensitive pharmaceutical products. The demand for refrigerated vehicles is also increasing in blood banking, where maintaining the right temperature is crucial for safe blood transfusions. Key players in the market, such as Wabash National Corporation and Thermo King Corporation, are contributing to market expansion through strategic developments and technological advancements. The introduction of innovative refrigeration unit technologies and the acquisition of electric refrigerated trucks by companies like Grupo Lala highlight the industry's commitment to sustainability and efficiency.
Mexico Refrigerated Truck Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Growing Transportation of Perishable Goods Across the Country
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1.2 Market Restraints
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1.2.1 High Maintenance Cost of Refrigerated Trucks
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value - USD)
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2.1 By Truck Type
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2.1.1 Light-Duty Truck
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2.1.2 Medium and Heavy-Duty Truck
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2.2 By Temperature Range
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2.2.1 Multi-temperature Range
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2.2.2 Single Temperature Range
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2.3 By Type
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2.3.1 Chiller
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2.3.2 Freezer
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2.4 By End User
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2.4.1 Healthcare Sector
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2.4.2 Food and Beverages Sector
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2.4.3 Chemicals
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2.4.4 Others
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Mexico Refrigerated Truck Market Size FAQs
How big is the Mexico Refrigerated Truck Market?
The Mexico Refrigerated Truck Market size is expected to reach USD 0.76 billion in 2024 and grow at a CAGR of 7.10% to reach USD 1.07 billion by 2029.
What is the current Mexico Refrigerated Truck Market size?
In 2024, the Mexico Refrigerated Truck Market size is expected to reach USD 0.76 billion.