U.S.: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in the U.S.

The U.S. commercial refrigeration equipment market was estimated at $X in 2023, remaining constant against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2022 to 2023, the growth of the market remained at a somewhat lower figure.

Commercial Refrigeration Equipment Production in the U.S.

In value terms, commercial refrigeration equipment production skyrocketed to $X in 2023. Overall, production, however, continues to indicate a abrupt shrinkage. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2023, production stood at a somewhat lower figure.

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Commercial Refrigeration Equipment Exports

Exports from the U.S.

In 2023, approx. X units of refrigerating and freezing equipment and heat pumps (except household type equipment) were exported from the United States; waning by X% against the previous year. In general, exports recorded a abrupt setback. The pace of growth appeared the most rapid in 2019 when exports increased by X%. The exports peaked at X units in 2015; however, from 2016 to 2023, the exports failed to regain momentum.

In value terms, commercial refrigeration equipment exports amounted to $X in 2023. The total export value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of X%. The exports peaked in 2023 and are expected to retain growth in the near future.

Exports by Country

The UK (X units) was the main destination for commercial refrigeration equipment exports from the United States, accounting for a X% share of total exports. Moreover, commercial refrigeration equipment exports to the UK exceeded the volume sent to the second major destination, Canada (X units), twofold. The third position in this ranking was held by Mexico (X units), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to the UK totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Mexico (X% per year).

In value terms, Canada ($X), Mexico ($X) and the UK ($X) were the largest markets for commercial refrigeration equipment exported from the United States worldwide, with a combined X% share of total exports.

In terms of the main countries of destination, the UK, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the average commercial refrigeration equipment export price amounted to $X per unit, with an increase of X% against the previous year. Overall, the export price continues to indicate significant growth. The pace of growth was the most pronounced in 2020 an increase of X%. The export price peaked in 2023 and is likely to continue growth in years to come.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Germany (X%), while the prices for the other major destinations experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports into the U.S.

In 2023, supplies from abroad of refrigerating and freezing equipment and heat pumps (except household type equipment) decreased by X% to X units, falling for the third year in a row after two years of growth. Over the period under review, imports, however, enjoyed a prominent expansion. The pace of growth was the most pronounced in 2020 when imports increased by X%. As a result, imports attained the peak of X units. From 2021 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, commercial refrigeration equipment imports totaled $X in 2023. In general, imports, however, posted a prominent increase. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Imports peaked in 2023 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2023, China (X units) constituted the largest commercial refrigeration equipment supplier to the United States, accounting for a X% share of total imports. Moreover, commercial refrigeration equipment imports from China exceeded the figures recorded by the second-largest supplier, Mexico (X units), sixfold. Canada (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (X% per year) and Canada (X% per year).

In value terms, Mexico ($X), China ($X) and Canada ($X) were the largest commercial refrigeration equipment suppliers to the United States, together comprising X% of total imports. Italy, South Korea, Germany, Thailand, Malaysia, Japan and Vietnam lagged somewhat behind, together comprising a further X%.

Thailand, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average commercial refrigeration equipment import price amounted to $X per unit, picking up by X% against the previous year. Over the last eleven years, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure in 2023 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Mexico ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Mexico (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform