Mexico: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Mexico

In 2021, the Mexican commercial refrigeration equipment market decreased by -2% to $X, falling for the second consecutive year after four years of growth. The market value increased at an average annual rate of +2.3% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Commercial Refrigeration Equipment Production in Mexico

In value terms, commercial refrigeration equipment production declined to $X in 2021 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 15%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Commercial Refrigeration Equipment Exports

Exports from Mexico

In 2021, commercial refrigeration equipment exports from Mexico expanded remarkably to X units, surging by 6.1% on 2020. Over the period under review, exports, however, showed a slight reduction. The growth pace was the most rapid in 2019 with an increase of 12% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, commercial refrigeration equipment exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +3.0% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X units) was the main destination for commercial refrigeration equipment exports from Mexico, with a 94% share of total exports. It was followed by the United Arab Emirates (X units), with a 2.5% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to the United States was relatively modest.

In value terms, the United States ($X) remains the key foreign market for refrigerating and freezing equipment and heat pumps (except household type equipment) exports from Mexico, comprising 95% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 0.8% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the United States stood at +4.4%.

Export Prices by Country

The average commercial refrigeration equipment export price stood at $X per unit in 2021, rising by 17% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.1%. The most prominent rate of growth was recorded in 2018 when the average export price increased by 18%. The export price peaked in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to the United Arab Emirates amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+4.7%).

Commercial Refrigeration Equipment Imports

Imports into Mexico

In 2021, imports of refrigerating and freezing equipment and heat pumps (except household type equipment) into Mexico surged to X units, picking up by 38% on the previous year's figure. In general, imports, however, continue to indicate a relatively flat trend pattern. Over the period under review, imports hit record highs at X units in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, commercial refrigeration equipment imports soared to $X in 2021. Overall, imports showed a relatively flat trend pattern. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United States (X units) constituted the largest supplier of commercial refrigeration equipment to Mexico, accounting for a 69% share of total imports. Moreover, commercial refrigeration equipment imports from the United States exceeded the figures recorded by the second-largest supplier, China (X units), fivefold. Spain (X units) ranked third in terms of total imports with a 4.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States stood at -1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+12.5% per year) and Spain (+5.9% per year).

In value terms, the United States ($X) constituted the largest supplier of refrigerating and freezing equipment and heat pumps (except household type equipment) to Mexico, comprising 72% of total imports. The second position in the ranking was taken by China ($X), with a 13% share of total imports. It was followed by Spain, with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+13.7% per year) and Spain (+7.2% per year).

Import Prices by Country

The average commercial refrigeration equipment import price stood at $X per unit in 2021, reducing by -5.4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2020 an increase of 9.3%. As a result, import price reached the peak level of $X per unit, and then shrank in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from the United States ($X per unit) and Italy ($X per unit), while the price for Germany ($X per unit) and Brazil ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+1.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :