Refrigeration Equipment Wholesaling in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: March 2024
NAICS 42374Revenue
$10.2bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
11,112
Businesses
811
Wages
$XXX.Xm
Refrigeration Equipment Wholesaling in the US industry analysis
The industry has waned in recent years. Revenue loss on either side of 2021 has lead to a net-loss for the industry. This loss was felt across the board with establishments, enterprises and employment all shrinking in line with revenue. Wholesalers were crippled by the COVID-19 pandemic in 2020 as many not deemed essential and forced to halt operations. In 2021, the industry bounced back thanks to a resumption of business and government stimulus energizing downstream markets in an effort to jump start the economy. Lingering supply chain issues from pandemic placed continued downward pressure on the industry in 2022.
Trends and Insights
- COVID-19 shocks restricted industry activity and reduced demand from downstream service sector markets. Still, restaurant and accommodation demand has since recovered.
- The COVID-19 pandemic had desperate effects on industry products. Despite poor economic conditions, consumers increased demand for supplementary commercial refrigeration equipment due to spending more time at home.
- The Southeast is home to the largest number of wholesalers. The large population of states like Florida drives demand, as well as factors like residential demand and hot climate.
- Although brand loyalty can help establish differentiation, many customers only perceive small differences in products. This makes price competition a fundamental characteristic of sales.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has declined at a CAGR of 0.4 % over the past five years, to reach an estimated $10.2bn in 2024.
Trends and Insights
COVID-19 upsets supply and demand
- In 2020, stay-at-home orders were put in place across the United States to deal with the spread of COVID-19, leading to a significant decrease in demand for all out-of-home activities. Demand from food services and drinking places and from hotels and motels cratered.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Downstream service sector demand will continue to normalize
- Moving forward, the industry will continue growing. Consumer spending is expected to grow steadily, along with per capita disposable income, better enabling Americans to spend on food and accommodation.
Biggest companies in the Refrigeration Equipment Wholesaling in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Ingersoll Rand Inc. | 240.9 | 36.4 | 15.1 | |
Watsco, Inc. | 182.4 | 9.0 | 5.0 |
To view the market share and analysis for all 2 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Commercial refrigerators, Unit coolers and condensers for commercial refrigerators and Refrigerants. Commercial refrigerators is the largest segment of the Refrigeration Equipment Wholesaling in the US.
Trends and Insights
Supplementary commercial refrigeration equipment accounts for more than half of all sales
- Supplementary commercial refrigeration equipment includes: beverage coolers, refrigerated display cases, ice-making machinery and water coolers. Solid door refrigerated cabinets, which are commonly used in the food-service industry, have solid doors on all sides and are purposed for food storage.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- There are no industries to display.
Complementors
- Boiler & Heat Exchanger Manufacturing in the US
- Heating & Air Conditioning Equipment Manufacturing in the US
- Plumbing & Heating Supplies Wholesaling in the US
- Heating & Air Conditioning Wholesaling in the US
International industries
- Household Appliance Wholesaling in Australia
- Household Appliance Wholesaling in New Zealand
- Household Appliance & Television Wholesaling in the UK
Table of Contents
About this industry
Industry definition
Wholesalers in this industry distribute commercial refrigeration equipment, including beverage coolers, cold storage machinery, refrigerator compressors, condensing units, refrigerated display cases and drinking fountains. The Refrigeration Equipment Wholesaling industry excludes the wholesaling of residential refrigeration and air conditioning equipment. Distributors of heating, ventilation and air conditioning equipment are also excluded.
What's included in this industry?
Cold storage machinery wholesalingCommercial refrigerator wholesalingRefrigerated display case wholesalingWater cooler wholesalingRefrigeration compressor and condensing unit wholesalingIce making machine wholesalingCompanies
Ingersoll Rand Inc.Watsco, Inc.Purchase this report to view all 2 major companies in this industry.
Related Terms
HVACHYDROCHLOROFLUOROCARBONS (HCFCS)ORIGINAL EQUIPMENT MANUFACTURERRADIO-FREQUENCY IDENTIFICATION (RFID)REFRIGERANTIndustry Code
NAICS 42374 - Refrigeration Equipment Wholesaling in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
COVID-19 shocks restricted industry activity and reduced demand from downstream service sector markets. Still, restaurant and accommodation demand has since recovered.
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
The COVID-19 pandemic had desperate effects on industry products. Despite poor economic conditions, consumers increased demand for supplementary commercial refrigeration equi...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
The Southeast is home to the largest number of wholesalers. The large population of states like Florida drives demand, as well as factors like residential demand and hot clim...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Although brand loyalty can help establish differentiation, many customers only perceive small differences in products. This makes price competition a fundamental characterist...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
The industry is highly fragmented. The industry competes heavily on delivery times and cost, making a local footprint highly advantageous.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Ingersoll Rand Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Watsco, Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
Detailed analysis
- Description and key data for Ingersoll Rand Inc., and factors influencing its performance in the industry
- Description and key data for Watsco, Inc., and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Wholesalers are subject to laws and regulations designed to protect the environment and ensure the safety of consumer products. Some environmental laws and regulations requir...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Purchases are overwhelmingly the largest cost for wholesalers. Companies maintain high inventory levels to accommodate short lead times and time-sensitive delivery requiremen...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Refrigeration Equipment Wholesaling in the US industry in United States in 2024?
The market size of the Refrigeration Equipment Wholesaling in the US industry in United States is $10.2bn in 2024.
How many businesses are there in the Refrigeration Equipment Wholesaling in the US industry in 2024?
There are 811 businesses in the Refrigeration Equipment Wholesaling in the US industry in United States, which has declined at a CAGR of 0.8 % between 2019 and 2024.
Has the Refrigeration Equipment Wholesaling in the US industry in United States grown or declined over the past 5 years?
The market size of the Refrigeration Equipment Wholesaling in the US industry in United States has been declining at a CAGR of 0.4 % between 2019 and 2024.
What is the forecast growth of the Refrigeration Equipment Wholesaling in the US industry in United States over the next 5 years?
Over the next five years, the Refrigeration Equipment Wholesaling in the US industry in United States is expected to grow.
What are the biggest companies in the Refrigeration Equipment Wholesaling in the US market in United States?
The biggest companies operating in the Refrigeration Equipment Wholesaling market in United States are Ingersoll Rand Inc. and Watsco, Inc.
What does the Refrigeration Equipment Wholesaling in the US in United States include?
Cold storage machinery wholesaling and Commercial refrigerator wholesaling are part of the Refrigeration Equipment Wholesaling in the US industry.
Which companies have the highest market share in the Refrigeration Equipment Wholesaling in the US in United States?
The company holding the most market share in United States is Ingersoll Rand Inc..
How competitive is the Refrigeration Equipment Wholesaling in the US industry in United States?
The level of competition is moderate and increasing in the Refrigeration Equipment Wholesaling in the US industry in United States.
