Our-in depth analysis of the global refrigerated trailer market includes the following segments:
The global refrigerated trailer market is further classified on the basis of region as follows:
The market of automotive parcel delivery terminal is driving the back of the increasing demand for better modes of delivering the parcel to consumers. Since automotive parcel delivery terminal provides better services to the consumers and without any inconvenience to the recipients. Further, these facts have given the boost to the automotive parcel delivery terminal market.
The expanding demands for cross-border delivery have created a spark in the global market for automotive parcel delivery terminal, and market is expected to expand in the future. Considering the global market of automated parcel delivery terminal system it provides instant delivery re-attempts. Further, this has reduced the overall operating cost of the entire system.
The failures of convention parcel delivery system have also raised the demand for such kind of parcel delivery system, which will not be affected by unwanted factors, such as bad weather, holidays etc.However on the other hand, the automotive parcel delivery market has reduced the human arbitration in the system and has raised the questions about the safety of the parcel in absence of any human authority. Moreover, the automotive parcel delivery terminal system requires a very large area for installation. Further, this fact has appeared as a challenge to the global market of automotive parcel delivery terminal.
Global automotive parcel delivery terminal market is anticipated to thrive at a CAGR of 13% over the forecast period 2017-2024. The rapid evolution of parcel delivery mediums will have a positive impact on global automotive parcel delivery terminal market. Further, the market of automotive parcel delivery terminal stood at USD 375.0 million at the end of 2016. It is estimated that by the end of 2024 the market will manage to reach at revenue of USD 920.0 million. The global automotive parcel delivery terminal market is expected to impart a high growth over the forecast period 2017-2024.
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Europe accounted for the maximum share in global automotive parcel delivery terminal market. The region is thrived to reach revenue of USD 552.3 million by the end of 2024. It is estimated that Europe market will lead over the forecast period. Asia-Pacific stood with the second highest share in the market and is anticipated to witness a robust growth over the forecast period 2017-2024. North America is anticipated to grow at the fastest CAGR of 19% during the forecast period 2017-2024. Sparked by rising needs for better parcel delivery methods in Asia-Pacific region, is expected to showcase considerable growth by the end of forecast period i.e. 2024.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Harshita Srivastava, Saima Khursheed