Refrigerated vehicle market analysis: light refrigerated vehicle favored by the market

▎Refrigerated vehicle ownership has been growing rapidly

By the end of 2018, the number of refrigerated vehicles in China had reached 180,000, an increase of 40,000 over the previous year and an increase of 28.6% over the same period. The growth rate has been above 20% for five consecutive years.

However, the per capita possession of refrigerated vehicles in China is only 1/11 of that in Japan. The proportion of refrigerated and insulated vehicles in freight vehicles in China is only about 0.3%, compared with 1% in the United States and 2% to 3% in Germany and other developed countries.

▎East China has the highest population

From the perspective of regional distribution, the possession of refrigerated vehicles is the highest in east China, followed by North China, central China, and south China. The proportion of vehicles is basically similar, while the possession of refrigerated vehicles in northeast China, southwest China, and northwest China is relatively low. Unbalanced economic development and regional climate differences are the main reasons for the unbalanced distribution of refrigerated vehicles in China.

▎The eastern coastal provinces and cities have developed rapidly

From the new increase of refrigerated vehicles from 2013 to 2018, the share of each region is similar, reflecting the steady demand for refrigerated vehicles in all regions. Nine regions, including Guangdong, Shandong, Henan, Jiangsu and Shanghai, all added more than 6,000 units.

▎Light refrigerated vehicles are more popular in the market

From the perspective of the changes of different models, due to the increasing trend of order fragmentation in cold chain logistics, the cross-regional LCL volume and end city distribution demand increase, which also directly affects the demand change of different models of refrigerated vehicles.

The comparison shows that the growth rate of medium refrigerated vehicle and micro refrigerated vehicle decreases, while that of heavy truck increases rapidly, and that of light refrigerated vehicle is the highest.

In 2018, the overall demand of China's refrigerated vehicle market showed a steady rising trend, with the booming development of food cold chain, fresh e-commerce, and pharmaceutical cold chain.

The upgrading demand of the third and fourth national standards to the fifth and sixth national standards, as well as the increasing influence of the state on the promotion of new energy vehicles and African swine fever have greatly promoted the rapid growth of China's refrigerated vehicle market demand, and also brought new changing characteristics to the refrigerated vehicle market.