Refrigerated Truck Market Research Report Information By Type (Light Commercial Vehicle (LCV), Medium Commercial Vehicle (MCV), and Heavy Commercial Vehicle (HCV)), By Tonnage Capacity (Less than 10 tons, 10-20 tons, and More than 20 tons), By Application (Food and Beverages, Pharmaceuticals, Chemicals, and Others), and By Region (North America, Europe, Asia-Pacific, and Rest Of The World) – Market Forecast Till 2032.

Table of Contents

1 Executive Summary

2 Market Introduction

2.1 Market Definition

2.2 Scope of the Study

2.3 Market Structure

3 Research Methodology

3.1 Primary Research

3.2 Secondary Research

3.3 Market Capacity Estimation

3.4 Forecast Model

3.5 List of Assumptions

3.6 Limitations of the Study

4 Market Insights

5 Market Dynamics

5.1 Introduction

5.2 Market Drivers

5.3 Market Restraints

5.4 Market Opportunities

5.5 Porter’s Five Forces Analysis

5.5.1 Threat of New Entrants

5.5.2 Bargaining Power of Buyers

5.5.3 Bargaining Power of Suppliers

5.5.4 Threat of Substitutes

5.5.5 Intensity of Rivalry

5.6 Value Chain/Supply Chain Analysis

6 Global Refrigerated Truck Market, by Type

6.1 Introduction

6.2 Light Commercial Vehicle

6.2.1 Market Estimates & Forecast, 2023-2032

6.2.2 Market Estimates & Forecast, by Region, 2023-2032

6.3 Medium Commercial Vehicle

6.3.1 Market Estimates & Forecast, 2023-2032

6.3.2 Market Estimates & Forecast, by Region, 2023-2032

6.4 Heavy Commercial Vehicle

6.4.1 Market Estimates & Forecast, 2023-2032

6.4.2 Market Estimates & Forecast, by Region, 2023-2032

7 Global Refrigerated Truck Market, by Tonnage Capacity

7.1 Introduction

7.2 Less than 10 Tons

7.2.1 Market Estimates & Forecast, 2023-2032

7.2.2 Market Estimates & Forecast, by Region, 2023-2032

7.3 10-20 Tons

7.3.1 Market Estimates & Forecast, 2023-2032

7.3.2 Market Estimates & Forecast, by Region, 2023-2032

7.4 More than 20 Tons

7.4.1 Market Estimates & Forecast, 2023-2032

7.4.2 Market Estimates & Forecast, by Region, 2023-2032

8 Global Refrigerated Truck Market, by Application

8.1 Introduction

8.2 Food and Beverages

8.2.1 Market Estimates & Forecast, 2023-2032

8.2.2 Market Estimates & Forecast, by Region, 2023-2032

8.3 Pharmaceuticals

8.3.1 Market Estimates & Forecast, 2023-2032

8.3.2 Market Estimates & Forecast, by Region, 2023-2032

8.4 Chemicals

8.4.1 Market Estimates & Forecast, 2023-2032

8.4.2 Market Estimates & Forecast, by Region, 2023-2032

8.5 Others

8.5.1 Market Estimates & Forecast, 2023-2032

8.5.2 Market Estimates & Forecast, by Region, 2023-2032

9 Global Refrigerated Truck Market, by Region

9.1 Introduction

9.2 North America

9.2.1 Market Estimates & Forecast, by Type, 2023-2032

9.2.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.2.3 Market Estimates & Forecast, by Application, 2023-2032

9.2.4 Market Estimates & Forecast, by Country, 2023-2032

9.2.5 US

9.2.5.1 Market Estimates & Forecast, by Type, 2023-2032

9.2.5.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.2.5.3 Market Estimates & Forecast, by Application, 2023-2032

9.2.6 Canada

9.2.6.1 Market Estimates & Forecast, by Type, 2023-2032

9.2.6.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.2.6.3 Market Estimates & Forecast, by Application, 2023-2032

9.2.7 Mexico

9.2.7.1 Market Estimates & Forecast, by Type, 2023-2032

9.2.7.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.2.7.3 Market Estimates & Forecast, by Application, 2023-2032

9.3 Europe

9.3.1 Market Estimates & Forecast, by Type, 2023-2032

9.3.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.3.3 Market Estimates & Forecast, by Application, 2023-2032

9.3.4 Market Estimates & Forecast, by Country, 2023-2032

9.3.5 Germany

9.3.5.1 Market Estimates & Forecast, by Type, 2023-2032

9.3.5.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.3.5.3 Market Estimates & Forecast, by Application, 2023-2032

9.3.6 UK

9.3.6.1 Market Estimates & Forecast, by Type, 2023-2032

9.3.6.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.3.6.3 Market Estimates & Forecast, by Application, 2023-2032

9.3.7 France

9.3.7.1 Market Estimates & Forecast, by Type, 2023-2032

9.3.7.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.3.7.3 Market Estimates & Forecast, by Application, 2023-2032

9.3.8 Italy

9.3.8.1 Market Estimates & Forecast, by Type, 2023-2032

9.3.8.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.3.8.3 Market Estimates & Forecast, by Application, 2023-2032

9.3.9 Rest of Europe

9.3.9.1 Market Estimates & Forecast, by Type, 2023-2032

9.3.9.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.3.9.3 Market Estimates & Forecast, by Application, 2023-2032

9.4 Asia-Pacific

9.4.1 Market Estimates & Forecast, by Type, 2023-2032

9.4.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.4.3 Market Estimates & Forecast, by Application, 2023-2032

9.4.4 Market Estimates & Forecast, by Country, 2023-2032

9.4.5 China

9.4.5.1 Market Estimates & Forecast, by Type, 2023-2032

9.4.5.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.4.5.3 Market Estimates & Forecast, by Application, 2023-2032

9.4.6 Japan

9.4.6.1 Market Estimates & Forecast, by Type, 2023-2032

9.4.6.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.4.6.3 Market Estimates & Forecast, by Application, 2023-2032

9.4.7 India

9.4.7.1 Market Estimates & Forecast, by Type, 2023-2032

9.4.7.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.4.7.3 Market Estimates & Forecast, by Application, 2023-2032

9.4.8 Rest of Asia-Pacific

9.4.8.1 Market Estimates & Forecast, by Type, 2023-2032

9.4.8.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.4.8.3 Market Estimates & Forecast, by Application, 2023-2032

9.5 Middle East & Africa

9.5.1 Market Estimates & Forecast, by Type, 2023-2032

9.5.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.5.3 Market Estimates & Forecast, by Application, 2023-2032

9.5.4 Market Estimates & Forecast, by Country, 2023-2032

9.5.5 Saudi Arabia

9.5.5.1 Market Estimates & Forecast, by Type, 2023-2032

9.5.5.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.5.5.3 Market Estimates & Forecast, by Application, 2023-2032

9.5.6 UAE

9.5.6.1 Market Estimates & Forecast, by Type, 2023-2032

9.5.6.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.5.6.3 Market Estimates & Forecast, by Application, 2023-2032

9.5.7 South Africa

9.5.7.1 Market Estimates & Forecast, by Type, 2023-2032

9.5.7.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.5.7.3 Market Estimates & Forecast, by Application, 2023-2032

9.5.8 Rest of Middle East & Africa

9.5.8.1 Market Estimates & Forecast, by Type, 2023-2032

9.5.8.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.5.8.3 Market Estimates & Forecast, by Application, 2023-2032

9.6 South America

9.6.1 Market Estimates & Forecast, by Type, 2023-2032

9.6.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.6.3 Market Estimates & Forecast, by Application, 2023-2032

9.6.4 Market Estimates & Forecast, by Country, 2023-2032

9.6.5 Brazil

9.6.5.1 Market Estimates & Forecast, by Type, 2023-2032

9.6.5.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.6.5.3 Market Estimates & Forecast, by Application, 2023-2032

9.6.6 Argentina

9.6.6.1 Market Estimates & Forecast, by Type, 2023-2032

9.6.6.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.6.6.3 Market Estimates & Forecast, by Application, 2023-2032

9.6.7 Rest of South America

9.6.7.1 Market Estimates & Forecast, by Type, 2023-2032

9.6.7.2 Market Estimates & Forecast, by Tonnage Capacity, 2023-2032

9.6.7.3 Market Estimates & Forecast, by Application, 2023-2032

10 Competitive Landscape

10.1 Competitive Scenario

10.2 Competitive Benchmarking of theGlobal Refrigerated Truck Market

10.3 Major Growth Key Strategies in theGlobal Refrigerated Truck Market

10.4 Market Share Analysis: Global Refrigerated Truck Market

10.5 Product Development in Global Refrigerated Truck Market

10.6 Mergers and Acquisitions in Global Refrigerated Truck Market

10.7 Contracts and Agreements in Global Refrigerated Truck Market

10.8 Expansions and Investments in Global Refrigerated Truck Market

11 Company Profile

11.1 Kögel Trailer GmbH & Co.KG (Germany)

11.1.1 Company Overview

11.1.2 Products/Services Offered

11.1.3 Financial Overview

11.1.4 Key Developments

11.1.5 Key Strategies

11.1.6 SWOT Analysis

11.2 HYUNDAI Translead, Inc. (US)

11.2.1 Company Overview

11.2.2 Products/Services Offered

11.2.3 Financial Overview

11.2.4 Key Developments

11.2.5 Key Strategies

11.2.6 SWOT Analysis

11.3 Wabash National (US)

11.3.1 Company Overview

11.3.2 Products/Services Offered

11.3.3 Financial Overview

11.3.4 Key Developments

11.3.5 Key Strategies

11.3.6 SWOT Analysis

11.4 Fahrzeugwerk Bernard Krone Gmbh & Co. Kg (Germany)

11.4.1 Company Overview

11.4.2 Products/Services Offered

11.4.3 Financial Overview

11.4.4 Key Developments

11.4.5 Key Strategies

11.4.6 SWOT Analysis

11.5 GRW Tankers and Trailers (US)

11.5.1 Company Overview

11.5.2 Products/Services Offered

11.5.3 Financial Overview

11.5.4 Key Developments

11.5.5 Key Strategies

11.5.6 SWOT Analysis

11.6 Schmitz Cargobull AG (Germany)

11.6.1 Company Overview

11.6.2 Products/Services Offered

11.6.3 Financial Overview

11.6.4 Key Developments

11.6.5 Key Strategies

11.6.6 SWOT Analysis

11.7 Great Dane LLC (US)

11.7.1 Company Overview

11.7.2 Products/Services Offered

11.7.3 Financial Overview

11.7.4 Key Developments

11.7.5 Key Strategies

11.7.6 SWOT Analysis

11.8 Chereau (France)

11.8.1 Company Overview

11.8.2 Products/Services Offered

11.8.3 Financial Overview

11.8.4 Key Developments

11.8.5 Key Strategies

11.8.6 SWOT Analysis

11.9 Lamberet SAS (France)

11.9.1 Company Overview

11.9.2 Products/Services Offered

11.9.3 Financial Overview

11.9.4 Key Developments

11.9.5 Key Strategies

11.9.6 SWOT Analysis

11.10 Sveza-Les LLC (Russia)

11.10.1 Company Overview

11.10.2 Products/Services Offered

11.10.3 Financial Overview

11.10.4 Key Developments

11.10.5 Key Strategies

11.10.6 SWOT Analysis

List of Tables

Table 1 Global Refrigerated Truck Market, by Region, 2023-2032 (USD Billion)

Table 2 North America Refrigerated Truck Market, by Country, 2023-2032 (USD Billion)

Table 3 Europe Refrigerated Truck Market, by Country, 2023-2032 (USD Billion)

Table 4 Asia-Pacific Refrigerated Truck Market, by Country, 2023-2032 (USD Billion)

Table 5 Middle East & Africa Refrigerated Truck Market, by Country, 2023-2032 (USD Billion)

Table 6 South America Refrigerated Truck Market, by Country, 2023-2032 (USD Billion)

Table 7 Global Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 8 North America Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 9 Europe Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 10 Asia-Pacific Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 11 Middle East & Africa Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 12 South America Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 13 Global Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 14 North America Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 15 Europe Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 16 Asia-Pacific Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 17 Middle East & Africa Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 18 South America Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 19 Global Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 20 North America Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 21 Europe Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 22 Asia-Pacific Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 23 Middle East & Africa Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 24 South America Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 25 Global Refrigerated Truck Market: by Region, 2023-2032 (USD Billion)

Table 26 North America Refrigerated Truck Market, by Country, 2023-2032 (USD Billion)

Table 27 North America Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 28 North America Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 29 North America Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 30 US Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 31 US Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 32 US Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 33 Canada Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 34 Canada Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 35 Canada Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 36 Mexico Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 37 Mexico Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 38 Mexico Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 39 Europe Refrigerated Truck Market, by Country, 2023-2032 (USD Billion)

Table 40 Europe Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 41 Europe Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 42 Europe Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 43 Germany Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 44 Germany Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 45 Germany Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 46 UK Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 47 UK Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 48 UK Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 49 France Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 50 France Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 51 France Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 52 Italy Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 53 Italy Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 54 Italy Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 55 Rest of Europe Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 56 Rest of Europe Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 57 Rest of Europe Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 58 Asia-Pacific Refrigerated Truck Market, by Country, 2023-2032 (USD Billion)

Table 59 Asia-Pacific Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 60 Asia-Pacific Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 61 Asia-Pacific Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 62 China Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 63 China Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 64 China Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 65 Japan Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 66 Japan Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 67 Japan Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 68 India Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 69 India Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 70 India Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 71 Middle East & Africa Refrigerated Truck Market, by Country, 2023-2032 (USD Billion)

Table 72 Middle East & Africa Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 73 Middle East & Africa Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 74 Middle East & Africa Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 75 Saudi Arabia Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 76 Saudi Arabia Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 77 Saudi Arabia Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 78 UAE Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 79 UAE Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 80 UAE Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 81 South Africa Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 82 South Africa Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 83 South Africa Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 84 Rest of Middle East & Africa Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 85 Rest of Middle East & Africa Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 86 Rest of Middle East & Africa Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 87 South America Refrigerated Truck Market, by Country, 2023-2032 (USD Billion)

Table 88 South America Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 89 South America Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 90 South America Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 91 Brazil Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 92 Brazil Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 93 Brazil Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 94 Argentina Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 95 Argentina Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 96 Argentina Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Table 97 Rest of South America Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Table 98 Rest of South America Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Table 99 Rest of South America Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

List of Figures

Figure 1 Research Process of MRFR

Figure 2 Top-Down and Bottom-Up Approach

Figure 3 Market Dynamics

Figure 4 Impact Analysis: Market Drivers

Figure 5 Impact Analysis: Market Restraints

Figure 6 Porter’s Five Forces Analysis

Figure 7 Value Chain Analysis

Figure 8 Global Refrigerated Truck Market Share, by Type, 2022 (%)

Figure 9 Global Refrigerated Truck Market, by Type, 2023-2032 (USD Billion)

Figure 10 Global Refrigerated Truck Market Share, by Tonnage Capacity, 2022 (%)

Figure 11 Global Refrigerated Truck Market, by Tonnage Capacity, 2023-2032 (USD Billion)

Figure 12 Global Refrigerated Truck Market Share, by Application, 2022 (%)

Figure 13 Global Refrigerated Truck Market, by Application, 2023-2032 (USD Billion)

Figure 14 North America Refrigerated Truck Market Share (%), 2022

Figure 15 North America Refrigerated Truck Market, by Country, 2023-2032 (USD Billion)

Figure 16 Europe Refrigerated Truck Market Share (%), 2022

Figure 17 Europe Refrigerated Truck Market, by Country, 2023-2032 (USD Billion)

Figure 18 Asia-Pacific Refrigerated Truck Market Share (%), 2022

Figure 19 Asia-Pacific Refrigerated Truck Market, by Country, 2023-2032 (USD Billion)

Figure 20 Middle East & Africa Refrigerated Truck Market Share (%), 2022

Figure 21 Middle East & Africa Refrigerated Truck Market, by Country, 2023-2032 (USD Billion)

Figure 22 South America Refrigerated Truck Market Share (%), 2022

Figure 23 Middle East & Africa Refrigerated Truck Market, by Country, 2023-2032 (USD Billion)