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China - Refrigerating And Freezing Equipment And Heat Pumps (Except Household Type Equipment) - Market Analysis, Forecast, Size, Trends and Insights
Report Update: Feb 1, 2025

China - Refrigerating And Freezing Equipment And Heat Pumps (Except Household Type Equipment) - Market Analysis, Forecast, Size, Trends and Insights

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Nov 15, 2024

In 2023, China's Exports of Commercial Refrigeration Equipment Climb 2% to Reach $5.4 Billion

China Commercial Refrigeration Equipment Exports

In 2023, the amount of refrigerating and freezing equipment and heat pumps (except household type equipment) exported from China rose markedly to 201M units, surging by 11% compared with the previous year. Over the period under review, total exports indicated strong growth from 2013 to 2023: its volume increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by +71.8% against 2020 indices. The most prominent rate of growth was recorded in 2015 when exports increased by 45%. Over the period under review, the exports reached the peak figure in 2023 and are expected to retain growth in years to come.

In value terms, commercial refrigeration equipment exports totaled $5.4B (IndexBox estimates) in 2023. Overall, exports recorded prominent growth. The pace of growth appeared the most rapid in 2021 when exports increased by 47% against the previous year. The exports peaked in 2023 and are likely to continue growth in years to come.China Commercial Refrigeration Equipment Exports By Country (Million USD)

COUNTRYExport Value of Commercial Refrigeration Equipment in China (million USD)
20132014201520162017201820192020202120222023
United States182251279322379474435535729848935
Australia104113126130136145152182266361336
Indonesia10193.087.089.495.4103139121142209233
Italy45.351.053.259.664.078.074.485.1172288214
India83.573.493.510210113413489.3119144171
Vietnam40.742.156.259.361.385.811596.1124165166
Malaysia62.166.374.272.667.777.088.988.0126157161
Thailand73.968.278.068.870.778.187.293.4117149160
France48.359.163.359.767.171.989.9130215161109
Others1,0451,1841,1961,1101,2031,3751,4981,5072,3062,7882,890
Total1,7852,0012,1072,0742,2452,6222,8132,9294,3165,2715,375

Exports by Country

the United States (51M units) was the main destination for commercial refrigeration equipment exports from China, accounting for a 25% share of total exports. Moreover, commercial refrigeration equipment exports to the United States exceeded the volume sent to the second major destination, Thailand (11M units), fourfold. The third position in this ranking was held by Malaysia (11M units), with a 5.4% share.

From 2013 to 2023, the average annual growth rate of volume to the United States totaled +19.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+4.9% per year) and Malaysia (+8.2% per year).

In value terms, the United States ($935M) remains the key foreign market for refrigerating and freezing equipment and heat pumps (except household type equipment) exports from China, comprising 17% of total exports. The second position in the ranking was taken by Australia ($336M), with a 6.2% share of total exports. It was followed by Indonesia, with a 4.3% share.

From 2013 to 2023, the average annual rate of growth in terms of value to the United States amounted to +17.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+12.4% per year) and Indonesia (+8.8% per year).

Exports by Type

Non-furniture refrigerating or freezing equipment (194M units) was the largest type of refrigerating and freezing equipment and heat pumps (except household type equipment) exported from China, accounting for a 97% share of total exports. It was followed by refrigerating or freezing display counters, cabinets, show-cases (5.3M units), with a 2.6% share of total exports.

From 2013 to 2023, the average annual growth rate of the volume of non-furniture refrigerating or freezing equipment exports totaled +6.3%. With regard to the other exported products, the following average annual rates of growth were recorded: refrigerating or freezing display counters, cabinets, show-cases (+12.0% per year) and heat pumps other than air conditioning machines (+19.0% per year).

In value terms, refrigerating and freezing equipment and heat pumps (except household type equipment) with the largest exports in China were non-furniture refrigerating or freezing equipment ($2.6B), refrigerating or freezing display counters, cabinets, show-cases ($1.7B) and heat pumps other than air conditioning machines ($1.1B).

Among the main product categories, heat pumps other than air conditioning machines, with a CAGR of +19.8%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices by Country

In 2023, the commercial refrigeration equipment price amounted to $27 per unit (FOB, China), with a decrease of -7.8% against the previous year. Overall, export price indicated a noticeable increase from 2013 to 2023: its price increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 an increase of 52%. Over the period under review, the average export prices attained the maximum at $29 per unit in 2022, and then dropped in the following year.

There were significant differences in the average prices for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was Vietnam ($94 per unit), while the average price for exports to Russia ($13 per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to India (+23.6%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the commercial refrigeration equipment market in China. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • Prodcom 28251333 - Refrigerated show-cases and counters incorporating a refrigerating unit or evaporator for frozen food storage
  • Prodcom 28251335 - Refrigerated show-cases and counters incorporating a refrigerating unit or evaporator (excluding for frozen food storage)
  • Prodcom 28251340 -
  • Prodcom 28251350 -
  • Prodcom 28251380 - Heat pumps other than air conditioning machines of HS
  • Prodcom 28251390 - Other refrigerating or freezing equipment

Country coverage:

Data coverage:

  • Market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Trade (exports and imports) in China
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. MARKET STRUCTURE
    3. TRADE BALANCE
    4. PER CAPITA CONSUMPTION
    5. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE

  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS FROM 2012–2024
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS FROM 2012–2024
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. LIST OF TABLES

    1. Key Findings In 2024
    2. Market Volume, In Physical Terms, 2012–2024
    3. Market Value, 2012–2024
    4. Per Capita Consumption In 2012-2024
    5. Imports, In Physical Terms, By Country, 2012–2024
    6. Imports, In Value Terms, By Country, 2012–2024
    7. Import Prices, By Country Of Origin, 2012–2024
    8. Exports, In Physical Terms, By Country, 2012–2024
    9. Exports, In Value Terms, By Country, 2012–2024
    10. Export Prices, By Country Of Destination, 2012–2024

  12. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2024
    2. Market Value, 2012–2024
    3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2024
    4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2024
    5. Trade Balance, In Physical Terms, 2012-2024
    6. Trade Balance, In Value Terms, 2012-2024
    7. Per Capita Consumption, 2012-2024
    8. Market Volume Forecast to 2030
    9. Market Value Forecast to 2030
    10. Products: Market Size And Growth, By Type
    11. Products: Average Per Capita Consumption, By Type
    12. Products: Exports And Growth, By Type
    13. Products: Export Prices And Growth, By Type
    14. Production Volume And Growth
    15. Exports And Growth
    16. Export Prices And Growth
    17. Market Size And Growth
    18. Per Capita Consumption
    19. Imports And Growth
    20. Import Prices
    21. Production, In Physical Terms, 2012–2024
    22. Production, In Value Terms, 2012–2024
    23. Imports, In Physical Terms, 2012–2024
    24. Imports, In Value Terms, 2012–2024
    25. Imports, In Physical Terms, By Country, 2024
    26. Imports, In Physical Terms, By Country, 2012–2024
    27. Imports, In Value Terms, By Country, 2012–2024
    28. Import Prices, By Country Of Origin, 2012–2024
    29. Exports, In Physical Terms, 2012–2024
    30. Exports, In Value Terms, 2012–2024
    31. Exports, In Physical Terms, By Country, 2024
    32. Exports, In Physical Terms, By Country, 2012–2024
    33. Exports, In Value Terms, By Country, 2012–2024
    34. Export Prices, By Country Of Destination, 2012–2024

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