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China - Heat Pumps (Other Than Air Conditioning Machines) - Market Analysis, Forecast, Size, Trends and Insights
Report Update: Jun 1, 2025

China - Heat Pumps (Other Than Air Conditioning Machines) - Market Analysis, Forecast, Size, Trends and Insights

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Jun 23, 2023

China's Heat Pump Export Plummets 30% to $93M in April 2023

China Heat Pump Exports

In April 2023, the amount of heat pumps (other than air conditioning machines) exported from China fell remarkably to 94K units, with a decrease of -33.4% against March 2023. Overall, exports continue to indicate a perceptible curtailment. The growth pace was the most rapid in January 2023 when exports increased by 107% month-to-month. As a result, the exports reached the peak of 194K units. From February 2023 to April 2023, the growth of the exports remained at a lower figure.

In value terms, heat pump exports contracted remarkably to $93M (IndexBox estimates) in April 2023. In general, exports showed a relatively flat trend pattern. The growth pace was the most rapid in January 2023 when exports increased by 157% month-to-month. As a result, the exports reached the peak of $199M. From February 2023 to April 2023, the growth of the exports remained at a somewhat lower figure.

COUNTRYExport Value of Heat Pump in China (million USD)
Apr 2022May 2022Jun 2022Jul 2022Aug 2022Sep 2022Oct 2022Nov 2022Dec 2022Jan 2023Feb 2023Mar 2023Apr 2023
Italy22.716.221.024.224.118.09.29.315.047.817.617.815.0
France15.910.36.68.34.63.13.51.93.08.65.56.98.6
Australia7.57.17.48.68.210.98.87.66.310.72.98.78.4
Poland10.011.714.327.036.826.530.131.213.849.430.131.56.6
Spain6.14.54.23.54.01.52.82.13.210.56.810.36.5
Netherlands2.53.36.24.84.13.95.14.43.911.25.07.25.5
Germany6.03.62.26.04.34.84.15.43.56.57.010.94.9
Greece0.90.41.02.63.50.70.42.60.66.63.92.23.4
Hungary0.71.31.40.91.10.60.20.51.02.41.51.62.6
Mexico0.10.40.30.50.70.30.40.30.90.20.30.92.5
Portugal1.51.71.41.91.71.10.51.60.41.30.61.01.3
United States1.41.11.51.61.31.51.01.21.01.21.02.61.3
South Africa1.00.51.60.70.90.90.90.41.11.60.40.51.1
Others20.317.721.926.221.925.721.825.023.841.321.930.725.8
Total96.679.890.911711799.688.993.777.519910513393.4

Exports by Country

Australia (15K units), Italy (12K units) and France (9.1K units) were the main destinations of heat pump exports from China, with a combined 38% share of total exports. These countries were followed by Spain, the Netherlands, Poland, Germany, Greece, the United States, Hungary, Portugal, South Africa and Mexico, which together accounted for a further 36%.

From April 2022 to April 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of +21.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for heat pump exported from China were Italy ($15M), France ($8.6M) and Australia ($8.4M), together accounting for 34% of total exports. These countries were followed by Poland, Spain, the Netherlands, Germany, Greece, Hungary, Mexico, Portugal, the United States and South Africa, which together accounted for a further 38%.

Mexico, with a CAGR of +29.5%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In April 2023, the heat pump price stood at $998 per unit (FOB, China), surging by 5.7% against the previous month. Over the last twelve months, it increased at an average monthly rate of +1.9%. The pace of growth was the most pronounced in June 2022 an increase of 36% month-to-month. The export price peaked at $1,084 per unit in August 2022; however, from September 2022 to April 2023, the export prices failed to regain momentum.

Prices varied noticeably by the country of destination: the country with the highest price was Mexico ($1,724 per unit), while the average price for exports to the United States ($512 per unit) was amongst the lowest.

From April 2022 to April 2023, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+6.2%), 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 heat pump 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 28251380 - Heat pumps other than air conditioning machines of HS

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 THE 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 TRENDSThis Chapter is Available Only for the Professional EditionPRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and its Prospects

    1. MARKET SIZE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    2. MARKET STRUCTURE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    3. TRADE BALANCE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    4. PER CAPITA CONSUMPTION: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    5. MARKET FORECAST TO 2035

  4. 4. MOST PROMISING PRODUCTS FOR DIVERSIFICATION

    Finding New Products to Diversify Your Business

    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCTS
    4. MOST TRADED PRODUCTS
    5. MOST PROFITABLE PRODUCTS FOR EXPORTS

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    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 Export

    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: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)

  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    2. IMPORTS BY COUNTRY: HISTORICAL DATA (2012–2024)
    3. IMPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024)

  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    2. EXPORTS BY COUNTRY: HISTORICAL DATA (2012–2024)
    3. EXPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024)

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

  11. LIST OF TABLES

    1. Key Findings In 2024
    2. Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    3. Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
    4. Per Capita Consumption: Historical Data (2012–2024) and Forecast (2025–2035)
    5. Imports, In Physical Terms, By Country, 2012–2024
    6. Imports, In Value Terms, By Country, 2012–2024
    7. Import Prices, By Country, 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, 2012–2024

  12. LIST OF FIGURES

    1. Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    2. Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
    3. Market Structure – Domestic Supply vs. Imports, in Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    4. Market Structure – Domestic Supply vs. Imports, in Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    5. Trade Balance, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    6. Trade Balance, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    7. Per Capita Consumption: Historical Data (2012–2024) and Forecast (2025–2035)
    8. Market Volume Forecast to 2035
    9. Market Value Forecast to 2035
    10. Market Size and Growth, By Product
    11. Average Per Capita Consumption, By Product
    12. Exports and Growth, By Product
    13. Export Prices and Growth, By Product
    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: Historical Data (2012–2024) and Forecast (2025–2035)
    22. Production, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    23. Imports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    24. Imports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    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, 2012–2024
    29. Exports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    30. Exports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    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, 2012–2024

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