ASEAN: Air Conditioning Machine Market 2024

Air Conditioning Machine Market Size in ASEAN

After three years of growth, the ASEAN air conditioning machine market decreased by -16.5% to $X in 2021. In general, consumption, however, continues to indicate resilient growth. Over the period under review, the market hit record highs at $X in 2020, and then shrank sharply in the following year.

Air Conditioning Machine Production in ASEAN

In value terms, air conditioning machine production shrank to $X in 2021 estimated in export price. The total production indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +28.3% against 2017 indices. The pace of growth was the most pronounced in 2018 with an increase of 23% against the previous year. Over the period under review, production attained the peak level at $X in 2020, and then declined in the following year.

Air Conditioning Machine Exports

Exports in ASEAN

In 2021, air conditioning machine exports in ASEAN soared to X units, jumping by 20% on the previous year. Total exports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +65.8% against 2017 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 33%. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, air conditioning machine exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +3.6% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Thailand represented the key exporter of air conditioning machines in ASEAN, with the volume of exports recording X units, which was near 81% of total exports in 2021. It was distantly followed by Malaysia (X units), achieving a 15% share of total exports.

Thailand was also the fastest-growing in terms of the air conditioning machines exports, with a CAGR of +9.9% from 2012 to 2021. Malaysia (-2.3%) illustrated a downward trend over the same period. While the share of Thailand (+21 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Malaysia (-17.7 p.p.) displayed negative dynamics.

In value terms, Thailand ($X) remains the largest air conditioning machine supplier in ASEAN, comprising 82% of total exports. The second position in the ranking was held by Malaysia ($X), with a 14% share of total exports.

In Thailand, air conditioning machine exports increased at an average annual rate of +5.3% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per unit, approximately reflecting the previous year. Over the period under review, the export price recorded a noticeable contraction. The most prominent rate of growth was recorded in 2017 when the export price increased by 25%. The level of export peaked at $X per unit in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was Thailand ($X per unit), while Malaysia stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+0.2%).

Air Conditioning Machine Imports

Imports in ASEAN

In 2021, supplies from abroad of air conditioning machines decreased by -0.3% to X units, falling for the second year in a row after two years of growth. Total imports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -5.0% against 2019 indices. The pace of growth was the most pronounced in 2019 with an increase of 26%. As a result, imports attained the peak of X units. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, air conditioning machine imports expanded modestly to $X in 2021. The total import value increased at an average annual rate of +4.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 when imports increased by 16% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

Vietnam was the key importing country with an import of about X units, which amounted to 31% of total imports. The Philippines (X units) ranks second in terms of the total imports with a 15% share, followed by Malaysia (14%), Indonesia (13%), Thailand (11%) and Singapore (11%). Myanmar (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to air conditioning machine imports into Vietnam stood at +12.2%. At the same time, the Philippines (+17.7%), Thailand (+11.9%), Malaysia (+6.1%) and Myanmar (+2.9%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +17.7% from 2012-2021. Indonesia experienced a relatively flat trend pattern. By contrast, Singapore (-4.7%) illustrated a downward trend over the same period. Vietnam (+13 p.p.), the Philippines (+9.5 p.p.) and Thailand (+4.5 p.p.) significantly strengthened its position in terms of the total imports, while Indonesia and Singapore saw its share reduced by -9.1% and -17.1% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X), Indonesia ($X) and Singapore ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 67% share of total imports. These countries were followed by the Philippines, Thailand, Malaysia and Myanmar, which together accounted for a further 30%.

Among the main importing countries, the Philippines, with a CAGR of +15.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per unit, growing by 2.5% against the previous year. Over the period under review, the import price, however, showed a slight slump. The most prominent rate of growth was recorded in 2018 when the import price increased by 4.9%. Over the period under review, import prices hit record highs at $X per unit in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Singapore ($X per unit), while Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+3.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform