ASEAN: Refrigerator Compressor Market 2025

Refrigerator Compressor Market Size in ASEAN

The ASEAN refrigerator compressor market rose significantly to $X in 2022, growing by 10% against the previous year. In general, consumption, however, posted perceptible growth. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Refrigerator Compressor Production in ASEAN

In value terms, refrigerator compressor production skyrocketed to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 97%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Refrigerator Compressor Exports

Exports in ASEAN

In 2022, shipments abroad of compressors for refrigeration equipment increased by 8.1% to X units, rising for the second consecutive year after four years of decline. In general, exports, however, saw a abrupt decline. The pace of growth was the most pronounced in 2021 when exports increased by 18%. The volume of export peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, refrigerator compressor exports amounted to $X in 2022. Over the period under review, exports, however, showed a noticeable setback. The growth pace was the most rapid in 2021 when exports increased by 27%. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Thailand represented the key exporting country with an export of around X units, which amounted to 68% of total exports. Singapore (X units) ranks second in terms of the total exports with a 24% share, followed by Malaysia (8.2%).

Thailand was also the fastest-growing in terms of the compressors for refrigeration equipment exports, with a CAGR of -3.8% from 2012 to 2022. Singapore (-12.4%) and Malaysia (-13.8%) illustrated a downward trend over the same period. Thailand (+23 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia and Singapore saw its share reduced by -7.9% and -15.8% from 2012 to 2022, respectively.

In value terms, Thailand ($X) remains the largest refrigerator compressor supplier in ASEAN, comprising 70% of total exports. The second position in the ranking was taken by Singapore ($X), with a 21% share of total exports.

In Thailand, refrigerator compressor exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (-5.7% per year) and Malaysia (-7.2% per year).

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2022, falling by -4.8% against the previous year. Export price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refrigerator compressor export price increased by +37.8% against 2017 indices. The pace of growth was the most pronounced in 2018 when the export price increased by 19% against the previous year. The level of export peaked at $X per unit in 2021, and then dropped modestly in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+7.7%), while the other leaders experienced more modest paces of growth.

Refrigerator Compressor Imports

Imports in ASEAN

In 2022, overseas purchases of compressors for refrigeration equipment decreased by -4.5% to X units for the first time since 2018, thus ending a three-year rising trend. The total import volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 with an increase of 17%. The volume of import peaked at X units in 2021, and then contracted modestly in the following year.

In value terms, refrigerator compressor imports declined to $X in 2022. Over the period under review, imports recorded a slight contraction. The pace of growth was the most pronounced in 2021 with an increase of 13% against the previous year. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Thailand was the largest importer of compressors for refrigeration equipment in ASEAN, with the volume of imports resulting at X units, which was near 68% of total imports in 2022. Vietnam (X units) took the second position in the ranking, followed by Singapore (X units) and Indonesia (X units). All these countries together took approx. 25% share of total imports. Malaysia (X units) and the Philippines (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to refrigerator compressor imports into Thailand stood at +1.2%. At the same time, Vietnam (+7.3%), the Philippines (+6.7%) and Singapore (+4.7%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +7.3% from 2012-2022. By contrast, Indonesia (-2.0%) and Malaysia (-8.7%) illustrated a downward trend over the same period. While the share of Vietnam (+5.2 p.p.) and Singapore (+2.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Indonesia (-1.7 p.p.) and Malaysia (-7.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) constitutes the largest market for imported compressors for refrigeration equipment in ASEAN, comprising 48% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 16% share of total imports. It was followed by Singapore, with a 13% share.

In Thailand, refrigerator compressor imports shrank by an average annual rate of -2.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Indonesia (-4.1% per year) and Singapore (+5.9% per year).

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2022, dropping by -2.9% against the previous year. Overall, the import price recorded a noticeable setback. The pace of growth appeared the most rapid in 2013 an increase of 4.5% against the previous year. Over the period under review, import prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+1.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform