ASEAN: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in ASEAN

In 2021, the ASEAN commercial refrigeration equipment market decreased by -3.8% to $X, falling for the second consecutive year after four years of growth. The market value increased at an average annual rate of +3.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Commercial Refrigeration Equipment Production in ASEAN

In value terms, commercial refrigeration equipment production fell to $X in 2021 estimated in export price. In general, production showed a buoyant increase. The pace of growth appeared the most rapid in 2014 with an increase of 71% against the previous year. The level of production peaked at $X in 2020, and then fell modestly in the following year.

Commercial Refrigeration Equipment Exports

Exports in ASEAN

In 2021, overseas shipments of refrigerating and freezing equipment and heat pumps (except household type equipment) were finally on the rise to reach X units after two years of decline. In general, exports saw noticeable growth. The most prominent rate of growth was recorded in 2015 with an increase of 79% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in the near future.

In value terms, commercial refrigeration equipment exports soared to $X in 2021. Total exports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 when exports increased by 57% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see gradual growth in the near future.

Exports by Country

Singapore represented the major exporting country with an export of around X units, which resulted at 73% of total exports. Malaysia (X units) took the second position in the ranking, followed by Thailand (X units) and Vietnam (X units). All these countries together took near 25% share of total exports. Indonesia (X units) followed a long way behind the leaders.

Exports from Singapore increased at an average annual rate of +4.8% from 2012 to 2021. At the same time, Vietnam (+16.8%) and Malaysia (+7.2%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +16.8% from 2012-2021. Thailand experienced a relatively flat trend pattern. By contrast, Indonesia (-7.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Vietnam, Singapore and Malaysia increased by +3.5, +2.4 and +2.1 percentage points, respectively.

In value terms, Singapore ($X) remains the largest commercial refrigeration equipment supplier in ASEAN, comprising 65% of total exports. The second position in the ranking was taken by Thailand ($X), with a 14% share of total exports. It was followed by Malaysia, with a 13% share.

In Singapore, commercial refrigeration equipment exports expanded at an average annual rate of +6.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Thailand (+0.7% per year) and Malaysia (+9.5% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per unit, shrinking by -8.7% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 28% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2014 to 2021, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: 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 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+2.1%), while the other leaders experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports in ASEAN

After three years of decline, purchases abroad of refrigerating and freezing equipment and heat pumps (except household type equipment) increased by 3.6% to X units in 2021. The total import volume increased at an average annual rate of +1.3% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 15%. Over the period under review, imports reached the peak figure at X units in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, commercial refrigeration equipment imports totaled $X in 2021. The total import value increased at an average annual rate of +4.0% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when imports increased by 14% against the previous year. The level of import peaked in 2021 and is likely to see gradual growth in the near future.

Imports by Country

In 2021, Indonesia (X units), distantly followed by Singapore (X units), Thailand (X units), Vietnam (X units), Malaysia (X units) and the Philippines (X units) were the largest importers of refrigerating and freezing equipment and heat pumps (except household type equipment), together making up 94% of total imports. Myanmar (X units) held a minor share of total imports.

From 2012 to 2021, the biggest increases were recorded for Myanmar (with a CAGR of +8.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Thailand ($X) and Singapore ($X) were the countries with the highest levels of imports in 2021, with a combined 56% share of total imports. Vietnam, Malaysia, the Philippines and Myanmar lagged somewhat behind, together comprising a further 42%.

Among the main importing countries, Myanmar, with a CAGR of +13.0%, recorded the highest growth rate of 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

The import price in ASEAN stood at $X per unit in 2021, rising by 8.7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.6%. The pace of growth appeared the most rapid in 2018 an increase of 20% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+13.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform