Asia: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in Asia

The Asian refrigerator compressor market expanded rapidly to $X in 2022, picking up by 13% against the previous year. The market value increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Refrigerator Compressor Production in Asia

In value terms, refrigerator compressor production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 21%. The level of production peaked in 2022 and is expected to retain growth in the near future.

Refrigerator Compressor Exports

Exports in Asia

In 2022, shipments abroad of compressors for refrigeration equipment decreased by -3.9% to X units for the first time since 2015, thus ending a six-year rising trend. Total exports indicated prominent growth from 2012 to 2022: its volume 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, exports increased by +69.6% against 2012 indices. The pace of growth was the most pronounced in 2021 with an increase of 28% against the previous year. As a result, the exports reached the peak of X units, and then dropped modestly in the following year.

In value terms, refrigerator compressor exports amounted to $X in 2022. The total export value increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when exports increased by 32%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

China was the key exporter of compressors for refrigeration equipment in Asia, with the volume of exports accounting for X units, which was approx. 75% of total exports in 2022. Japan (X units) took an 11% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (5.1%). The following exporters - South Korea (X units) and Singapore (X units) - together made up 5.3% of total exports.

China was also the fastest-growing in terms of the compressors for refrigeration equipment exports, with a CAGR of +9.8% from 2012 to 2022. At the same time, South Korea (+6.3%) and Japan (+3.2%) displayed positive paces of growth. By contrast, Thailand (-3.8%) and Singapore (-12.4%) illustrated a downward trend over the same period. China (+25 p.p.) significantly strengthened its position in terms of the total exports, while Japan, Thailand and Singapore saw its share reduced by -2.7%, -7.6% and -9.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest refrigerator compressor supplier in Asia, comprising 54% of total exports. The second position in the ranking was taken by Japan ($X), with an 18% share of total exports. It was followed by South Korea, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +7.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (-0.2% per year) and South Korea (+1.5% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per unit, with an increase of 5.4% against the previous year. In general, the export price, however, continues to indicate a perceptible downturn. Over the period under review, the export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was South Korea ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+7.5%), while the other leaders experienced mixed trends in the export price figures.

Refrigerator Compressor Imports

Imports in Asia

Refrigerator compressor imports shrank modestly to X units in 2022, flattening at the year before. The total import volume increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 18%. As a result, imports attained the peak of X units, and then shrank modestly in the following year.

In value terms, refrigerator compressor imports reduced slightly to $X in 2022. The total import value increased at an average annual rate of +1.2% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when imports increased by 22% against the previous year. As a result, imports reached the peak of $X, and then dropped modestly in the following year.

Imports by Country

Turkey (X units), Thailand (X units) and India (X units) represented roughly 49% of total imports in 2022. Pakistan (X units) held the next position in the ranking, followed by China (X units), South Korea (X units) and the United Arab Emirates (X units). All these countries together took near 26% share of total imports. The following importers - Taiwan (Chinese) (X units), Japan (X units), Vietnam (X units), Iran (X units), Bangladesh (X units) and Singapore (X units) - together made up 17% of total imports.

From 2012 to 2022, the biggest increases were recorded for Bangladesh (with a CAGR of +23.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Turkey ($X) and South Korea ($X) constituted the countries with the highest levels of imports in 2022, with a combined 45% share of total imports. Thailand, India, the United Arab Emirates, Taiwan (Chinese), Pakistan, Japan, Singapore, Vietnam, Iran and Bangladesh lagged somewhat behind, together accounting for a further 43%.

Among the main importing countries, Bangladesh, with a CAGR of +16.4%, 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 2022, the import price in Asia amounted to $X per unit, shrinking by -2% against the previous year. In general, the import price continues to indicate a perceptible slump. The growth pace was the most rapid in 2021 an increase of 3.5%. Over the period under review, import prices attained the maximum at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per unit), while India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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