Asia-Pacific: Heat Pump Market 2024

Heat Pump Market Size in Asia-Pacific

In 2021, after three years of growth, there was significant decline in the Asia-Pacific heat pump market, when its value decreased by -23.9% to $X. Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X, and then contracted rapidly in the following year.

Heat Pump Production in Asia-Pacific

In value terms, heat pump production fell to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 when the production volume increased by 18%. As a result, production reached the peak level of $X, and then shrank in the following year.

Heat Pump Exports

Exports in Asia-Pacific

Heat pump exports soared to X units in 2021, rising by 89% on the year before. Over the period under review, exports saw a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, heat pump exports soared to $X in 2021. In general, exports continue to indicate resilient growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China dominates exports structure, accounting for X units, which was approx. 86% of total exports in 2021. It was distantly followed by Japan (X units), creating an 8.6% share of total exports. South Korea (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to heat pump exports from China stood at +24.6%. At the same time, South Korea (+68.7%) and Japan (+7.5%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +68.7% from 2012-2021. While the share of China (+20 p.p.) and South Korea (+3.1 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Japan (-16.3 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest heat pump supplier in Asia-Pacific, comprising 73% of total exports. The second position in the ranking was taken by Japan ($X), with a 19% share of total exports.

In China, heat pump exports expanded at an average annual rate of +20.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Japan (+6.4% per year) and South Korea (+73.1% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per unit in 2021, reducing by -4.7% against the previous year. Overall, the export price continues to indicate a noticeable reduction. The growth pace was the most rapid in 2019 an increase of 15% against the previous year. Over the period under review, the export prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+2.6%), while the other leaders experienced a decline in the export price figures.

Heat Pump Imports

Imports in Asia-Pacific

In 2021, approx. X units of heat pumps (other than air conditioning machines) were imported in Asia-Pacific; with an increase of 41% against the previous year. Total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +71.4% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, heat pump imports soared to $X in 2021. Total imports indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +84.2% against 2016 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Australia dominates imports structure, finishing at X units, which was near 62% of total imports in 2021. Hong Kong SAR (X units) took a 6% share (based on physical terms) of total imports, which put it in second place, followed by Vietnam (5.6%). The following importers - Japan (X units), India (X units), New Zealand (X units), Singapore (X units), South Korea (X units) and Taiwan (Chinese) (X units) - together made up 20% of total imports.

Imports into Australia increased at an average annual rate of +10.0% from 2012 to 2021. At the same time, India (+16.1%), South Korea (+15.0%), Singapore (+14.7%), Hong Kong SAR (+14.3%), New Zealand (+7.7%) and Vietnam (+3.3%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +16.1% from 2012-2021. By contrast, Taiwan (Chinese) (-1.0%) and Japan (-5.6%) illustrated a downward trend over the same period. While the share of Australia (+18 p.p.), Hong Kong SAR (+3 p.p.), India (+2.4 p.p.) and Singapore (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Taiwan (Chinese) (-1.8 p.p.) and Japan (-7.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) constitutes the largest market for imported heat pumps (other than air conditioning machines) in Asia-Pacific, comprising 56% of total imports. The second position in the ranking was held by Japan ($X), with a 7.4% share of total imports. It was followed by India, with a 6.3% share.

In Australia, heat pump imports increased at an average annual rate of +7.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Japan (+2.9% per year) and India (+17.2% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per unit in 2021, picking up by 9.9% against the previous year. Over the period under review, the import price, however, continues to indicate a slight slump. The level of import peaked at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+9.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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