Asia-Pacific: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Asia-Pacific

In 2021, the Asia-Pacific commercial refrigeration equipment market decreased by -7.8% to $X, falling for the second consecutive year after two years of growth. In general, consumption, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the market value increased by 7.4%. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Commercial Refrigeration Equipment Production in Asia-Pacific

In value terms, commercial refrigeration equipment production totaled $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 when the production volume increased by 8.8%. Over the period under review, production attained the peak level at $X in 2019; afterwards, it flattened through to 2021.

Commercial Refrigeration Equipment Exports

Exports in Asia-Pacific

In 2021, commercial refrigeration equipment exports in Asia-Pacific skyrocketed to X units, growing by 44% compared with the previous year's figure. Total exports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, commercial refrigeration equipment exports soared to $X in 2021. Total exports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +7.9% 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 +115.6% against 2013 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China was the main exporting country with an export of about X units, which amounted to 73% of total exports. It was distantly followed by Singapore (X units) and South Korea (X units), together achieving an 18% share of total exports. The following exporters - Japan (X units) and Malaysia (X units) - each reached a 3.5% share of total exports.

China was also the fastest-growing in terms of the refrigerating and freezing equipment and heat pumps (except household type equipment) exports, with a CAGR of +8.1% from 2012 to 2021. At the same time, Malaysia (+7.2%), Singapore (+4.8%) and Japan (+2.7%) displayed positive paces of growth. South Korea experienced a relatively flat trend pattern. While the share of China (+11 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Singapore (-1.5 p.p.) and South Korea (-4.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest commercial refrigeration equipment supplier in Asia-Pacific, comprising 68% of total exports. The second position in the ranking was taken by Singapore ($X), with a 12% share of total exports. It was followed by Japan, with a 6.3% share.

From 2012 to 2021, the average annual growth rate of value in China amounted to +10.7%. In the other countries, the average annual rates were as follows: Singapore (+6.1% per year) and Japan (+5.1% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per unit in 2021, dropping by -2.3% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.6%. The pace of growth was the most pronounced in 2014 an increase of 21% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2015 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 ($X per unit), while South Korea ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.4%), while the other leaders experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports in Asia-Pacific

After two years of decline, overseas purchases of refrigerating and freezing equipment and heat pumps (except household type equipment) increased by 14% to X units in 2021. The total import volume increased at an average annual rate of +2.0% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The volume of import peaked at X units in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, commercial refrigeration equipment imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +4.7% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The purchases of the eleven major importers of refrigerating and freezing equipment and heat pumps (except household type equipment), namely China, Australia, Indonesia, Japan, Taiwan (Chinese), India, South Korea, Singapore, Thailand, Vietnam and Malaysia, represented more than two-thirds of total import.

From 2012 to 2021, the biggest increases were recorded for Japan (with a CAGR of +8.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Australia ($X) and Japan ($X) constituted the countries with the highest levels of imports in 2021, with a combined 49% share of total imports. These countries were followed by Taiwan (Chinese), India, Indonesia, Thailand, Singapore, Vietnam, South Korea and Malaysia, which together accounted for a further 38%.

Among the main importing countries, Vietnam, with a CAGR of +11.1%, 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 Asia-Pacific stood at $X per unit in 2021, rising by 6.4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2020 when the import price increased by 11%. Over the period under review, import prices attained the peak figure in 2021 and is expected to retain growth in years to come.

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 China ($X per unit), while Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+7.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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