Australia: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in Australia

In 2022, the Australian refrigerator compressor market increased by 1.1% to $X, rising for the third year in a row after five years of decline. Over the period under review, consumption, however, showed a deep contraction. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Refrigerator Compressor Exports

Exports from Australia

In 2022, overseas shipments of compressors for refrigeration equipment increased by 46% to X units, rising for the fourth consecutive year after three years of decline. Over the period under review, exports, however, recorded a drastic downturn. The most prominent rate of growth was recorded in 2020 when exports increased by 71% against the previous year. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, refrigerator compressor exports surged to $X in 2022. Overall, exports, however, continue to indicate a abrupt setback. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

New Zealand (X units) was the main destination for refrigerator compressor exports from Australia, with a 43% share of total exports. Moreover, refrigerator compressor exports to New Zealand exceeded the volume sent to the second major destination, the Netherlands (X units), threefold. The third position in this ranking was held by Germany (X units), with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to New Zealand amounted to +8.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+137.3% per year) and Germany (+12.2% per year).

In value terms, the largest markets for refrigerator compressor exported from Australia were New Zealand ($X), Singapore ($X) and Germany ($X), together accounting for 47% of total exports. Papua New Guinea, the Netherlands, China, the United States, South Africa, Saudi Arabia and Thailand lagged somewhat behind, together accounting for a further 22%.

Among the main countries of destination, the Netherlands, with a CAGR of +141.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average refrigerator compressor export price stood at $X per unit in 2022, with a decrease of -4.6% against the previous year. Overall, export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.7% 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 +17.8% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by 35%. The export price peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to the Netherlands ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (+8.0%), while the prices for the other major destinations experienced more modest paces of growth.

Refrigerator Compressor Imports

Imports into Australia

In 2022, overseas purchases of compressors for refrigeration equipment increased by 9.1% to X units, rising for the fourth consecutive year after six years of decline. Over the period under review, imports, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2020 with an increase of 11%. Imports peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, refrigerator compressor imports rose modestly to $X in 2022. Overall, imports, however, showed a pronounced setback. The most prominent rate of growth was recorded in 2014 when imports increased by 73%. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of refrigerator compressor to Australia, accounting for a 33% share of total imports. Moreover, refrigerator compressor imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), threefold. The third position in this ranking was held by Thailand (X units), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled -8.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-14.8% per year) and Thailand (-4.8% per year).

In value terms, the largest refrigerator compressor suppliers to Australia were China ($X), Thailand ($X) and the United States ($X), with a combined 49% share of total imports. Japan, Malaysia, South Korea, Canada and Singapore lagged somewhat behind, together comprising a further 27%.

In terms of the main suppliers, Canada, with a CAGR of +42.8%, 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 average refrigerator compressor import price amounted to $X per unit, declining by -5.5% against the previous year. In general, the import price, however, saw a measured expansion. The most prominent rate of growth was recorded in 2014 when the average import price increased by 92% against the previous year. As a result, import price reached the peak level of $X per unit. From 2015 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per unit), while the price for Malaysia ($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 (+10.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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