China: Combined Refrigerator-Freezer Market 2024

Combined Refrigerator-Freezer Market Size in China

The Chinese combined refrigerator-freezer market skyrocketed to $X in 2022, growing by 19% against the previous year. In general, consumption showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Combined Refrigerator-Freezer Production in China

In value terms, combined refrigerator-freezer production rose to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.2% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2017 with an increase of 17% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Combined Refrigerator-Freezer Exports

Exports from China

In 2022, after five years of growth, there was significant decline in overseas shipments of combined refrigerators-freezers, when their volume decreased by -25.4% to X units. Overall, exports, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 63%. Over the period under review, the exports attained the maximum at X units in 2021, and then shrank sharply in the following year.

In value terms, combined refrigerator-freezer exports fell dramatically to $X in 2022. Over the period under review, exports, however, continue to indicate a strong increase. The pace of growth appeared the most rapid in 2021 when exports increased by 30%. As a result, the exports attained the peak of $X, and then declined rapidly in the following year.

Exports by Country

The United States (X units), Japan (X units) and the UK (X units) were the main destinations of combined refrigerator-freezer exports from China, together accounting for 34% of total exports. South Korea, Russia, Australia, France, Germany, the Philippines, Italy, South Africa, Spain and the United Arab Emirates lagged somewhat behind, together comprising a further 28%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Philippines (with a CAGR of +31.7%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Japan ($X) and South Korea ($X) constituted the largest markets for combined refrigerator-freezer exported from China worldwide, together comprising 37% of total exports.

South Korea, with a CAGR of +40.5%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average combined refrigerator-freezer export price amounted to $X per unit, almost unchanged from the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 22%. The export price peaked at $X per unit in 2017; however, from 2018 to 2022, the export prices stood at a somewhat 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 South Korea ($X per unit), while the average price for exports to South Africa ($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 South Korea (+9.9%), while the prices for the other major destinations experienced more modest paces of growth.

Combined Refrigerator-Freezer Imports

Imports into China

In 2022, overseas purchases of combined refrigerators-freezers increased by 5% to X units, rising for the second year in a row after three years of decline. In general, total imports indicated a slight expansion from 2012 to 2022: its volume increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +52.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 45%. Imports peaked at X units in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, combined refrigerator-freezer imports expanded remarkably to $X in 2022. Over the period under review, total imports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +69.5% against 2019 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 45% against the previous year. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Japan (X units), Germany (X units) and Turkey (X units) were the main suppliers of combined refrigerator-freezer imports to China, with a combined 71% share of total imports. Italy, Thailand, Serbia, Romania and South Korea lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Romania (with a CAGR of +162.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Germany ($X) and Turkey ($X) constituted the largest combined refrigerator-freezer suppliers to China, together accounting for 79% of total imports. Thailand, Italy, South Korea, Serbia and Romania lagged somewhat behind, together accounting for a further 18%.

Romania, with a CAGR of +155.2%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average combined refrigerator-freezer import price stood at $X per unit in 2022, picking up by 3.7% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The pace of growth was the most pronounced in 2020 an increase of 19%. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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