China: Heat Pump Market 2024

Heat Pump Market Size in China

In 2021, the Chinese heat pump market decreased by -61.1% to $X for the first time since 2018, thus ending a two-year rising trend. In general, consumption continues to indicate a abrupt shrinkage. As a result, consumption reached the peak level of $X, and then shrank significantly in the following year.

Heat Pump Production in China

In value terms, heat pump production dropped to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.4% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 20%. As a result, production reached the peak level of $X, and then declined in the following year.

Heat Pump Exports

Exports from China

For the seventh year in a row, China recorded growth in shipments abroad of heat pumps (other than air conditioning machines), which increased by 98% to X units in 2021. Overall, exports saw a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, heat pump exports surged to $X in 2021. Over the period under review, exports continue to indicate a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

France (X units) was the main destination for heat pump exports from China, with a 16% share of total exports. Moreover, heat pump exports to France exceeded the volume sent to the second major destination, Germany (X units), twofold. The third position in this ranking was held by Australia (X units), with a 5.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to France amounted to +24.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+22.7% per year) and Australia (+20.6% per year).

In value terms, France ($X), Italy ($X) and Australia ($X) constituted the largest markets for heat pump exported from China worldwide, with a combined 39% share of total exports.

Among the main countries of destination, Italy, with a CAGR of +52.0%, recorded 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 heat pump export price stood at $X per unit in 2021, standing approx. at the previous year. In general, the export price, however, showed a pronounced downturn. The pace of growth was the most pronounced in 2019 when the average export price increased by 6.6%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Poland ($X per unit), while the average price for exports to Switzerland ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+6.6%), while the prices for the other major destinations experienced more modest paces of growth.

Heat Pump Imports

Imports into China

In 2021, supplies from abroad of heat pumps (other than air conditioning machines) decreased by -6.4% to X units, falling for the second consecutive year after two years of growth. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 179% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, heat pump imports skyrocketed to $X in 2021. Over the period under review, imports continue to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2016 with an increase of 133% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Germany (X units), Japan (X units) and Poland (X units) were the main suppliers of heat pump imports to China.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +139.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of heat pumps (other than air conditioning machines) to China, comprising 42% of total imports. The second position in the ranking was taken by Japan ($X), with a 17% share of total imports. It was followed by Poland, with a 16% share.

From 2012 to 2021, the average annual growth rate of value from Germany totaled -8.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+8.6% per year) and Poland (+143.1% per year).

Import Prices by Country

In 2021, the average heat pump import price amounted to $X per unit, picking up by 31% against the previous year. Over the period under review, the import price, however, saw a abrupt curtailment. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Finland (+18.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :