China: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in China

In 2021, the Chinese commercial refrigeration equipment market decreased by -35.8% to $X, falling for the second year in a row after three years of growth. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Commercial refrigeration equipment consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Commercial Refrigeration Equipment Production in China

In value terms, commercial refrigeration equipment production reached $X in 2021 estimated in export price. Overall, the total production indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -0.7% against 2019 indices. The growth pace was the most rapid in 2015 with an increase of 13% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; afterwards, it flattened through to 2021.

Commercial Refrigeration Equipment Exports

Exports from China

In 2021, approx. X units of refrigerating and freezing equipment and heat pumps (except household type equipment) were exported from China; growing by 52% against 2020. In general, exports continue to indicate a prominent increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, commercial refrigeration equipment exports skyrocketed to $X in 2021. Over the period under review, exports enjoyed a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X units) was the main destination for commercial refrigeration equipment exports from China, accounting for a 33% share of total exports. Moreover, commercial refrigeration equipment exports to the United States exceeded the volume sent to the second major destination, Germany (X units), fourfold. The third position in this ranking was taken by the United Arab Emirates (X units), with a 5.5% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled +28.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+31.9% per year) and the United Arab Emirates (+8.8% per year).

In value terms, the United States ($X) remains the key foreign market for refrigerating and freezing equipment and heat pumps (except household type equipment) exports from China, comprising 17% of total exports. The second position in the ranking was taken by Australia ($X), with a 6.1% share of total exports. It was followed by France, with a 4.9% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +19.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+13.2% per year) and France (+18.5% per year).

Export Prices by Country

In 2021, the average commercial refrigeration equipment export price amounted to $X per unit, almost unchanged from the previous year. Over the last nine years, it increased at an average annual rate of +2.4%. The pace of growth was the most pronounced in 2014 an increase of 43% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per unit), while the average price for exports to Brazil ($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 Australia (+8.0%), while the prices for the other major destinations experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports into China

In 2021, overseas purchases of refrigerating and freezing equipment and heat pumps (except household type equipment) were finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. In general, imports, however, continue to indicate a perceptible slump. The most prominent rate of growth was recorded in 2014 when imports increased by 23% against the previous year. As a result, imports reached the peak of X units. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, commercial refrigeration equipment imports surged to $X in 2021. The total import value increased at an average annual rate of +3.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 27%. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

Singapore (X units), Japan (X units) and Germany (X units) were the main suppliers of commercial refrigeration equipment imports to China, with a combined 73% share of total imports. These countries were followed by France, Italy, the United States, Finland, Poland and the United Arab Emirates, which together accounted for a further 20%.

From 2012 to 2021, the biggest increases were recorded for Finland (with a CAGR of +80.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) constituted the largest supplier of refrigerating and freezing equipment and heat pumps (except household type equipment) to China, comprising 63% of total imports. The second position in the ranking was taken by Japan ($X), with an 8% share of total imports. It was followed by the United States, with a 7.4% share.

From 2012 to 2021, the average annual growth rate of value from Singapore stood at +3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+11.9% per year) and the United States (-0.8% per year).

Import Prices by Country

The average commercial refrigeration equipment import price stood at $X per unit in 2021, with an increase of 7.8% against the previous year. In general, the import price continues to indicate a strong increase. The pace of growth was the most pronounced in 2020 when the average import price increased by 62%. Over the period under review, average import prices reached the peak figure in 2021 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+16.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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