Eastern Asia: Air Conditioning Machine Market 2024

Air Conditioning Machine Market Size in Eastern Asia

The East Asian air conditioning machine market shrank modestly to $X in 2021, which is down by -1.9% against the previous year. In general, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Air Conditioning Machine Production in Eastern Asia

In value terms, air conditioning machine production totaled $X in 2021 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 29%. As a result, production reached the peak level of $X. From 2018 to 2021, production growth failed to regain momentum.

Air Conditioning Machine Exports

Exports in Eastern Asia

Air conditioning machine exports rose sharply to X units in 2021, increasing by 7.3% compared with 2020 figures. Total exports indicated a measured expansion from 2012 to 2021: its volume increased at an average annual rate of +4.7% 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 +74.1% against 2017 indices. The pace of growth appeared the most rapid in 2018 when exports increased by 49% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in years to come.

In value terms, air conditioning machine exports expanded rapidly to $X in 2021. The total export value increased at an average annual rate of +2.7% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China dominates exports structure, accounting for X units, which was approx. 96% of total exports in 2021. South Korea (X units) followed a long way behind the leaders.

China was also the fastest-growing in terms of the air conditioning machines exports, with a CAGR of +5.1% from 2012 to 2021. South Korea (-3.2%) illustrated a downward trend over the same period. China (+3.1 p.p.) significantly strengthened its position in terms of the total exports, while South Korea saw its share reduced by -2% from 2012 to 2021, respectively.

In value terms, China ($X) remains the largest air conditioning machine supplier in Eastern Asia, comprising 94% of total exports. The second position in the ranking was held by South Korea ($X), with a 3.9% share of total exports.

From 2012 to 2021, the average annual growth rate of value in China amounted to +2.9%.

Export Prices by Country

The export price in Eastern Asia stood at $X per unit in 2021, increasing by 4.4% against the previous year. Over the period under review, the export price, however, saw a slight shrinkage. The most prominent rate of growth was recorded in 2016 an increase of 13% against the previous year. Over the period under review, the export prices reached the peak figure at $X per unit in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was South Korea ($X per unit), while China stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+5.0%).

Air Conditioning Machine Imports

Imports in Eastern Asia

After two years of decline, purchases abroad of air conditioning machines increased by 8.5% to X units in 2021. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2017 when imports increased by 12%. The volume of import peaked at X units in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, air conditioning machine imports skyrocketed to $X in 2021. Overall, imports showed a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Japan represented the main importing country with an import of around X units, which resulted at 54% of total imports. Hong Kong SAR (X units) held the second position in the ranking, followed by South Korea (X units), China (X units) and Taiwan (Chinese) (X units). All these countries together held approx. 45% share of total imports.

Japan experienced a relatively flat trend pattern with regard to volume of imports of air conditioning machines. At the same time, South Korea (+10.8%), China (+10.1%) and Taiwan (Chinese) (+4.4%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +10.8% from 2012-2021. By contrast, Hong Kong SAR (-1.2%) illustrated a downward trend over the same period. While the share of South Korea (+7.1 p.p.), China (+4.6 p.p.) and Taiwan (Chinese) (+1.8 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Hong Kong SAR (-3.9 p.p.) and Japan (-9.2 p.p.) displayed negative dynamics.

In value terms, Japan ($X) constitutes the largest market for imported air conditioning machines in Eastern Asia, comprising 55% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 15% share of total imports. It was followed by South Korea, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Japan totaled -1.5%. The remaining importing countries recorded the following average annual rates of imports growth: Hong Kong SAR (+0.7% per year) and South Korea (+9.2% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per unit in 2021, with an increase of 6.1% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 7.9% against the previous year. The level of import peaked at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in China ($X per unit) and Taiwan (Chinese) ($X per unit), while South Korea ($X per unit) and Hong Kong SAR ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+1.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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