Eastern Asia: Combined Refrigerator-Freezer Market 2024

Combined Refrigerator-Freezer Market Size in Eastern Asia

In 2022, the East Asian combined refrigerator-freezer market was finally on the rise to reach $X for the first time since 2017, thus ending a four-year declining trend. Over the period under review, consumption saw a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Combined Refrigerator-Freezer Production in Eastern Asia

In value terms, combined refrigerator-freezer production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2016 with an increase of 15% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Combined Refrigerator-Freezer Exports

Exports in Eastern Asia

After six years of growth, shipments abroad of combined refrigerators-freezers decreased by -28.8% to X units in 2022. In general, exports, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 25%. The volume of export peaked at X units in 2021, and then plummeted in the following year.

In value terms, combined refrigerator-freezer exports reduced dramatically to $X in 2022. Over the period under review, exports, however, enjoyed a strong expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 34%. As a result, the exports attained the peak of $X, and then fell significantly in the following year.

Exports by Country

China was the main exporter of combined refrigerators-freezers in Eastern Asia, with the volume of exports amounting to X units, which was approx. 74% of total exports in 2022. It was distantly followed by South Korea (X units), creating a 24% share of total exports. Japan (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to combined refrigerator-freezer exports from China stood at +8.7%. At the same time, Japan (+9.4%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +9.4% from 2012-2022. South Korea experienced a relatively flat trend pattern. China (+20 p.p.) significantly strengthened its position in terms of the total exports, while South Korea saw its share reduced by -19.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), South Korea ($X) and Japan ($X) constituted the countries with the highest levels of exports in 2022, together accounting for 100% of total exports.

Japan, with a CAGR of +11.1%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Eastern Asia stood at $X per unit in 2022, rising by 7.6% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 15%. Over the period under review, the export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+1.5%), while the other leaders experienced mixed trends in the export price figures.

Combined Refrigerator-Freezer Imports

Imports in Eastern Asia

In 2022, overseas purchases of combined refrigerators-freezers decreased by -8.9% to X units, falling for the second consecutive year after two years of growth. Total imports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -10.5% against 2020 indices. The pace of growth was the most pronounced in 2019 with an increase of 37%. Over the period under review, imports hit record highs at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, combined refrigerator-freezer imports stood at $X in 2022. Total imports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +3.5% 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 +57.6% against 2016 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 25% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Japan (X units) represented the major importer of combined refrigerators-freezers, generating 63% of total imports. South Korea (X units) held a 25% share (based on physical terms) of total imports, which put it in second place, followed by China (5.9%) and Hong Kong SAR (5.6%).

Japan experienced a relatively flat trend pattern with regard to volume of imports of combined refrigerators-freezers. At the same time, South Korea (+13.2%) and China (+1.6%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +13.2% from 2012-2022. By contrast, Hong Kong SAR (-2.9%) illustrated a downward trend over the same period. South Korea (+16 p.p.) significantly strengthened its position in terms of the total imports, while Hong Kong SAR and Japan saw its share reduced by -3.7% and -11.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported combined refrigerators-freezers in Eastern Asia, comprising 59% of total imports. The second position in the ranking was held by South Korea ($X), with a 24% share of total imports. It was followed by China, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Japan amounted to +1.6%. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+15.2% per year) and China (+3.2% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per unit in 2022, increasing by 13% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($X per unit), while Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+2.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :