Eastern Asia: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in Eastern Asia

The East Asian refrigerator compressor market surged to $X in 2022, growing by 28% against the previous year. In general, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Refrigerator Compressor Production in Eastern Asia

In value terms, refrigerator compressor production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2016 with an increase of 11% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Refrigerator Compressor Exports

Exports in Eastern Asia

After six years of growth, overseas shipments of compressors for refrigeration equipment decreased by -5% to X units in 2022. Overall, exports, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2021 with an increase of 28% against the previous year. As a result, the exports attained the peak of X units, and then reduced in the following year.

In value terms, refrigerator compressor exports stood at $X in 2022. Total exports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +61.3% against 2015 indices. The growth pace was the most rapid in 2021 when exports increased by 32% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

China represented the largest exporting country with an export of around X units, which recorded 83% of total exports. It was distantly followed by Japan (X units), generating a 12% share of total exports. South Korea (X units) held a little share of total exports.

China was also the fastest-growing in terms of the compressors for refrigeration equipment exports, with a CAGR of +9.8% from 2012 to 2022. At the same time, South Korea (+6.3%) and Japan (+3.2%) displayed positive paces of growth. While the share of China (+11 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Japan (-7.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest refrigerator compressor supplier in Eastern Asia, comprising 64% of total exports. The second position in the ranking was held by Japan ($X), with a 21% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +7.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (-0.2% per year) and South Korea (+1.5% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per unit in 2022, growing by 6.1% against the previous year. In general, the export price, however, showed a perceptible contraction. Over the period under review, the export prices attained the maximum at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-2.3%), while the other leaders experienced a decline in the export price figures.

Refrigerator Compressor Imports

Imports in Eastern Asia

In 2022, supplies from abroad of compressors for refrigeration equipment increased by 8% to X units, rising for the second consecutive year after two years of decline. In general, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 10%. Over the period under review, imports attained the maximum at X units in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, refrigerator compressor imports expanded modestly to $X in 2022. The total import value increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 20% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X units) and South Korea (X units) were the key importers of compressors for refrigeration equipment in Eastern Asia, together constituting 65% of total imports. Taiwan (Chinese) (X units) took the next position in the ranking, followed by Japan (X units). All these countries together held approx. 34% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by South Korea (with a CAGR of +12.4%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest refrigerator compressor importing markets in Eastern Asia were China ($X), South Korea ($X) and Taiwan (Chinese) ($X), together comprising 90% of total imports.

Among the main importing countries, South Korea, with a CAGR of +7.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per unit, which is down by -5.5% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2021 an increase of 9.3% against the previous year. As a result, import price attained the peak level of $X per unit, and then fell in the following year.

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 ($X per unit), while Japan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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