Eastern Asia: Refrigerator Or Freezer Market 2024

Refrigerator Or Freezer Market Size in Eastern Asia

The East Asian refrigerator or freezer market reduced to $X in 2022, which is down by -8.8% against the previous year. In general, consumption showed a noticeable reduction. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Refrigerator Or Freezer Production in Eastern Asia

In value terms, refrigerator or freezer production shrank to $X in 2022 estimated in export price. Overall, production showed a slight downturn. The pace of growth was the most pronounced in 2014 when the production volume increased by 61% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Refrigerator Or Freezer Exports

Exports in Eastern Asia

In 2022, approx. X units of furniture designed to receive refrigerating or freezing equipment were exported in Eastern Asia; waning by -4.2% compared with 2021 figures. Total exports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +5.2% 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 +55.3% against 2018 indices. The most prominent rate of growth was recorded in 2019 with an increase of 41% against the previous year. The volume of export peaked at X units in 2021, and then dropped modestly in the following year.

In value terms, refrigerator or freezer exports declined slightly to $X in 2022. The total export value increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2019 with an increase of 32% against the previous year. The level of export peaked at $X in 2021, and then contracted in the following year.

Exports by Country

China was the main exporter of furniture designed to receive refrigerating or freezing equipment in Eastern Asia, with the volume of exports amounting to X units, which was approx. 77% of total exports in 2022. It was distantly followed by South Korea (X units), mixing up a 19% share of total exports. Taiwan (Chinese) (X units) held a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to refrigerator or freezer exports from China stood at +4.6%. At the same time, South Korea (+19.2%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +19.2% from 2012-2022. By contrast, Taiwan (Chinese) (-7.7%) illustrated a downward trend over the same period. While the share of South Korea (+13 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of China (-5.1 p.p.) and Taiwan (Chinese) (-8 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest refrigerator or freezer supplier in Eastern Asia, comprising 79% of total exports. The second position in the ranking was held by South Korea ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual growth rate of value in China stood at +2.7%. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (+0.3% per year) and Taiwan (Chinese) (-5.9% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per unit in 2022, remaining stable against the previous year. Overall, the export price showed a pronounced decline. The pace of growth was the most pronounced in 2021 when the export price increased by 4.9%. Over the period under review, the export prices attained the maximum at $X per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+1.9%), while the other leaders experienced a decline in the export price figures.

Refrigerator Or Freezer Imports

Imports in Eastern Asia

In 2022, purchases abroad of furniture designed to receive refrigerating or freezing equipment decreased by -23.7% to X units for the first time since 2018, thus ending a three-year rising trend. In general, imports, however, continue to indicate strong growth. The pace of growth appeared the most rapid in 2017 when imports increased by 63% against the previous year. Over the period under review, imports reached the peak figure at X units in 2021, and then declined rapidly in the following year.

In value terms, refrigerator or freezer imports reduced to $X in 2022. Total imports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when imports increased by 41%. Over the period under review, imports hit record highs at $X in 2021, and then dropped in the following year.

Imports by Country

In 2022, South Korea (X units) represented the major importer of furniture designed to receive refrigerating or freezing equipment, comprising 68% of total imports. Hong Kong SAR (X units) ranks second in terms of the total imports with a 15% share, followed by Taiwan (Chinese) (12%). China (X units) followed a long way behind the leaders.

South Korea was also the fastest-growing in terms of the furniture designed to receive refrigerating or freezing equipment imports, with a CAGR of +17.7% from 2012 to 2022. At the same time, Hong Kong SAR (+8.3%) and China (+2.4%) displayed positive paces of growth. By contrast, Taiwan (Chinese) (-4.9%) illustrated a downward trend over the same period. While the share of South Korea (+37 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of China (-2.1 p.p.) and Taiwan (Chinese) (-34.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X) constitutes the largest market for imported furniture designed to receive refrigerating or freezing equipment in Eastern Asia, comprising 56% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 21% share of total imports. It was followed by Hong Kong SAR, with a 13% share.

In South Korea, refrigerator or freezer imports increased at an average annual rate of +14.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-6.2% per year) and Hong Kong SAR (+9.1% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per unit, growing by 14% against the previous year. Overall, the import price, however, continues to indicate a noticeable setback. The level of import peaked at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per unit), while South Korea ($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 (+1.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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