Eastern Asia: Heat Pump Market 2024

Heat Pump Market Size in Eastern Asia

In 2021, the East Asian heat pump market decreased by -41.2% to $X for the first time since 2017, thus ending a three-year rising trend. In general, consumption saw a noticeable setback. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Heat Pump Production in Eastern Asia

In value terms, heat pump production reduced to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.5% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2020 when the production volume increased by 13%. As a result, production reached the peak level of $X, and then dropped in the following year.

Heat Pump Exports

Exports in Eastern Asia

In 2021, the amount of heat pumps (other than air conditioning machines) exported in Eastern Asia skyrocketed to X units, increasing by 93% compared with 2020. Overall, exports recorded a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, heat pump exports skyrocketed to $X in 2021. Over the period under review, exports recorded resilient growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China dominates exports structure, finishing at X units, which was near 88% of total exports in 2021. It was distantly followed by Japan (X units), comprising an 8.7% share of total exports. South Korea (X units) took a little share of total exports.

Exports from China increased at an average annual rate of +24.6% from 2012 to 2021. At the same time, South Korea (+68.7%) and Japan (+7.5%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +68.7% from 2012-2021. While the share of China (+16 p.p.) and South Korea (+3.2 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Japan (-18.2 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest heat pump supplier in Eastern Asia, comprising 75% of total exports. The second position in the ranking was held by Japan ($X), with a 19% share of total exports.

In China, heat pump exports increased at an average annual rate of +20.0% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (+6.4% per year) and South Korea (+73.1% per year).

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per unit, reducing by -4.4% against the previous year. In general, the export price continues to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2019 an increase of 17%. The level of export peaked at $X per unit in 2013; however, from 2014 to 2021, 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 Japan ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+2.6%), while the other leaders experienced a decline in the export price figures.

Heat Pump Imports

Imports in Eastern Asia

In 2021, imports of heat pumps (other than air conditioning machines) in Eastern Asia was estimated at X units, with an increase of 4.5% on 2020. In general, imports recorded a noticeable expansion. The growth pace was the most rapid in 2013 with an increase of 104% against the previous year. Over the period under review, imports reached the peak figure at X units in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, heat pump imports rose notably to $X in 2021. Over the period under review, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when imports increased by 19% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Hong Kong SAR (X units) and Japan (X units) were the key importers of heat pumps (other than air conditioning machines) in Eastern Asia, together committing 64% of total imports. South Korea (X units) ranks next in terms of the total imports with a 15% share, followed by Taiwan (Chinese) (14%) and China (6.6%).

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +15.0%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest heat pump importing markets in Eastern Asia were Japan ($X), China ($X) and Hong Kong SAR ($X), together comprising 75% of total imports. South Korea and Taiwan (Chinese) lagged somewhat behind, together comprising a further 24%.

South Korea, with a CAGR of +11.2%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Eastern Asia stood at $X per unit in 2021, with an increase of 8.6% against the previous year. Overall, the import price, however, continues to indicate a mild descent. The most prominent rate of growth was recorded in 2018 when the import price increased by 23%. Over the period under review, import prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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 2021, the most notable rate of growth in terms of prices was attained by Japan (+9.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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