Eastern Asia: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Eastern Asia

In 2021, the East Asian commercial refrigeration equipment market decreased by -11.9% to $X, falling for the second year in a row after four years of growth. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Commercial Refrigeration Equipment Production in Eastern Asia

In value terms, commercial refrigeration equipment production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.1% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2018 when the production volume increased by 5.6% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Commercial Refrigeration Equipment Exports

Exports in Eastern Asia

In 2021, exports of refrigerating and freezing equipment and heat pumps (except household type equipment) in Eastern Asia skyrocketed to X units, rising by 45% compared with the year before. Total exports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +6.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +127.4% against 2014 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, commercial refrigeration equipment exports surged to $X in 2021. In general, exports enjoyed a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China prevails in exports structure, resulting at X units, which was approx. 89% of total exports in 2021. It was distantly followed by South Korea (X units), mixing up a 7.5% share of total exports. Japan (X units) followed a long way behind the leaders.

China was also the fastest-growing in terms of the refrigerating and freezing equipment and heat pumps (except household type equipment) exports, with a CAGR of +8.1% from 2012 to 2021. At the same time, Japan (+2.7%) displayed positive paces of growth. South Korea experienced a relatively flat trend pattern. China (+8.9 p.p.) significantly strengthened its position in terms of the total exports, while South Korea saw its share reduced by -5.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest commercial refrigeration equipment supplier in Eastern Asia, comprising 85% of total exports. The second position in the ranking was taken by Japan ($X), with a 7.9% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in China stood at +10.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (+5.1% per year) and South Korea (+0.3% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per unit in 2021, remaining constant against the previous year. Over the last nine years, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2014 an increase of 30% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per unit), while South Korea ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.4%), while the other leaders experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports in Eastern Asia

In 2021, overseas purchases of refrigerating and freezing equipment and heat pumps (except household type equipment) were finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +1.5% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when imports increased by 18% against the previous year. The volume of import peaked at X units in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, commercial refrigeration equipment imports surged to $X in 2021. The total import value increased at an average annual rate of +4.6% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 20% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, China (X units) was the key importer of refrigerating and freezing equipment and heat pumps (except household type equipment), creating 37% of total imports. Japan (X units) ranks second in terms of the total imports with a 20% share, followed by Taiwan (Chinese) (19%) and South Korea (16%). The following importers - Hong Kong SAR (X units) and Democratic People's Republic of Korea (X units) - each reached a 7.5% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Democratic People's Republic of Korea (with a CAGR of +11.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constitutes the largest market for imported refrigerating and freezing equipment and heat pumps (except household type equipment) in Eastern Asia, comprising 55% of total imports. The second position in the ranking was taken by Japan ($X), with a 17% share of total imports. It was followed by Taiwan (Chinese), with a 13% share.

In China, commercial refrigeration equipment imports expanded at an average annual rate of +3.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Japan (+8.0% per year) and Taiwan (Chinese) (+6.5% per year).

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per unit, surging by 4.2% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.1%. The growth pace was the most rapid in 2020 when the import price increased by 20%. The level of import peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per unit), while Democratic People's Republic of Korea ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+7.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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