GCC: Air Conditioning Machine Market 2024

Air Conditioning Machine Market Size in GCC

In 2021, after two years of growth, there was significant decline in the GCC air conditioning machine market, when its value decreased by -6.8% to $X. The total consumption indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +21.4% against 2018 indices. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market failed to regain momentum.

Air Conditioning Machine Production in GCC

In value terms, air conditioning machine production contracted dramatically to $X in 2021 estimated in export price. Overall, production recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 when the production volume increased by 336% against the previous year. The level of production peaked at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Air Conditioning Machine Exports

Exports in GCC

For the fourth year in a row, GCC recorded decline in shipments abroad of air conditioning machines, which decreased by -17.4% to X units in 2021. Over the period under review, exports saw a abrupt slump. The growth pace was the most rapid in 2014 with an increase of 9.3% against the previous year. As a result, the exports reached the peak of X units. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, air conditioning machine exports shrank to $X in 2021. Overall, exports recorded a abrupt descent. The pace of growth appeared the most rapid in 2014 with an increase of 12% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates represented the main exporting country with an export of around X units, which accounted for 58% of total exports. It was distantly followed by Saudi Arabia (X units), Bahrain (X units) and Kuwait (X units), together making up a 41% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to air conditioning machine exports from the United Arab Emirates stood at +4.3%. At the same time, Kuwait (+10.4%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of +10.4% from 2012-2021. By contrast, Saudi Arabia (-13.3%) and Bahrain (-15.9%) illustrated a downward trend over the same period. The United Arab Emirates (+38 p.p.) and Kuwait (+3.6 p.p.) significantly strengthened its position in terms of the total exports, while Bahrain and Saudi Arabia saw its share reduced by -18.4% and -19.7% from 2012 to 2021, respectively.

In value terms, the United Arab Emirates ($X) remains the largest air conditioning machine supplier in GCC, comprising 52% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 25% share of total exports. It was followed by Bahrain, with a 15% share.

In the United Arab Emirates, air conditioning machine exports increased at an average annual rate of +7.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Saudi Arabia (-13.3% per year) and Bahrain (-16.0% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per unit, growing by 11% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 17% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Kuwait ($X per unit), while the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+2.7%), while the other leaders experienced mixed trends in the export price figures.

Air Conditioning Machine Imports

Imports in GCC

In 2021, after two years of growth, there was significant decline in purchases abroad of air conditioning machines, when their volume decreased by -14.6% to X units. The total import volume increased at an average annual rate of +2.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 with an increase of 33%. As a result, imports attained the peak of X units. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, air conditioning machine imports declined slightly to $X in 2021. The total import value increased at an average annual rate of +1.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2015 when imports increased by 31%. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Saudi Arabia represented the main importer of air conditioning machines in GCC, with the volume of imports amounting to X units, which was approx. 51% of total imports in 2021. The United Arab Emirates (X units) held a 31% share (based on physical terms) of total imports, which put it in second place, followed by Oman (9.5%) and Kuwait (5.8%). Bahrain (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Bahrain (with a CAGR of +6.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest air conditioning machine importing markets in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X), with a combined 83% share of total imports. These countries were followed by Kuwait and Bahrain, which together accounted for a further 8.4%.

Bahrain, with a CAGR of +5.5%, 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 GCC stood at $X per unit in 2021, with an increase of 16% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The level of import peaked at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Bahrain ($X per unit) and the United Arab Emirates ($X per unit), while Saudi Arabia ($X per unit) and Oman ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+0.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform