Greece: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in Greece

In 2022, the Greek refrigerator compressor market increased by 3.4% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption saw a perceptible curtailment. Refrigerator compressor consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Refrigerator Compressor Exports

Exports from Greece

In 2022, approx. X units of compressors for refrigeration equipment were exported from Greece; dropping by -17.4% compared with the previous year. Overall, exports, however, recorded a perceptible expansion. The pace of growth appeared the most rapid in 2021 with an increase of 302%. Over the period under review, the exports reached the peak figure at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, refrigerator compressor exports expanded notably to $X in 2022. Over the period under review, exports, however, recorded mild growth. The most prominent rate of growth was recorded in 2021 with an increase of 123% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Germany (X units) was the main destination for refrigerator compressor exports from Greece, accounting for a 62% share of total exports. Moreover, refrigerator compressor exports to Germany exceeded the volume sent to the second major destination, Cyprus (X units), threefold. The third position in this ranking was taken by the United States (X units), with a 5.1% share.

From 2012 to 2022, the average annual growth rate of volume to Germany stood at +20.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cyprus (+6.1% per year) and the United States (+119.0% per year).

In value terms, the largest markets for refrigerator compressor exported from Greece were Germany ($X), the United States ($X) and Cyprus ($X), with a combined 67% share of total exports.

The United States, with a CAGR of +154.8%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average refrigerator compressor export price amounted to $X per unit, rising by 30% against the previous year. Over the period under review, the export price, however, saw a mild curtailment. The most prominent rate of growth was recorded in 2016 an increase of 97%. Over the period under review, the average export prices attained the maximum at $X per unit in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Hungary ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+16.4%), while the prices for the other major destinations experienced more modest paces of growth.

Refrigerator Compressor Imports

Imports into Greece

In 2022, refrigerator compressor imports into Greece reduced to X units, dropping by -7.9% against 2021 figures. In general, imports continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2021 when imports increased by 68%. Imports peaked at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, refrigerator compressor imports expanded notably to $X in 2022. The total import value increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by 29%. Imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

Germany (X units), Italy (X units) and Spain (X units) were the main suppliers of refrigerator compressor imports to Greece, together comprising 63% of total imports. France, Denmark, China and Slovakia lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Denmark (with a CAGR of +46.8%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest refrigerator compressor suppliers to Greece were Germany ($X), Italy ($X) and France ($X), with a combined 63% share of total imports. Spain, Denmark, Slovakia and China lagged somewhat behind, together accounting for a further 17%.

Denmark, with a CAGR of +32.5%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average refrigerator compressor import price stood at $X per unit in 2022, rising by 16% against the previous year. Over the period under review, the import price posted resilient growth. The pace of growth appeared the most rapid in 2019 when the average import price increased by 38%. The import price peaked at $X per unit in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+23.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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