Greece: Electric Heating Equipment Market 2024

Electric Heating Equipment Market Size in Greece

The Greek electric heating equipment market dropped significantly to $X in 2022, with a decrease of -15.3% against the previous year. Over the period under review, consumption saw a abrupt slump. Electric heating equipment consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Electric Heating Equipment Production in Greece

In value terms, electric heating equipment production declined slightly to $X in 2022 estimated in export price. In general, production recorded a abrupt descent. The pace of growth was the most pronounced in 2021 with an increase of 5.1% against the previous year. Electric heating equipment production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Electric Heating Equipment Exports

Exports from Greece

In 2022, shipments abroad of electric space heating apparatus and soil heating apparatus increased by 129% to X units, rising for the second year in a row after three years of decline. In general, exports posted a prominent expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 154% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, electric heating equipment exports declined to $X in 2022. Overall, exports saw measured growth. The most prominent rate of growth was recorded in 2021 when exports increased by 168%. As a result, the exports attained the peak of $X, and then dropped in the following year.

Exports by Country

Italy (X units), the Czech Republic (X units) and Cyprus (X units) were the main destinations of electric heating equipment exports from Greece, with a combined 70% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Italy (with a CAGR of +51.5%), while the other leaders experienced more modest paces of growth.

In value terms, the Czech Republic ($X), Cyprus ($X) and Germany ($X) appeared to be the largest markets for electric heating equipment exported from Greece worldwide, with a combined 74% share of total exports.

The Czech Republic, with a CAGR of +42.4%, 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

The average electric heating equipment export price stood at $X per unit in 2022, which is down by -61.7% against the previous year. In general, the export price showed a deep downturn. The most prominent rate of growth was recorded in 2014 when the average export price increased by 50% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2016; however, from 2017 to 2022, the export prices remained at a 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 Germany ($X per unit), while the average price for exports to Italy ($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 Czech Republic (+6.6%), while the prices for the other major destinations experienced mixed trend patterns.

Electric Heating Equipment Imports

Imports into Greece

In 2022, approx. X units of electric space heating apparatus and soil heating apparatus were imported into Greece; growing by 11% against the previous year. In general, imports, however, saw a drastic downturn. The most prominent rate of growth was recorded in 2017 when imports increased by 65%. Over the period under review, imports attained the maximum at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, electric heating equipment imports shrank to $X in 2022. Over the period under review, imports, however, showed a abrupt slump. The pace of growth was the most pronounced in 2017 with an increase of 53%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of electric heating equipment to Greece, accounting for a 73% share of total imports. Moreover, electric heating equipment imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X units), sixfold. The third position in this ranking was taken by Italy (X units), with a 5.3% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at -5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (-8.0% per year) and Italy (+0.1% per year).

In value terms, China ($X) constituted the largest supplier of electric space heating apparatus and soil heating apparatus to Greece, comprising 59% of total imports. The second position in the ranking was taken by Italy ($X), with an 8.8% share of total imports. It was followed by Turkey, with an 8.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to -6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+1.8% per year) and Turkey (-15.3% per year).

Import Prices by Country

In 2022, the average electric heating equipment import price amounted to $X per unit, falling by -18.1% against the previous year. Over the period under review, the import price showed a perceptible slump. The pace of growth was the most pronounced in 2021 when the average import price increased by 25% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Bulgaria ($X per unit), while the price for Turkey ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+2.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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