Hungary: Refrigerator Or Freezer Market 2024

Refrigerator Or Freezer Market Size in Hungary

The Hungarian refrigerator or freezer market expanded sharply to $X in 2022, increasing by 5.2% against the previous year. Over the period under review, consumption showed a tangible increase. Refrigerator or freezer consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Refrigerator Or Freezer Production in Hungary

In value terms, refrigerator or freezer production declined remarkably to $X in 2022 estimated in export price. Over the period under review, production showed a noticeable curtailment. The pace of growth was the most pronounced in 2019 when the production volume increased by 351% against the previous year. Refrigerator or freezer production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Refrigerator Or Freezer Exports

Exports from Hungary

In 2022, overseas shipments of furniture designed to receive refrigerating or freezing equipment increased by 436% to X units for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, recorded a significant curtailment. The growth pace was the most rapid in 2019 when exports increased by 4,343%. Over the period under review, the exports attained the peak figure at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, refrigerator or freezer exports soared to $X in 2022. In general, exports, however, saw a dramatic curtailment. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Germany (X units) was the main destination for refrigerator or freezer exports from Hungary, accounting for a 81% share of total exports. Moreover, refrigerator or freezer exports to Germany exceeded the volume sent to the second major destination, Serbia (X units), sixfold. The third position in this ranking was taken by Slovakia (X units), with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Germany stood at -18.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Serbia (+75.2% per year) and Slovakia (-46.1% per year).

In value terms, Germany ($X) emerged as the key foreign market for furniture designed to receive refrigerating or freezing equipment exports from Hungary, comprising 86% of total exports. The second position in the ranking was taken by Serbia ($X), with a 12% share of total exports. It was followed by Slovakia, with a 2.3% share.

From 2012 to 2022, the average annual growth rate of value to Germany totaled -13.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Serbia (+98.5% per year) and Slovakia (-44.4% per year).

Export Prices by Country

In 2022, the average refrigerator or freezer export price amounted to $X per unit, waning by -2% against the previous year. Overall, the export price, however, enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2020 when the average export price increased by 407% against the previous year. The export price peaked at $X per unit in 2021, and then reduced slightly in the following year.

Prices varied noticeably by country of destination: 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 Serbia (+13.3%), while the prices for the other major destinations experienced more modest paces of growth.

Refrigerator Or Freezer Imports

Imports into Hungary

In 2022, refrigerator or freezer imports into Hungary skyrocketed to X units, surging by 440% compared with the year before. In general, imports, however, saw a deep downturn. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, refrigerator or freezer imports surged to $X in 2022. Over the period under review, imports, however, showed a noticeable decrease. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

The UK (X units), Germany (X units) and Italy (X units) were the main suppliers of refrigerator or freezer imports to Hungary, with a combined 87% share of total imports. Belgium, Romania, Denmark, Spain and the Netherlands lagged somewhat behind, together accounting for a further 12%.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +54.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refrigerator or freezer suppliers to Hungary were the UK ($X), Germany ($X) and Italy ($X), together accounting for 70% of total imports. Belgium, Spain, Denmark, Romania and the Netherlands lagged somewhat behind, together comprising a further 23%.

Among the main suppliers, Belgium, with a CAGR of +60.2%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average refrigerator or freezer import price stood at $X per unit in 2022, growing by 40% against the previous year. Overall, the import price posted perceptible growth. The growth pace was the most rapid in 2014 an increase of 247%. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the average import prices remained at a lower figure.

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 Spain ($X per unit), while the price for Romania ($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 (+35.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :