Hungary: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Hungary

In 2021, the Hungarian commercial refrigeration equipment market increased by 47% to $X, rising for the fifth consecutive year after three years of decline. Overall, the total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +7.4% 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 +109.4% against 2016 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Commercial Refrigeration Equipment Production in Hungary

In value terms, commercial refrigeration equipment production reached $X in 2021 estimated in export price. In general, the total production indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -21.6% against 2018 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 23% against the previous year. Commercial refrigeration equipment production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Commercial Refrigeration Equipment Exports

Exports from Hungary

In 2021, shipments abroad of refrigerating and freezing equipment and heat pumps (except household type equipment) decreased by -21.4% to X units, falling for the second year in a row after two years of growth. Over the period under review, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when exports increased by 43%. The exports peaked at X units in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, commercial refrigeration equipment exports contracted rapidly to $X in 2021. In general, exports showed a pronounced contraction. The growth pace was the most rapid in 2017 with an increase of 21% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Germany (X units) was the main destination for commercial refrigeration equipment exports from Hungary, accounting for a 49% share of total exports. Moreover, commercial refrigeration equipment exports to Germany exceeded the volume sent to the second major destination, Norway (X units), fourfold. Italy (X units) ranked third in terms of total exports with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Germany totaled +4.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Norway (+40.8% per year) and Italy (-1.0% per year).

In value terms, the largest markets for commercial refrigeration equipment exported from Hungary were Germany ($X), North Macedonia ($X) and the United States ($X), with a combined 48% share of total exports. These countries were followed by Norway, the United Arab Emirates, Italy, the UK, Serbia, Slovakia, Greece, Armenia, Bulgaria and France, which together accounted for a further 27%.

In terms of the main countries of destination, Armenia, with a CAGR of +97.5%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average commercial refrigeration equipment export price stood at $X per unit in 2021, shrinking by -6% against the previous year. Over the period under review, the export price continues to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2017 an increase of 31% against the previous year. The export price peaked at $X per unit in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was North Macedonia ($X per unit), while the average price for exports to Germany ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to North Macedonia (+29.8%), while the prices for the other major destinations experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports into Hungary

In 2021, the amount of refrigerating and freezing equipment and heat pumps (except household type equipment) imported into Hungary expanded slightly to X units, with an increase of 3.5% against 2020. Over the period under review, imports posted a resilient expansion. The most prominent rate of growth was recorded in 2018 with an increase of 31% against the previous year. Over the period under review, imports attained the maximum at X units in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, commercial refrigeration equipment imports soared to $X in 2021. In general, imports recorded a resilient increase. The growth pace was the most rapid in 2018 with an increase of 48% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in years to come.

Imports by Country

China (X units), Italy (X units) and Japan (X units) were the main suppliers of commercial refrigeration equipment imports to Hungary, together accounting for 52% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of +270.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest commercial refrigeration equipment suppliers to Hungary were Italy ($X), China ($X) and Germany ($X), with a combined 45% share of total imports. Japan, Slovenia, Austria, France, Romania, Turkey and Belgium lagged somewhat behind, together comprising a further 34%.

Among the main suppliers, Japan, with a CAGR of +201.4%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average commercial refrigeration equipment import price amounted to $X per unit, surging by 36% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.4%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Slovenia (+16.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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