India: Combined Refrigerator-Freezer Market 2024

Combined Refrigerator-Freezer Market Size in India

The Indian combined refrigerator-freezer market shrank to $X in 2022, approximately equating the previous year. Overall, consumption, however, recorded a perceptible downturn. The pace of growth appeared the most rapid in 2016 when the market value increased by 7.8% against the previous year. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Combined Refrigerator-Freezer Production in India

In value terms, combined refrigerator-freezer production shrank to $X in 2022 estimated in export price. In general, production, however, continues to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2015 with an increase of 4.2% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Combined Refrigerator-Freezer Exports

Exports from India

In 2022, approx. X units of combined refrigerators-freezers were exported from India; shrinking by -7% compared with the previous year's figure. In general, exports, however, posted prominent growth. The most prominent rate of growth was recorded in 2016 when exports increased by 71%. Over the period under review, the exports reached the maximum at X units in 2021, and then dropped in the following year.

In value terms, combined refrigerator-freezer exports dropped modestly to $X in 2022. Over the period under review, exports, however, continue to indicate a temperate expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 40%. The exports peaked at $X in 2021, and then dropped in the following year.

Exports by Country

Nepal (X units) was the main destination for combined refrigerator-freezer exports from India, with a 39% share of total exports. Moreover, combined refrigerator-freezer exports to Nepal exceeded the volume sent to the second major destination, the United Arab Emirates (X units), threefold. The third position in this ranking was held by Morocco (X units), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Nepal totaled +31.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-0.3% per year) and Morocco (+16.2% per year).

In value terms, Nepal ($X), the United Arab Emirates ($X) and Morocco ($X) appeared to be the largest markets for combined refrigerator-freezer exported from India worldwide, with a combined 47% share of total exports. Qatar, Sri Lanka, Oman, Saudi Arabia, Kenya, Sudan, Georgia, Nigeria and Bahrain lagged somewhat behind, together comprising a further 27%.

Saudi Arabia, with a CAGR of +91.2%, saw the highest rates of growth with regard to the value of exports, among 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 combined refrigerator-freezer export price amounted to $X per unit, increasing by 3.5% against the previous year. Over the period under review, the export price, however, saw a slight decline. The most prominent rate of growth was recorded in 2014 an increase of 19%. The export price peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Oman ($X per unit), while the average price for exports to Nepal ($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 Georgia (+9.0%), while the prices for the other major destinations experienced more modest paces of growth.

Combined Refrigerator-Freezer Imports

Imports into India

In 2022, the amount of combined refrigerators-freezers imported into India fell to X units, declining by -9.7% compared with 2021. Overall, imports, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2019 when imports increased by 69% against the previous year. Imports peaked at X units in 2021, and then shrank in the following year.

In value terms, combined refrigerator-freezer imports fell modestly to $X in 2022. In general, imports, however, continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2021 with an increase of 57%. As a result, imports attained the peak of $X, leveling off in the following year.

Imports by Country

Thailand (X units), China (X units) and South Korea (X units) were the main suppliers of combined refrigerator-freezer imports to India, with a combined 88% share of total imports. Turkey, Indonesia and Singapore lagged somewhat behind, together comprising a further 11%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +43.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest combined refrigerator-freezer suppliers to India were Thailand ($X), China ($X) and South Korea ($X), together accounting for 89% of total imports. Indonesia, Turkey and Singapore lagged somewhat behind, together comprising a further 8.9%.

Turkey, with a CAGR of +40.6%, recorded the highest growth rate of 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

In 2022, the average combined refrigerator-freezer import price amounted to $X per unit, growing by 9.6% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 22%. As a result, import price reached the peak level of $X per unit. From 2015 to 2022, the average 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 South Korea ($X per unit), while the price for Turkey ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+3.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :