India: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in India

The Indian refrigerator compressor market rose significantly to $X in 2022, picking up by 7.8% against the previous year. In general, the total consumption indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -5.7% against 2020 indices. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Refrigerator Compressor Production in India

In value terms, refrigerator compressor production totaled $X in 2022 estimated in export price. Over the period under review, the total production indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -11.4% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 84% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Refrigerator Compressor Exports

Exports from India

In 2022, overseas shipments of compressors for refrigeration equipment increased by 22% to X units, rising for the fourth year in a row after two years of decline. In general, exports posted a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 95% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, refrigerator compressor exports skyrocketed to $X in 2022. Overall, exports enjoyed a buoyant expansion. The growth pace was the most rapid in 2021 with an increase of 83% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Indonesia (X units) was the main destination for refrigerator compressor exports from India, accounting for a 41% share of total exports. Moreover, refrigerator compressor exports to Indonesia exceeded the volume sent to the second major destination, France (X units), fourfold. Brazil (X units) ranked third in terms of total exports with a 9.7% share.

From 2012 to 2022, the average annual growth rate of volume to Indonesia stood at +25.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+55.9% per year) and Brazil (+54.5% per year).

In value terms, the largest markets for refrigerator compressor exported from India were France ($X), Indonesia ($X) and Brazil ($X), together accounting for 48% of total exports. China, the United States, Malaysia, the United Arab Emirates, South Korea, Bangladesh, Saudi Arabia, Taiwan (Chinese), Egypt and Lebanon lagged somewhat behind, together accounting for a further 39%.

Among the main countries of destination, Lebanon, with a CAGR of +110.4%, recorded 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

In 2022, the average refrigerator compressor export price amounted to $X per unit, increasing by 2.5% against the previous year. In general, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refrigerator compressor export price decreased by -3.6% against 2020 indices. The most prominent rate of growth was recorded in 2020 an increase of 34%. As a result, the export price attained the peak level of $X per unit. From 2021 to 2022, the average export prices failed to regain momentum.

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 Malaysia ($X per unit), while the average price for exports to Indonesia ($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 France (+14.3%), while the prices for the other major destinations experienced more modest paces of growth.

Refrigerator Compressor Imports

Imports into India

In 2022, the amount of compressors for refrigeration equipment imported into India fell to X units, which is down by -2.4% on 2021 figures. In general, imports, however, enjoyed a strong expansion. The pace of growth was the most pronounced in 2017 with an increase of 61%. Imports peaked at X units in 2021, and then contracted slightly in the following year.

In value terms, refrigerator compressor imports expanded markedly to $X in 2022. Over the period under review, imports, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2016 with an increase of 49% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X units) was the main refrigerator compressor supplier to India, accounting for a 94% share of total imports. It was followed by South Korea (X units), with a 3% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +13.1%.

In value terms, China ($X) constituted the largest supplier of compressors for refrigeration equipment to India, comprising 77% of total imports. The second position in the ranking was held by South Korea ($X), with a 3.2% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +10.7%.

Import Prices by Country

The average refrigerator compressor import price stood at $X per unit in 2022, growing by 14% against the previous year. Overall, the import price, however, saw a noticeable setback. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Average prices varied somewhat 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 China totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (-1.6%).

Source: IndexBox Platform

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