India: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in India

After five years of decline, the Indian commercial refrigeration equipment market increased by 18% to $X in 2021. In general, consumption, however, recorded a abrupt downturn. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Commercial Refrigeration Equipment Production in India

In value terms, commercial refrigeration equipment production rose notably to $X in 2021 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 188%. As a result, production attained the peak level of $X. From 2016 to 2021, production growth remained at a lower figure.

Commercial Refrigeration Equipment Exports

Exports from India

In 2021, approx. X units of refrigerating and freezing equipment and heat pumps (except household type equipment) were exported from India; surging by 73% on 2020 figures. In general, exports, however, showed a slight setback. The exports peaked at X units in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, commercial refrigeration equipment exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +3.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X units), Thailand (X units) and Bangladesh (X units) were the main destinations of commercial refrigeration equipment exports from India, together comprising 28% of total exports. These countries were followed by the United States, Nepal, Saudi Arabia, Kuwait, Nigeria, Qatar, Oman, Germany, Italy and Mexico, which together accounted for a further 41%.

From 2012 to 2021, the biggest increases were recorded for Mexico (with a CAGR of +94.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) remains the key foreign market for refrigerating and freezing equipment and heat pumps (except household type equipment) exports from India, comprising 17% of total exports. The second position in the ranking was held by Nepal ($X), with a 7.4% share of total exports. It was followed by the United Arab Emirates, with a 6.8% share.

From 2012 to 2021, the average annual growth rate of value to Thailand totaled +16.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nepal (+14.4% per year) and the United Arab Emirates (+11.0% per year).

Export Prices by Country

In 2021, the average commercial refrigeration equipment export price amounted to $X per unit, falling by -30.2% against the previous year. In general, the export price, however, showed resilient growth. The pace of growth appeared the most rapid in 2017 an increase of 40% against the previous year. The export price peaked at $X per unit in 2018; however, from 2019 to 2021, 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 Thailand ($X per unit), while the average price for exports to Oman ($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 Nigeria (+19.1%), while the prices for the other major destinations experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports into India

In 2021, approx. X units of refrigerating and freezing equipment and heat pumps (except household type equipment) were imported into India; with an increase of 51% on the previous year. Overall, total imports indicated a temperate expansion from 2012 to 2021: its volume increased at an average annual rate of +3.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -6.2% against 2019 indices. Imports peaked at X units in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, commercial refrigeration equipment imports soared to $X in 2021. In general, total imports indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X units) constituted the largest commercial refrigeration equipment supplier to India, with a 62% share of total imports. Moreover, commercial refrigeration equipment imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), tenfold. The United States (X units) ranked third in terms of total imports with a 5.2% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+9.3% per year) and the United States (+4.2% per year).

In value terms, China ($X) constituted the largest supplier of refrigerating and freezing equipment and heat pumps (except household type equipment) to India, comprising 56% of total imports. The second position in the ranking was held by Denmark ($X), with a 7.6% share of total imports. It was followed by the United States, with a 5.2% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+26.0% per year) and the United States (+0.3% per year).

Import Prices by Country

In 2021, the average commercial refrigeration equipment import price amounted to $X per unit, remaining stable against the previous year. Overall, the import price showed a slight downturn. The most prominent rate of growth was recorded in 2018 an increase of 10%. Over the period under review, average import prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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