Italy: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in Italy

In 2022, the Italian refrigerator compressor market increased by 17% to $X, rising for the second consecutive year after two years of decline. In general, the total consumption indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +34.7% against 2020 indices. Refrigerator compressor consumption peaked in 2022 and is likely to continue growth in years to come.

Refrigerator Compressor Production in Italy

In value terms, refrigerator compressor production shrank slightly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2021 when the production volume increased by 64%. Refrigerator compressor production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refrigerator Compressor Exports

Exports from Italy

Refrigerator compressor exports from Italy dropped dramatically to X units in 2022, with a decrease of -23.1% against 2021. In general, exports recorded a deep slump. The most prominent rate of growth was recorded in 2021 when exports increased by 38% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, refrigerator compressor exports contracted slightly to $X in 2022. Overall, exports recorded a abrupt contraction. The most prominent rate of growth was recorded in 2021 with an increase of 28% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

France (X units), Spain (X units) and Germany (X units) were the main destinations of refrigerator compressor exports from Italy, together comprising 45% of total exports. Turkey, Austria, Poland, Slovakia, the UK, Hungary, Portugal and Bulgaria lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the biggest increases were recorded for Slovakia (with a CAGR of +4.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, France ($X), Spain ($X) and Germany ($X) appeared to be the largest markets for refrigerator compressor exported from Italy worldwide, with a combined 34% share of total exports.

Spain, with a CAGR of +5.1%, saw the highest rates of growth with regard to the value of exports, in terms of 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 refrigerator compressor export price amounted to $X per unit, rising by 26% against the previous year. In general, export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +5.3% 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 increased by +88.1% against 2016 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per unit), while the average price for exports to Slovakia ($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 Bulgaria (+11.3%), while the prices for the other major destinations experienced more modest paces of growth.

Refrigerator Compressor Imports

Imports into Italy

In 2022, supplies from abroad of compressors for refrigeration equipment increased by 7.2% to X units, rising for the second consecutive year after two years of decline. Over the period under review, total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +54.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 44% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, refrigerator compressor imports expanded notably to $X in 2022. The total import value increased at an average annual rate of +2.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 32%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, China (X units) constituted the largest refrigerator compressor supplier to Italy, with a 46% share of total imports. Moreover, refrigerator compressor imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), fourfold. Slovakia (X units) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +13.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+21.3% per year) and Slovakia (+7.6% per year).

In value terms, the largest refrigerator compressor suppliers to Italy were Germany ($X), China ($X) and Japan ($X), with a combined 56% share of total imports. France, Slovakia, Brazil, Spain, Austria and South Korea lagged somewhat behind, together accounting for a further 27%.

Spain, with a CAGR of +12.5%, recorded the highest rates of growth with regard to 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 refrigerator compressor import price amounted to $X per unit, therefore, remained relatively stable against the previous year. Overall, the import price saw a perceptible downturn. The most prominent rate of growth was recorded in 2020 an increase of 8.8% against the previous year. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, 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 France ($X per unit), while the price for Austria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+3.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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