Japan: Heat Pump Market 2024

Heat Pump Market Size in Japan

The Japanese heat pump market declined sharply to $X in 2021, dropping by -15.3% against the previous year. Overall, consumption showed a mild downturn. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Heat Pump Production in Japan

In value terms, heat pump production reduced to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.1% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of 22% against the previous year. Over the period under review, production attained the maximum level at $X in 2020, and then reduced modestly in the following year.

Heat Pump Exports

Exports from Japan

In 2021, shipments abroad of heat pumps (other than air conditioning machines) increased by 43% to X units, rising for the third consecutive year after five years of decline. Overall, exports saw a strong increase. The most prominent rate of growth was recorded in 2019 with an increase of 190% against the previous year. The exports peaked in 2021 and are likely to see steady growth in the immediate term.

In value terms, heat pump exports surged to $X in 2021. In general, exports recorded prominent growth. The pace of growth was the most pronounced in 2019 when exports increased by 162% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

France (X units) was the main destination for heat pump exports from Japan, accounting for a 44% share of total exports. Moreover, heat pump exports to France exceeded the volume sent to the second major destination, China (X units), fourfold. The third position in this ranking was taken by Germany (X units), with an 8.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to France totaled +42.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+15.8% per year) and Germany (+20.7% per year).

In value terms, France ($X) emerged as the key foreign market for heat pumps (other than air conditioning machines) exports from Japan, comprising 31% of total exports. The second position in the ranking was held by China ($X), with a 14% share of total exports. It was followed by the UK, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to France stood at +40.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+11.3% per year) and the UK (+4.6% per year).

Export Prices by Country

The average heat pump export price stood at $X per unit in 2021, remaining relatively unchanged against the previous year. Over the period under review, the export price, however, showed a mild downturn. The pace of growth appeared the most rapid in 2018 when the average export price increased by 8.5% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2019 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Thailand ($X per unit), while the average price for exports to Vietnam ($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 Taiwan (Chinese) (+5.9%), while the prices for the other major destinations experienced more modest paces of growth.

Heat Pump Imports

Imports into Japan

Heat pump imports into Japan skyrocketed to X units in 2021, increasing by 45% on the year before. In general, imports, however, showed a abrupt slump. The pace of growth appeared the most rapid in 2019 when imports increased by 46% against the previous year. Over the period under review, imports hit record highs at X units in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, heat pump imports surged to $X in 2021. Over the period under review, total imports indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +110.0% against 2018 indices. The growth pace was the most rapid in 2019 when imports increased by 52% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to continue growth in the near future.

Imports by Country

In 2021, China (X units) constituted the largest heat pump supplier to Japan, accounting for a 72% share of total imports. Moreover, heat pump imports from China exceeded the figures recorded by the second-largest supplier, Australia (X units), fourfold. South Korea (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled -2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+188.5% per year) and South Korea (+2.3% per year).

In value terms, the largest heat pump suppliers to Japan were China ($X), Australia ($X) and South Korea ($X), with a combined 94% share of total imports.

Australia, with a CAGR of +127.5%, saw 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 mixed trend patterns.

Import Prices by Country

The average heat pump import price stood at $X per unit in 2021, falling by -6.8% against the previous year. Over the period under review, the import price, however, saw a strong increase. The pace of growth appeared the most rapid in 2016 when the average import price increased by 63%. The import price peaked at $X per unit in 2020, and then reduced in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+26.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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