Kuwait: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in Kuwait

The Kuwaiti refrigerator compressor market reduced notably to $X in 2022, which is down by -21.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, saw a prominent increase. Over the period under review, the market reached the peak level at $X in 2021, and then fell markedly in the following year.

Refrigerator Compressor Exports

Exports from Kuwait

After three years of growth, overseas shipments of compressors for refrigeration equipment decreased by -37.5% to X units in 2022. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when exports increased by 373% against the previous year. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, refrigerator compressor exports dropped dramatically to $X in 2022. Overall, exports, however, posted a mild expansion. The pace of growth was the most pronounced in 2021 with an increase of 306%. Over the period under review, the exports attained the maximum at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

India (X units), Qatar (X units) and the United Arab Emirates (X units) were the main destinations of refrigerator compressor exports from Kuwait, together comprising 78% of total exports. Hong Kong SAR, Taiwan (Chinese), Belgium, Pakistan and Iran lagged somewhat behind, together comprising a further 13%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belgium (with a CAGR of +32.0%), while the other leaders experienced more modest paces of growth.

In value terms, India ($X) remains the key foreign market for compressors for refrigeration equipment exports from Kuwait, comprising 34% of total exports. The second position in the ranking was held by Qatar ($X), with a 12% share of total exports. It was followed by Hong Kong SAR, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to India stood at +31.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (+3.1% per year) and Hong Kong SAR (+23.2% per year).

Export Prices by Country

The average refrigerator compressor export price stood at $X per unit in 2022, remaining relatively unchanged against the previous year. Overall, export price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.6% 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 increased by +95.2% against 2018 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 43%. Over the period under review, the average export prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Belgium ($X per unit), while the average price for exports to Qatar ($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 Belgium (+25.4%), while the prices for the other major destinations experienced more modest paces of growth.

Refrigerator Compressor Imports

Imports into Kuwait

Refrigerator compressor imports into Kuwait fell remarkably to X units in 2022, waning by -24.7% on the previous year's figure. In general, imports, however, posted a strong increase. The growth pace was the most rapid in 2015 when imports increased by 118%. Imports peaked at X units in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, refrigerator compressor imports shrank remarkably to $X in 2022. Over the period under review, total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.7% 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 +31.0% against 2020 indices. The growth pace was the most rapid in 2015 with an increase of 76% against the previous year. Imports peaked at $X in 2021, and then shrank significantly in the following year.

Imports by Country

The United States (X units), Thailand (X units) and Jordan (X units) were the main suppliers of refrigerator compressor imports to Kuwait, together accounting for 63% of total imports.

From 2012 to 2022, the biggest increases were recorded for Jordan (with a CAGR of +25.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Thailand ($X) and Mexico ($X) constituted the largest refrigerator compressor suppliers to Kuwait, with a combined 83% share of total imports.

Mexico, with a CAGR of +32.5%, 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, with an increase of 7.4% against the previous year. Over the period under review, the import price, however, showed a mild reduction. The pace of growth appeared the most rapid in 2020 when the average import price increased by 80%. Over the period under review, average import prices attained the peak figure at $X per unit in 2012; however, from 2013 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 ($X per unit), while the price for Jordan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+13.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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