Latin America and the Caribbean: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in Latin America and the Caribbean

In 2022, the Latin American refrigerator compressor market decreased by -4.4% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption showed a mild slump. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Refrigerator Compressor Production in Latin America and the Caribbean

In value terms, refrigerator compressor production expanded markedly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a slight decline. The most prominent rate of growth was recorded in 2020 when the production volume increased by 40%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refrigerator Compressor Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of compressors for refrigeration equipment increased by 49% to X units for the first time since 2019, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, refrigerator compressor exports soared to $X in 2022. Over the period under review, exports recorded a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Mexico was the largest exporter of compressors for refrigeration equipment in Latin America and the Caribbean, with the volume of exports finishing at X units, which was approx. 73% of total exports in 2022. It was distantly followed by Brazil (X units), constituting a 27% share of total exports.

Mexico was also the fastest-growing in terms of the compressors for refrigeration equipment exports, with a CAGR of +15.0% from 2012 to 2022. Brazil (-7.8%) illustrated a downward trend over the same period. Mexico (+50 p.p.) significantly strengthened its position in terms of the total exports, while Brazil saw its share reduced by -50.1% from 2012 to 2022, respectively.

In value terms, Mexico ($X) remains the largest refrigerator compressor supplier in Latin America and the Caribbean, comprising 75% of total exports. The second position in the ranking was held by Brazil ($X), with a 24% share of total exports.

In Mexico, refrigerator compressor exports increased at an average annual rate of +7.2% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per unit, shrinking by -18% against the previous year. Over the period under review, the export price continues to indicate a slight setback. The most prominent rate of growth was recorded in 2021 an increase of 34% against the previous year. Over the period under review, the export prices reached the maximum at $X per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per unit), while Brazil totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+0.3%).

Refrigerator Compressor Imports

Imports in Latin America and the Caribbean

In 2022, purchases abroad of compressors for refrigeration equipment increased by 0.8% to X units, rising for the sixth consecutive year after four years of decline. Total imports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +3.1% 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 +64.8% against 2016 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 39%. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in the near future.

In value terms, refrigerator compressor imports rose sharply to $X in 2022. Over the period under review, imports continue to indicate a modest expansion. The pace of growth appeared the most rapid in 2021 with an increase of 32% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

Mexico represented the key importing country with an import of around X units, which recorded 64% of total imports. It was distantly followed by Brazil (X units), Argentina (X units) and Colombia (X units), together achieving a 33% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to refrigerator compressor imports into Mexico stood at +4.2%. At the same time, Brazil (+4.9%) and Colombia (+2.2%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +4.9% from 2012-2022. By contrast, Argentina (-1.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Mexico and Brazil increased by +6.5 and +2.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported compressors for refrigeration equipment in Latin America and the Caribbean, comprising 59% of total imports. The second position in the ranking was taken by Brazil ($X), with a 21% share of total imports. It was followed by Argentina, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico stood at +2.4%. In the other countries, the average annual rates were as follows: Brazil (+2.1% per year) and Argentina (-3.0% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per unit in 2022, picking up by 10% against the previous year. Overall, the import price, however, showed a perceptible decline. The level of import peaked at $X per unit in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Brazil ($X per unit), while Colombia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (-1.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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