Latin America and the Caribbean: Heat Pump Market 2024

Heat Pump Market Size in Latin America and the Caribbean

In 2021, the Latin American heat pump market increased by 9.8% to $X, rising for the third consecutive year after two years of decline. The market value increased at an average annual rate of +2.8% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs in 2021 and is likely to see gradual growth in the immediate term.

Heat Pump Production in Latin America and the Caribbean

In value terms, heat pump production declined to $X in 2021 estimated in export price. Over the period under review, production recorded a noticeable reduction. The pace of growth appeared the most rapid in 2020 with an increase of 29% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Heat Pump Exports

Exports in Latin America and the Caribbean

In 2021, shipments abroad of heat pumps (other than air conditioning machines) was finally on the rise to reach X units after two years of decline. In general, exports, however, saw a abrupt curtailment. The pace of growth appeared the most rapid in 2017 with an increase of 72%. Over the period under review, the exports attained the peak figure at X units in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, heat pump exports expanded to $X in 2021. Over the period under review, exports, however, continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2017 with an increase of 38% against the previous year. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Mexico prevails in exports structure, accounting for X units, which was near 95% of total exports in 2021. Panama (X units) took a relatively small share of total exports.

Mexico was also the fastest-growing in terms of the heat pumps (other than air conditioning machines) exports, with a CAGR of -14.8% from 2012 to 2021. Panama (-22.3%) illustrated a downward trend over the same period. Mexico (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while Panama saw its share reduced by -3.4% from 2012 to 2021, respectively.

In value terms, Mexico ($X) remains the largest heat pump supplier in Latin America and the Caribbean, comprising 92% of total exports. The second position in the ranking was taken by Panama ($X), with a 4.7% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico amounted to -12.2%.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2021, dropping by -10.1% against the previous year. Export price indicated a temperate increase from 2012 to 2021: its price increased at an average annual rate of +3.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, heat pump export price increased by +10.5% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the export price increased by 57%. As a result, the export price attained the peak level of $X per unit. From 2017 to 2021, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Panama ($X per unit), while Mexico stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+6.9%).

Heat Pump Imports

Imports in Latin America and the Caribbean

In 2021, approx. X units of heat pumps (other than air conditioning machines) were imported in Latin America and the Caribbean; with an increase of 74% compared with 2020 figures. Over the period under review, imports enjoyed a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, heat pump imports skyrocketed to $X in 2021. Overall, imports posted a buoyant increase. The pace of growth was the most pronounced in 2018 with an increase of 33%. The level of import peaked in 2021 and is expected to retain growth in the near future.

Imports by Country

Chile (X units) and Mexico (X units) represented roughly 52% of total imports in 2021. It was distantly followed by Brazil (X units), Uruguay (X units) and Argentina (X units), together constituting a 31% share of total imports. The following importers - Panama (X units) and Guatemala (X units) - each recorded a 6.3% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Argentina (with a CAGR of +52.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constitutes the largest market for imported heat pumps (other than air conditioning machines) in Latin America and the Caribbean, comprising 67% of total imports. The second position in the ranking was taken by Chile ($X), with a 10% share of total imports. It was followed by Uruguay, with a 4.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico totaled +15.6%. The remaining importing countries recorded the following average annual rates of imports growth: Chile (+21.9% per year) and Uruguay (+24.4% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per unit in 2021, falling by -29.5% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 36%. Over the period under review, import prices reached the maximum at $X per unit in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($X per unit), while Brazil ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+9.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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