Malaysia: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Malaysia

In 2021, the Malaysian commercial refrigeration equipment market increased by 3.3% to $X, rising for the fifth consecutive year after two years of decline. In general, the total consumption indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +46.9% against 2016 indices. Over the period under review, the market attained the peak level in 2021 and is likely to see gradual growth in the immediate term.

Commercial Refrigeration Equipment Production in Malaysia

In value terms, commercial refrigeration equipment production contracted to $X in 2021 estimated in export price. Overall, production recorded buoyant growth. The most prominent rate of growth was recorded in 2014 with an increase of 85% against the previous year. Commercial refrigeration equipment production peaked at $X in 2020, and then reduced modestly in the following year.

Commercial Refrigeration Equipment Exports

Exports from Malaysia

Commercial refrigeration equipment exports from Malaysia expanded sharply to X units in 2021, increasing by 13% on the previous year. Overall, total exports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +7.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -0.6% against 2019 indices. The growth pace was the most rapid in 2014 when exports increased by 41%. The exports peaked at X units in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, commercial refrigeration equipment exports expanded notably to $X in 2021. In general, exports saw strong growth. The pace of growth appeared the most rapid in 2019 with an increase of 34%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

India (X units), Singapore (X units) and Thailand (X units) were the main destinations of commercial refrigeration equipment exports from Malaysia, together accounting for 44% of total exports. Indonesia, the United States, Turkey, Sri Lanka, Vietnam, Pakistan, Bangladesh, Saudi Arabia, Germany and Panama lagged somewhat behind, together comprising a further 36%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Sri Lanka (with a CAGR of +33.6%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), India ($X) and Thailand ($X) appeared to be the largest markets for commercial refrigeration equipment exported from Malaysia worldwide, with a combined 33% share of total exports. Indonesia, Germany, the United States, Vietnam, Turkey, Sri Lanka, Pakistan, Bangladesh, Saudi Arabia and Panama lagged somewhat behind, together accounting for a further 30%.

In terms of the main countries of destination, Sri Lanka, with a CAGR of +23.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average commercial refrigeration equipment export price amounted to $X per unit, falling by -2.6% against the previous year. Over the last nine years, it increased at an average annual rate of +2.1%. The pace of growth appeared the most rapid in 2013 an increase of 26%. As a result, the export price reached the peak level of $X per unit. From 2014 to 2021, the average export prices remained at a somewhat lower figure.

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

Commercial Refrigeration Equipment Imports

Imports into Malaysia

In 2021, overseas purchases of refrigerating and freezing equipment and heat pumps (except household type equipment) increased by 2.1% to X units for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, saw a perceptible setback. The growth pace was the most rapid in 2015 when imports increased by 25%. Over the period under review, imports reached the peak figure at X units in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, commercial refrigeration equipment imports reached $X in 2021. The total import value increased at an average annual rate of +1.1% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2018 with an increase of 29% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, China (X units) constituted the largest supplier of commercial refrigeration equipment to Malaysia, with a 79% share of total imports. Moreover, commercial refrigeration equipment imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), ninefold. The third position in this ranking was taken by Thailand (X units), with a 3.3% share.

From 2012 to 2021, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+4.3% per year) and Thailand (-9.2% per year).

In value terms, China ($X) constituted the largest supplier of refrigerating and freezing equipment and heat pumps (except household type equipment) to Malaysia, comprising 68% of total imports. The second position in the ranking was taken by the United States ($X), with a 14% share of total imports. It was followed by Japan, with a 2.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+15.0% per year) and Japan (-17.1% per year).

Import Prices by Country

The average commercial refrigeration equipment import price stood at $X per unit in 2021, picking up by 12% against the previous year. Over the last nine years, it increased at an average annual rate of +3.2%. The growth pace was the most rapid in 2014 when the average import price increased by 15%. The import price peaked in 2021 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: 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 (+10.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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