Philippines: Hvac Equipment Market 2024

Hvac Equipment Market Size in the Philippines

In 2022, the Philippine HVAC equipment market was finally on the rise to reach $X after two years of decline. Over the period under review, the total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Hvac Equipment Production in the Philippines

In value terms, HVAC equipment production totaled $X in 2022 estimated in export price. Overall, the total production indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Hvac Equipment Exports

Exports from the Philippines

In 2022, overseas shipments of HVAC equipment increased by X% to X units, rising for the sixth year in a row after two years of decline. Over the period under review, exports posted significant growth. The pace of growth appeared the most rapid in 2014 with an increase of X%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, HVAC equipment exports reached $X in 2022. In general, exports recorded a significant increase. The growth pace was the most rapid in 2014 when exports increased by X%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Japan (X units), Taiwan (Chinese) (X units) and Hong Kong SAR (X units) were the main destinations of HVAC equipment exports from the Philippines, together comprising X% of total exports. The United States, Vietnam, Malaysia, Germany, Thailand, Singapore and Austria lagged somewhat behind, together comprising a further X%.

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

In value terms, the largest markets for HVAC equipment exported from the Philippines were Japan ($X), Hong Kong SAR ($X) and Taiwan (Chinese) ($X), with a combined X% share of total exports. The United States, Malaysia, Vietnam, Germany, Thailand, Singapore and Austria lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, Germany, with a CAGR of X%, recorded 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

The average HVAC equipment export price stood at $X per unit in 2022, declining by X% against the previous year. In general, the export price recorded a abrupt decrease. The growth pace was the most rapid in 2014 an increase of X% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 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 Hong Kong SAR ($X per unit), while the average price for exports to Austria ($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 Malaysia (X%), while the prices for the other major destinations experienced mixed trend patterns.

Hvac Equipment Imports

Imports into the Philippines

In 2022, the amount of HVAC equipment imported into the Philippines surged to X units, jumping by X% on the previous year. Overall, imports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2016 when imports increased by X%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, HVAC equipment imports soared to $X in 2022. Over the period under review, imports enjoyed a resilient expansion. The growth pace was the most rapid in 2016 when imports increased by X%. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, China (X units) constituted the largest supplier of HVAC equipment to the Philippines, accounting for a X% share of total imports. Moreover, HVAC equipment imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X units), fourfold. The third position in this ranking was held by Thailand (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (X% per year) and Thailand (X% per year).

In value terms, China ($X), Thailand ($X) and Malaysia ($X) constituted the largest HVAC equipment suppliers to the Philippines, with a combined X% share of total imports.

In terms of the main suppliers, Malaysia, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average HVAC equipment import price stood at $X per unit in 2022, rising by X% against the previous year. Overall, the import price, however, saw a mild decline. The most prominent rate of growth was recorded in 2018 an increase of X%. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Thailand ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform