Philippines: Air Conditioning Machine Market 2024

Air Conditioning Machine Market Size in the Philippines

The Philippine air conditioning machine market fell slightly to $X in 2022, reducing by -4.4% 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 significant growth. Air conditioning machine consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Air Conditioning Machine Exports

Exports from the Philippines

In 2022, shipments abroad of non-window or wall air conditioning machines increased by 24% to X units, rising for the fifth consecutive year after three years of decline. In general, exports showed a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 411%. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, air conditioning machine exports dropped modestly to $X in 2022. Overall, exports continue to indicate significant growth. The growth pace was the most rapid in 2013 with an increase of 210%. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Taiwan (Chinese) (X units) was the main destination for air conditioning machine exports from the Philippines, with a 72% share of total exports. Moreover, air conditioning machine exports to Taiwan (Chinese) exceeded the volume sent to the second major destination, Kuwait (X units), fivefold. The third position in this ranking was taken by Oman (X units), with a 3.3% share.

From 2012 to 2022, the average annual growth rate of volume to Taiwan (Chinese) stood at +202.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (-1.3% per year) and Oman (+24.7% per year).

In value terms, Taiwan (Chinese) ($X) emerged as the key foreign market for non-window or wall air conditioning machines exports from the Philippines, comprising 73% of total exports. The second position in the ranking was taken by Kuwait ($X), with a 15% share of total exports. It was followed by Oman, with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Taiwan (Chinese) amounted to +261.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (-3.0% per year) and Oman (+10.8% per year).

Export Prices by Country

The average air conditioning machine export price stood at $X per unit in 2022, reducing by -20% against the previous year. Overall, the export price recorded a deep downturn. The growth pace was the most rapid in 2019 an increase of 78%. As a result, the export price attained the peak level of $X per unit. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Taiwan (Chinese) ($X per unit) and Kuwait ($X per unit), while the average price for exports to Libya ($X per unit) and Oman ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+19.4%), while the prices for the other major destinations experienced a decline.

Air Conditioning Machine Imports

Imports into the Philippines

In 2022, approx. X units of non-window or wall air conditioning machines were imported into the Philippines; reducing by -3.5% on 2021. Over the period under review, imports, however, enjoyed significant growth. The growth pace was the most rapid in 2017 when imports increased by 108% against the previous year. Over the period under review, imports attained the peak figure at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, air conditioning machine imports dropped slightly to $X in 2022. In general, imports, however, saw significant growth. The growth pace was the most rapid in 2017 with an increase of 60%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Thailand (X units), Malaysia (X units) and China (X units) were the main suppliers of air conditioning machine imports to the Philippines, with a combined 90% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +39.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest air conditioning machine suppliers to the Philippines were Thailand ($X), Malaysia ($X) and China ($X), together accounting for 88% of total imports.

In terms of the main suppliers, Thailand, with a CAGR of +34.4%, saw the highest rates of growth with regard to 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 air conditioning machine import price stood at $X per unit in 2022, approximately reflecting the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 44%. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Japan ($X per unit) and South Korea ($X per unit), while the price for Thailand ($X per unit) and Malaysia ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform