Republic of Korea: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in Republic of Korea

In 2022, the South Korean refrigerator compressor market increased by 78% to $X, rising for the second year in a row after two years of decline. Overall, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +7.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +90.4% against 2020 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Refrigerator Compressor Production in Republic of Korea

In value terms, refrigerator compressor production reduced slightly to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 16% against the previous year. Refrigerator compressor production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Refrigerator Compressor Exports

Exports from Republic of Korea

In 2022, the amount of compressors for refrigeration equipment exported from South Korea skyrocketed to X units, growing by 49% against the previous year. Over the period under review, total exports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +46.1% against 2019 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, refrigerator compressor exports reached $X in 2022. The total export value increased at an average annual rate of +1.5% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Mexico (X units), Poland (X units) and the United States (X units) were the main destinations of refrigerator compressor exports from South Korea, together comprising 66% of total exports.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +25.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Mexico ($X) and China ($X) appeared to be the largest markets for refrigerator compressor exported from South Korea worldwide, together accounting for 68% of total exports. Slovakia, India, Japan, Poland, Thailand, Russia and Saudi Arabia lagged somewhat behind, together accounting for a further 25%.

Among the main countries of destination, Poland, with a CAGR of +10.7%, recorded the highest growth rate of 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 refrigerator compressor export price stood at $X per unit in 2022, falling by -23.9% against the previous year. Overall, the export price saw a pronounced shrinkage. The pace of growth was the most pronounced in 2016 when the average export price increased by 17%. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Poland ($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 the United States (+4.9%), while the prices for the other major destinations experienced a decline.

Refrigerator Compressor Imports

Imports into Republic of Korea

Refrigerator compressor imports into South Korea skyrocketed to X units in 2022, with an increase of 68% compared with the previous year's figure. Over the period under review, imports showed a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, refrigerator compressor imports soared to $X in 2022. In general, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +7.3% 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 +89.0% against 2015 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest supplier of refrigerator compressor to South Korea, accounting for a 62% share of total imports. Moreover, refrigerator compressor imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), fourfold. Thailand (X units) ranked third in terms of total imports with a 5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +11.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+25.1% per year) and Thailand (+5.4% per year).

In value terms, China ($X) constituted the largest supplier of compressors for refrigeration equipment to South Korea, comprising 63% of total imports. The second position in the ranking was held by Thailand ($X), with an 8.7% share of total imports. It was followed by Japan, with a 5.3% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +11.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+0.4% per year) and Japan (+2.1% per year).

Import Prices by Country

In 2022, the average refrigerator compressor import price amounted to $X per unit, falling by -29% against the previous year. Over the period under review, the import price showed a perceptible contraction. The pace of growth was the most pronounced in 2016 an increase of 18% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Thailand ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-0.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :