SADC: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in SADC

In 2022, the SADC refrigerator compressor market decreased by -2.4% to $X for the first time since 2018, thus ending a three-year rising trend. The market value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Refrigerator Compressor Production in SADC

In value terms, refrigerator compressor production expanded slightly to $X in 2022 estimated in export price. The total production indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.6% 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 -3.9% against 2020 indices. The pace of growth was the most pronounced in 2016 with an increase of 63% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Refrigerator Compressor Exports

Exports in SADC

In 2022, shipments abroad of compressors for refrigeration equipment increased by 7.1% to X units, rising for the second consecutive year after six years of decline. Over the period under review, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 31% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, refrigerator compressor exports amounted to $X in 2022. Overall, exports, however, recorded a perceptible contraction. The pace of growth was the most pronounced in 2021 when exports increased by 33% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

South Africa prevails in exports structure, amounting to X units, which was near 95% of total exports in 2022. Zambia (X units) followed a long way behind the leaders.

South Africa experienced a relatively flat trend pattern with regard to volume of exports of compressors for refrigeration equipment. At the same time, Zambia (+22.8%) displayed positive paces of growth. Moreover, Zambia emerged as the fastest-growing exporter exported in SADC, with a CAGR of +22.8% from 2012-2022. From 2012 to 2022, the share of Zambia increased by +2.5 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) remains the largest refrigerator compressor supplier in SADC, comprising 95% of total exports. The second position in the ranking was held by Zambia ($X), with a 0.7% share of total exports.

In South Africa, refrigerator compressor exports shrank by an average annual rate of -2.9% over the period from 2012-2022.

Export Prices by Country

The export price in SADC stood at $X per unit in 2022, therefore, remained relatively stable against the previous year. In general, the export price, however, recorded a pronounced decline. The pace of growth appeared the most rapid in 2017 when the export price increased by 20% against the previous year. The level of export peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was South Africa ($X per unit), while Zambia amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (-3.2%).

Refrigerator Compressor Imports

Imports in SADC

In 2022, overseas purchases of compressors for refrigeration equipment decreased by -14.8% to X units, falling for the second year in a row after three years of growth. Over the period under review, imports recorded a slight decrease. The growth pace was the most rapid in 2019 with an increase of 26%. The volume of import peaked at X units in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, refrigerator compressor imports fell modestly to $X in 2022. In general, imports saw a perceptible decline. The pace of growth appeared the most rapid in 2021 when imports increased by 16%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

South Africa prevails in imports structure, finishing at X units, which was near 85% of total imports in 2022. It was distantly followed by Zimbabwe (X units), making up a 5.2% share of total imports. The following importers - Swaziland (X units) and Democratic Republic of the Congo (X units) - together made up 5.5% of total imports.

From 2012 to 2022, average annual rates of growth with regard to refrigerator compressor imports into South Africa stood at -2.6%. At the same time, Democratic Republic of the Congo (+38.3%), Zimbabwe (+15.4%) and Swaziland (+8.7%) displayed positive paces of growth. Moreover, Democratic Republic of the Congo emerged as the fastest-growing importer imported in SADC, with a CAGR of +38.3% from 2012-2022. Zimbabwe (+4.1 p.p.), Swaziland (+2.2 p.p.) and Democratic Republic of the Congo (+2 p.p.) significantly strengthened its position in terms of the total imports, while South Africa saw its share reduced by -9.3% from 2012 to 2022, respectively.

In value terms, South Africa ($X) constitutes the largest market for imported compressors for refrigeration equipment in SADC, comprising 80% of total imports. The second position in the ranking was taken by Swaziland ($X), with a 2.5% share of total imports. It was followed by Zimbabwe, with a 2.3% share.

In South Africa, refrigerator compressor imports shrank by an average annual rate of -4.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Swaziland (+4.4% per year) and Zimbabwe (-2.0% per year).

Import Prices by Country

In 2022, the import price in SADC amounted to $X per unit, with an increase of 13% against the previous year. In general, the import price, however, showed a pronounced setback. The most prominent rate of growth was recorded in 2021 an increase of 53%. The level of import peaked at $X per unit in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Democratic Republic of the Congo ($X per unit), while Zimbabwe ($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 Africa (-1.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform