Serbia: Electric Heating Equipment Market 2025

Electric Heating Equipment Market Size in Serbia

In 2022, the Serbian electric heating equipment market increased by 9.9% to $X, rising for the third year in a row after two years of decline. Overall, consumption posted a resilient expansion. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in years to come.

Electric Heating Equipment Production in Serbia

In value terms, electric heating equipment production stood at $X in 2022 estimated in export price. In general, production continues to indicate mild growth. The most prominent rate of growth was recorded in 2017 with an increase of 78%. Electric heating equipment production peaked in 2022 and is expected to retain growth in the near future.

Electric Heating Equipment Exports

Exports from Serbia

Electric heating equipment exports from Serbia rose slightly to X units in 2022, with an increase of 2.5% compared with the year before. Over the period under review, total exports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +3.9% 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 +34.9% against 2020 indices. The growth pace was the most rapid in 2014 when exports increased by 36%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, electric heating equipment exports fell slightly to $X in 2022. In general, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 26% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Poland (X units) was the main destination for electric heating equipment exports from Serbia, with a 43% share of total exports. Moreover, electric heating equipment exports to Poland exceeded the volume sent to the second major destination, Montenegro (X units), threefold. The third position in this ranking was taken by Slovenia (X units), with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Poland totaled +10.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Montenegro (+2.6% per year) and Slovenia (+26.2% per year).

In value terms, Poland ($X) remains the key foreign market for electric space heating apparatus and soil heating apparatus exports from Serbia, comprising 39% of total exports. The second position in the ranking was held by Montenegro ($X), with a 14% share of total exports. It was followed by Bosnia and Herzegovina, with a 13% share.

From 2012 to 2022, the average annual growth rate of value to Poland totaled +5.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Montenegro (-3.7% per year) and Bosnia and Herzegovina (-0.2% per year).

Export Prices by Country

The average electric heating equipment export price stood at $X per unit in 2022, waning by -3.3% against the previous year. Over the period under review, the export price saw a noticeable contraction. The growth pace was the most rapid in 2020 when the average export price increased by 18% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Bosnia and Herzegovina ($X per unit), while the average price for exports to Bulgaria ($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 Bosnia and Herzegovina (+0.2%), while the prices for the other major destinations experienced a decline.

Electric Heating Equipment Imports

Imports into Serbia

For the fourth year in a row, Serbia recorded growth in overseas purchases of electric space heating apparatus and soil heating apparatus, which increased by 11% to X units in 2022. In general, imports saw a strong expansion. The pace of growth appeared the most rapid in 2017 with an increase of 45% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, electric heating equipment imports rose notably to $X in 2022. Over the period under review, imports posted a prominent expansion. The most prominent rate of growth was recorded in 2017 with an increase of 46%. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest supplier of electric heating equipment to Serbia, accounting for a 70% share of total imports. Moreover, electric heating equipment imports from China exceeded the figures recorded by the second-largest supplier, Bulgaria (X units), sevenfold. The third position in this ranking was held by Turkey (X units), with a 4.2% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Bulgaria (+23.9% per year) and Turkey (+34.5% per year).

In value terms, China ($X) constituted the largest supplier of electric space heating apparatus and soil heating apparatus to Serbia, comprising 40% of total imports. The second position in the ranking was taken by Bulgaria ($X), with a 17% share of total imports. It was followed by Lithuania, with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Bulgaria (+28.6% per year) and Lithuania (-1.7% per year).

Import Prices by Country

The average electric heating equipment import price stood at $X per unit in 2022, dropping by -2.8% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 4.4%. The import price peaked at $X per unit in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform