South-Eastern Asia: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in South-Eastern Asia

The Southeast Asian refrigerator compressor market amounted to $X in 2022, increasing by 10% against the previous year. In general, consumption, however, posted a tangible increase. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Refrigerator Compressor Production in South-Eastern Asia

In value terms, refrigerator compressor production skyrocketed to $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 96% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Refrigerator Compressor Exports

Exports in South-Eastern Asia

In 2022, overseas shipments of compressors for refrigeration equipment increased by 8.1% to X units, rising for the second year in a row after four years of decline. Overall, exports, however, recorded a abrupt downturn. The pace of growth appeared the most rapid in 2021 with an increase of 18% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, refrigerator compressor exports totaled $X in 2022. In general, exports, however, showed a pronounced curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 27% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Thailand represented the major exporting country with an export of about X units, which finished at 68% of total exports. Singapore (X units) took a 24% share (based on physical terms) of total exports, which put it in second place, followed by Malaysia (8.2%).

Thailand was also the fastest-growing in terms of the compressors for refrigeration equipment exports, with a CAGR of -3.8% from 2012 to 2022. Singapore (-12.4%) and Malaysia (-13.8%) illustrated a downward trend over the same period. Thailand (+23 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia and Singapore saw its share reduced by -7.9% and -15.8% from 2012 to 2022, respectively.

In value terms, Thailand ($X) remains the largest refrigerator compressor supplier in South-Eastern Asia, comprising 70% of total exports. The second position in the ranking was held by Singapore ($X), with a 21% share of total exports.

In Thailand, refrigerator compressor exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (-5.7% per year) and Malaysia (-7.2% per year).

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per unit, waning by -4.8% against the previous year. Export price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refrigerator compressor export price increased by +37.8% against 2017 indices. The pace of growth was the most pronounced in 2018 an increase of 19%. The level of export peaked at $X per unit in 2021, and then shrank modestly in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+7.7%), while the other leaders experienced more modest paces of growth.

Refrigerator Compressor Imports

Imports in South-Eastern Asia

In 2022, supplies from abroad of compressors for refrigeration equipment decreased by -4.5% to X units for the first time since 2018, thus ending a three-year rising trend. The total import volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 17%. Over the period under review, imports attained the peak figure at X units in 2021, and then dropped modestly in the following year.

In value terms, refrigerator compressor imports shrank to $X in 2022. In general, imports showed a mild curtailment. The pace of growth appeared the most rapid in 2021 when imports increased by 13% against the previous year. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Thailand represented the main importer of compressors for refrigeration equipment in South-Eastern Asia, with the volume of imports finishing at X units, which was near 68% of total imports in 2022. Vietnam (X units) ranks second in terms of the total imports with an 11% share, followed by Singapore (8.5%) and Indonesia (4.8%). Malaysia (X units) and the Philippines (X units) held a minor share of total imports.

Imports into Thailand increased at an average annual rate of +1.2% from 2012 to 2022. At the same time, Vietnam (+7.3%), the Philippines (+6.7%) and Singapore (+4.7%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +7.3% from 2012-2022. By contrast, Indonesia (-2.0%) and Malaysia (-8.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Vietnam and Singapore increased by +5.2 and +2.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) constitutes the largest market for imported compressors for refrigeration equipment in South-Eastern Asia, comprising 48% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 16% share of total imports. It was followed by Singapore, with a 13% share.

From 2012 to 2022, the average annual growth rate of value in Thailand amounted to -2.4%. The remaining importing countries recorded the following average annual rates of imports growth: Indonesia (-4.1% per year) and Singapore (+5.9% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per unit in 2022, with a decrease of -2.9% against the previous year. Overall, the import price continues to indicate a noticeable setback. The most prominent rate of growth was recorded in 2013 an increase of 4.5%. Over the period under review, import prices hit record highs at $X per unit in 2014; however, from 2015 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 Indonesia ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+1.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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