Southern Asia: Refrigerator Compressor Market 2025

Refrigerator Compressor Market Size in Southern Asia

The South Asian refrigerator compressor market expanded to $X in 2022, picking up by 3% against the previous year. The total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.1% 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 +65.5% against 2014 indices. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Refrigerator Compressor Production in Southern Asia

In value terms, refrigerator compressor production rose markedly to $X in 2022 estimated in export price. The total production indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.9% 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 -11.4% against 2020 indices. The pace of growth was the most pronounced in 2020 with an increase of 84% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Refrigerator Compressor Exports

Exports in Southern Asia

In 2022, overseas shipments of compressors for refrigeration equipment increased by 22% to X units, rising for the fourth year in a row after two years of decline. Overall, exports enjoyed a strong increase. The most prominent rate of growth was recorded in 2021 when exports increased by 94%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in years to come.

In value terms, refrigerator compressor exports surged to $X in 2022. Over the period under review, exports enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2021 with an increase of 84% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

In 2022, India (X units) represented the largest exporter of compressors for refrigeration equipment in Southern Asia, mixing up 100% of total export.

India was also the fastest-growing in terms of the compressors for refrigeration equipment exports, with a CAGR of +10.0% from 2012 to 2022. India (+4.9 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest refrigerator compressor supplier in Southern Asia.

In India, refrigerator compressor exports expanded at an average annual rate of +12.8% over the period from 2012-2022.

Export Prices by Country

The export price in Southern Asia stood at $X per unit in 2022, rising by 2.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2020 when the export price increased by 25%. As a result, the export price attained the peak level of $X per unit. From 2021 to 2022, the export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2022, the rate of growth in terms of prices for India amounted to +2.6% per year.

Refrigerator Compressor Imports

Imports in Southern Asia

In 2022, the amount of compressors for refrigeration equipment imported in Southern Asia dropped slightly to X units, shrinking by -3.5% compared with the previous year's figure. Over the period under review, imports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of 44% against the previous year. Over the period under review, imports hit record highs at X units in 2021, and then dropped slightly in the following year.

In value terms, refrigerator compressor imports shrank modestly to $X in 2022. In general, imports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 46%. As a result, imports attained the peak of $X, and then shrank in the following year.

Imports by Country

In 2022, India (X units) represented the largest importer of compressors for refrigeration equipment, creating 56% of total imports. Pakistan (X units) held the second position in the ranking, distantly followed by Bangladesh (X units). All these countries together took approx. 43% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Bangladesh (with a CAGR of +23.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refrigerator compressor importing markets in Southern Asia were India ($X), Pakistan ($X) and Bangladesh ($X), with a combined 99% share of total imports.

Bangladesh, with a CAGR of +16.4%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Southern Asia stood at $X per unit in 2022, almost unchanged from the previous year. In general, the import price continues to indicate a noticeable slump. The growth pace was the most rapid in 2021 when the import price increased by 6% against the previous year. Over the period under review, import prices attained the maximum at $X per unit in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Pakistan ($X per unit), while India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (-2.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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