Thailand: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Thailand

In 2021, after four years of growth, there was significant decline in the Thai commercial refrigeration equipment market, when its value decreased by -6.5% to $X. Overall, the total consumption indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +62.3% against 2016 indices. Over the period under review, the market attained the maximum level at $X in 2020, and then shrank in the following year.

Commercial Refrigeration Equipment Production in Thailand

In value terms, commercial refrigeration equipment production contracted to $X in 2021 estimated in export price. Overall, the total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +58.1% against 2017 indices. The pace of growth appeared the most rapid in 2019 with an increase of 42%. Commercial refrigeration equipment production peaked at $X in 2020, and then reduced slightly in the following year.

Commercial Refrigeration Equipment Exports

Exports from Thailand

In 2021, shipments abroad of refrigerating and freezing equipment and heat pumps (except household type equipment) increased by 20% to X units for the first time since 2016, thus ending a four-year declining trend. Over the period under review, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when exports increased by 45%. The exports peaked at X units in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, commercial refrigeration equipment exports skyrocketed to $X in 2021. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 24% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for commercial refrigeration equipment exports from Thailand, accounting for a 44% share of total exports. Moreover, commercial refrigeration equipment exports to the United States exceeded the volume sent to the second major destination, Indonesia (X units), sixfold. The third position in this ranking was held by the Philippines (X units), with a 6.8% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +15.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-0.6% per year) and the Philippines (+1.3% per year).

In value terms, the United States ($X) remains the key foreign market for refrigerating and freezing equipment and heat pumps (except household type equipment) exports from Thailand, comprising 36% of total exports. The second position in the ranking was held by Indonesia ($X), with an 11% share of total exports. It was followed by Japan, with a 5.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +19.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+1.8% per year) and Japan (-1.4% per year).

Export Prices by Country

In 2021, the average commercial refrigeration equipment export price amounted to $X per unit, with a decrease of -3.9% against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 32%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2021, 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 Australia ($X per unit), while the average price for exports to China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+14.7%), while the prices for the other major destinations experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports into Thailand

In 2021, purchases abroad of refrigerating and freezing equipment and heat pumps (except household type equipment) was finally on the rise to reach X units after two years of decline. Over the period under review, imports, however, continue to indicate a perceptible descent. The growth pace was the most rapid in 2015 with an increase of 42% against the previous year. Over the period under review, imports reached the maximum at X units in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, commercial refrigeration equipment imports expanded sharply to $X in 2021. Overall, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when imports increased by 12%. Imports peaked in 2021 and are likely to continue growth in years to come.

Imports by Country

In 2021, China (X units) constituted the largest supplier of commercial refrigeration equipment to Thailand, accounting for a 67% share of total imports. Moreover, commercial refrigeration equipment imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), fivefold. India (X units) ranked third in terms of total imports with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+4.2% per year) and India (+10.0% per year).

In value terms, China ($X) constituted the largest supplier of refrigerating and freezing equipment and heat pumps (except household type equipment) to Thailand, comprising 62% of total imports. The second position in the ranking was held by India ($X), with an 8% share of total imports. It was followed by Japan, with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+15.8% per year) and Japan (-2.5% per year).

Import Prices by Country

In 2021, the average commercial refrigeration equipment import price amounted to $X per unit, rising by 4.5% against the previous year. Overall, import price indicated temperate growth from 2012 to 2021: its price increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, commercial refrigeration equipment import price increased by +84.0% against 2016 indices. The most prominent rate of growth was recorded in 2019 an increase of 43% against the previous year. Over the period under review, average import prices reached the peak figure in 2021 and is likely to see gradual growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+26.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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