Turkey: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in Turkey

The Turkish refrigerator compressor market was estimated at $X in 2022, picking up by 3.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.5% 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 +44.5% against 2019 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Refrigerator Compressor Exports

Exports from Turkey

For the third consecutive year, Turkey recorded growth in overseas shipments of compressors for refrigeration equipment, which increased by 23% to X units in 2022. In general, exports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2014 with an increase of 80% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to see steady growth in years to come.

In value terms, refrigerator compressor exports soared to $X in 2022. Over the period under review, exports recorded a resilient expansion. The pace of growth was the most pronounced in 2014 when exports increased by 49% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

Romania (X units), Pakistan (X units) and Algeria (X units) were the main destinations of refrigerator compressor exports from Turkey, with a combined 57% share of total exports. Russia, Iran, Thailand, Egypt, Italy, China, Poland, Germany and Azerbaijan lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +95.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refrigerator compressor exported from Turkey were Algeria ($X), Romania ($X) and Pakistan ($X), together accounting for 46% of total exports. Russia, Iran, Italy, Egypt, Germany, Azerbaijan, Poland, Thailand and China lagged somewhat behind, together accounting for a further 25%.

China, with a CAGR of +60.2%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average refrigerator compressor export price stood at $X per unit in 2022, rising by 20% against the previous year. Overall, export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +2.4% 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 +15.1% against 2019 indices. The pace of growth was the most pronounced in 2013 an increase of 50%. As a result, the export price reached the peak level of $X per unit. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Azerbaijan ($X per unit), while the average price for exports to China ($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 Azerbaijan (+15.6%), while the prices for the other major destinations experienced more modest paces of growth.

Refrigerator Compressor Imports

Imports into Turkey

After two years of growth, overseas purchases of compressors for refrigeration equipment decreased by -1.3% to X units in 2022. Over the period under review, total imports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +92.7% against 2014 indices. The most prominent rate of growth was recorded in 2020 with an increase of 20%. Imports peaked at X units in 2021, and then dropped in the following year.

In value terms, refrigerator compressor imports reached $X in 2022. In general, total imports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +46.6% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 23% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X units) constituted the largest supplier of refrigerator compressor to Turkey, with a 83% share of total imports. Moreover, refrigerator compressor imports from China exceeded the figures recorded by the second-largest supplier, Slovakia (X units), more than tenfold. Hungary (X units) ranked third in terms of total imports with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +11.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Slovakia (-7.2% per year) and Hungary (+55.6% per year).

In value terms, China ($X) constituted the largest supplier of compressors for refrigeration equipment to Turkey, comprising 61% of total imports. The second position in the ranking was taken by Germany ($X), with a 6.3% share of total imports. It was followed by Hungary, with a 4.5% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +8.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+6.4% per year) and Hungary (+49.8% per year).

Import Prices by Country

The average refrigerator compressor import price stood at $X per unit in 2022, picking up by 6.2% against the previous year. Overall, the import price, however, continues to indicate a pronounced decrease. The pace of growth appeared the most rapid in 2013 an increase of 7.3%. As a result, import price attained the peak level of $X per unit. From 2014 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+5.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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