U.S.: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in the U.S.

In 2022, the U.S. refrigerator compressor market increased by 22% to $X, rising for the sixth year in a row after three years of decline. Over the period under review, the total consumption indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +4.4% 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 +81.0% against 2016 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Refrigerator Compressor Production in the U.S.

In value terms, refrigerator compressor production soared to $X in 2022. In general, production enjoyed noticeable growth. The pace of growth was the most pronounced in 2020 when the production volume increased by 135%. 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 from the U.S.

In 2022, overseas shipments of compressors for refrigeration equipment increased by 9.7% to X units, rising for the second consecutive year after three years of decline. Overall, exports, however, continue to indicate a slight decrease. The most prominent rate of growth was recorded in 2021 with an increase of 19% against the previous year. Over the period under review, the exports hit record highs at X units in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, refrigerator compressor exports rose rapidly to $X in 2022. In general, exports, however, saw a relatively flat trend pattern. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Mexico (X units) was the main destination for refrigerator compressor exports from the United States, with a 54% share of total exports. Moreover, refrigerator compressor exports to Mexico exceeded the volume sent to the second major destination, Canada (X units), twofold. The third position in this ranking was held by Germany (X units), with a 5.1% share.

From 2012 to 2022, the average annual growth rate of volume to Mexico stood at +2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-2.7% per year) and Germany (+14.4% per year).

In value terms, Mexico ($X) remains the key foreign market for compressors for refrigeration equipment exports from the United States, comprising 44% of total exports. The second position in the ranking was held by Canada ($X), with a 19% share of total exports. It was followed by Germany, with a 5.8% share.

From 2012 to 2022, the average annual growth rate of value to Mexico totaled +3.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-0.5% per year) and Germany (+13.3% per year).

Export Prices by Country

The average refrigerator compressor export price stood at $X per unit in 2022, rising by 2.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2020 an increase of 21%. As a result, the export price reached the peak level of $X per unit. From 2021 to 2022, the average export prices failed to regain momentum.

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 Saudi Arabia ($X per unit), while the average price for exports to Canada ($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 Saudi Arabia (+6.9%), while the prices for the other major destinations experienced more modest paces of growth.

Refrigerator Compressor Imports

Imports into the U.S.

In 2022, imports of compressors for refrigeration equipment into the United States expanded remarkably to X units, surging by 5.9% on the previous year. The total import volume increased at an average annual rate of +2.2% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 24%. Imports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, refrigerator compressor imports skyrocketed to $X in 2022. The total import value increased at an average annual rate of +4.4% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 24%. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in years to come.

Imports by Country

Mexico (X units), China (X units) and South Korea (X units) were the main suppliers of refrigerator compressor imports to the United States, with a combined 63% share of total imports. Japan, Brazil, Taiwan (Chinese), Thailand, Slovakia, Malaysia, Singapore and Hungary lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Taiwan (Chinese) (with a CAGR of +39.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refrigerator compressor suppliers to the United States were Mexico ($X), Japan ($X) and South Korea ($X), together accounting for 65% of total imports. China, Thailand, Taiwan (Chinese), Brazil, Slovakia, Malaysia, Singapore and Hungary lagged somewhat behind, together comprising a further 26%.

Among the main suppliers, Taiwan (Chinese), with a CAGR of +34.3%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average refrigerator compressor import price amounted to $X per unit, increasing by 13% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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