Vietnam: Market for Turbo, Rotary and Reciporating Displacement Compressors 2024

Market Size for Turbo, Rotary and Reciporating Displacement Compressors in Vietnam

After five years of growth, the Vietnamese market for turbo, rotary and reciporating displacement compressors decreased by -7.2% to $X in 2022. Overall, consumption, however, posted significant growth. Consumption of peaked at $X in 2021, and then reduced in the following year.

Exports of Turbo, Rotary and Reciporating Displacement Compressors

Exports from Vietnam

After two years of growth, shipments abroad of turbo, rotary and reciporating displacement compressors decreased by -43.9% to X units in 2022. Overall, exports, however, showed a measured increase. The growth pace was the most rapid in 2021 with an increase of 273% against the previous year. As a result, the exports attained the peak of X units, and then dropped markedly in the following year.

In value terms, exports of turbo, rotary and reciporating displacement compressors shrank rapidly to $X in 2022. Over the period under review, exports recorded a pronounced reduction. The growth pace was the most rapid in 2021 when exports increased by 127% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for exports of turbo, rotary and reciporating displacement compressors from Vietnam, accounting for a 62% share of total exports. Moreover, exports of turbo, rotary and reciporating displacement compressors to the United States exceeded the volume sent to the second major destination, Japan (X units), fourfold. The third position in this ranking was held by South Korea (X units), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +6.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+124.0% per year) and South Korea (+71.5% per year).

In value terms, the United States ($X), Japan ($X) and South Korea ($X) constituted the largest markets for turbo, rotary and reciporating displacement compressor exported from Vietnam worldwide, together comprising 74% of total exports.

Japan, with a CAGR of +111.6%, saw the highest growth rate of the value of exports, among 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

In 2022, the average export price for turbo, rotary and reciporating displacement compressors amounted to $X per unit, rising by 28% against the previous year. Over the period under review, the export price, however, saw a deep slump. The export price peaked at $X per unit in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to the United States ($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 the United States (+16.6%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Turbo, Rotary and Reciporating Displacement Compressors

Imports into Vietnam

In 2022, purchases abroad of turbo, rotary and reciporating displacement compressors decreased by -10.8% to X units for the first time since 2016, thus ending a five-year rising trend. Over the period under review, imports, however, recorded significant growth. The pace of growth was the most pronounced in 2015 with an increase of 108% against the previous year. Over the period under review, imports of hit record highs at X units in 2021, and then declined in the following year.

In value terms, imports of turbo, rotary and reciporating displacement compressors fell modestly to $X in 2022. Overall, imports, however, recorded a prominent expansion. The growth pace was the most rapid in 2015 with an increase of 158% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports of remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest turbo, rotary and reciporating displacement compressor supplier to Vietnam, with a 60% share of total imports. Moreover, imports of turbo, rotary and reciporating displacement compressors from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), eightfold. The third position in this ranking was taken by India (X units), with a 6.1% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +33.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+39.4% per year) and India (+37.7% per year).

In value terms, China ($X) constituted the largest supplier of turbo, rotary and reciporating displacement compressors to Vietnam, comprising 63% of total imports. The second position in the ranking was held by Thailand ($X), with an 11% share of total imports. It was followed by South Korea, with a 5.3% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +21.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+54.1% per year) and South Korea (+5.6% per year).

Import Prices by Country

The average import price for turbo, rotary and reciporating displacement compressors stood at $X per unit in 2022, rising by 7% against the previous year. In general, the import price, however, recorded a abrupt downturn. The growth pace was the most rapid in 2013 an increase of 26% against the previous year. 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 Thailand ($X per unit), while the price for Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+10.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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