Global Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size

The global refrigerator compressor market expanded sharply to $X in 2022, increasing by 13% against the previous year. The market value increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Refrigerator Compressor Production

In value terms, refrigerator compressor production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 when the production volume increased by 17% against the previous year. Global production peaked in 2022 and is likely to see gradual growth in years to come.

Refrigerator Compressor Exports

Exports

In 2022, global refrigerator compressor exports dropped to X units, waning by -2.4% compared with 2021 figures. The total export volume increased at an average annual rate of +2.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 23%. As a result, the exports attained the peak of X units, and then reduced in the following year.

In value terms, refrigerator compressor exports expanded slightly to $X in 2022. The total export value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 25% against the previous year. Over the period under review, the global exports attained the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

China dominates exports structure, recording X units, which was approx. 56% of total exports in 2022. Japan (X units) ranks second in terms of the total exports with an 8.3% share, followed by Mexico (7.4%). Thailand (X units), Germany (X units), Brazil (X units), South Korea (X units), Slovakia (X units) and the United States (X units) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +9.8% from 2012 to 2022. At the same time, Mexico (+15.0%), South Korea (+6.3%) and Japan (+3.2%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing exporter exported in the world, with a CAGR of +15.0% from 2012-2022. By contrast, the United States (-1.5%), Thailand (-3.8%), Slovakia (-3.9%), Germany (-4.2%) and Brazil (-7.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China and Mexico increased by +27 and +5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest refrigerator compressor supplier worldwide, comprising 33% of global exports. The second position in the ranking was taken by Japan ($X), with an 11% share of global exports. It was followed by Germany, with an 8.3% share.

In China, refrigerator compressor exports increased at an average annual rate of +7.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (-0.2% per year) and Germany (+3.6% per year).

Export Prices by Country

The average refrigerator compressor export price stood at $X per unit in 2022, surging by 4.3% against the previous year. In general, the export price, however, recorded a slight curtailment. Over the period under review, the average export prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+8.2%), while the other global leaders experienced more modest paces of growth.

Refrigerator Compressor Imports

Imports

In 2022, approx. X units of compressors for refrigeration equipment were imported worldwide; remaining stable against the previous year's figure. The total import volume increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 24%. As a result, imports attained the peak of X units, leveling off in the following year.

In value terms, refrigerator compressor imports rose slightly to $X in 2022. The total import value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 23% against the previous year. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, the United States (X units) and Mexico (X units) represented the key importers of compressors for refrigeration equipmentaround the world, together finishing at near 23% of total imports. It was followed by Turkey (X units), Thailand (X units), Germany (X units) and India (X units), together achieving a 24% share of total imports. Italy (X units), Russia (X units), Brazil (X units), Pakistan (X units), China (X units), Poland (X units) and Egypt (X units) took a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Egypt (with a CAGR of +17.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($X) constitutes the largest market for imported compressors for refrigeration equipment worldwide, comprising 18% of global imports. The second position in the ranking was held by Mexico ($X), with an 8% share of global imports. It was followed by Germany, with a 7.5% share.

In the United States, refrigerator compressor imports increased at an average annual rate of +4.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Mexico (+2.4% per year) and Germany (+1.2% per year).

Import Prices by Country

In 2022, the average refrigerator compressor import price amounted to $X per unit, with an increase of 3.7% against the previous year. Overall, the import price, however, showed a slight shrinkage. Over the period under review, average import prices reached the peak figure at $X per unit in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($X per unit), while Egypt ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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