China: Combined Refrigerator-Freezer Market 2023

Combined Refrigerator-Freezer Market Size in China

In 2021, the Chinese combined refrigerator-freezer market decreased by -8.7% to $X, falling for the fourth year in a row after six years of growth. In general, consumption, however, saw a relatively flat trend pattern. Combined refrigerator-freezer consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Combined Refrigerator-Freezer Production in China

In value terms, combined refrigerator-freezer production shrank to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 when the production volume increased by 18% against the previous year. Combined refrigerator-freezer production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Combined Refrigerator-Freezer Exports

Exports from China

In 2021, approx. X units of combined refrigerators-freezers were exported from China; picking up by 6.3% compared with 2020 figures. In general, exports recorded a prominent increase. The pace of growth was the most pronounced in 2018 when exports increased by 63%. Over the period under review, the exports attained the peak figure in 2021 and are likely to see gradual growth in years to come.

In value terms, combined refrigerator-freezer exports soared to $X in 2021. Over the period under review, exports saw a buoyant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X units), Japan (X units) and the UK (X units) were the main destinations of combined refrigerator-freezer exports from China, with a combined 28% share of total exports. These countries were followed by France, Italy, Spain, Germany, South Korea, Chile, Belgium, Poland, South Africa and Russia, which together accounted for a further 33%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belgium (with a CAGR of +56.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for combined refrigerator-freezer exported from China were the United States ($X), Japan ($X) and the UK ($X), with a combined 31% share of total exports. France, South Korea, Germany, Poland, Spain, Italy, Chile, Russia, Belgium and South Africa lagged somewhat behind, together accounting for a further 32%.

In terms of the main countries of destination, Belgium, with a CAGR of +50.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average combined refrigerator-freezer export price stood at $X per unit in 2021, growing by 22% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. Over the period under review, the average export prices reached the peak figure at $X per unit in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Poland ($X per unit), while the average price for exports to South Africa ($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 South Korea (+11.3%), while the prices for the other major destinations experienced more modest paces of growth.

Combined Refrigerator-Freezer Imports

Imports into China

In 2021, supplies from abroad of combined refrigerators-freezers was finally on the rise to reach X units after three years of decline. Over the period under review, total imports indicated modest growth from 2012 to 2021: its volume increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at X units in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, combined refrigerator-freezer imports surged to $X in 2021. In general, total imports indicated tangible growth from 2012 to 2021: its value 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, imports increased by +55.6% against 2019 indices. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Germany (X units), Japan (X units) and Turkey (X units) were the main suppliers of combined refrigerator-freezer imports to China, with a combined 68% share of total imports. Italy, Thailand, the United Arab Emirates and South Korea lagged somewhat behind, together comprising a further 25%.

From 2012 to 2021, the biggest increases were in the United Arab Emirates (with a CAGR of +11.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest combined refrigerator-freezer suppliers to China were Japan ($X), Germany ($X) and Turkey ($X), with a combined 75% share of total imports.

Germany, with a CAGR of +10.7%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average combined refrigerator-freezer import price stood at $X per unit in 2021, leveling off at the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.4%. The pace of growth was the most pronounced in 2020 an increase of 19% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was South Korea ($X per unit), while the price for the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+6.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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