Eastern Asia: Heat Pump Market 2024

Heat Pump Market Size in Eastern Asia

The East Asian heat pump market soared to $X in 2023, picking up by X% against the previous year. Over the period under review, consumption, however, recorded a slight curtailment. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2023, consumption remained at a lower figure.

Heat Pump Production in Eastern Asia

In value terms, heat pump production fell to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2023, production growth remained at a somewhat lower figure.

Heat Pump Exports

Exports in Eastern Asia

After eight years of growth, overseas shipments of heat pumps other than air conditioning machines decreased by X% to X units in 2023. In general, exports, however, recorded buoyant growth. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. The volume of export peaked at X units in 2022, and then reduced markedly in the following year.

In value terms, heat pump exports shrank to $X in 2023. Overall, exports, however, showed a resilient increase. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, the exports reached the maximum at $X in 2022, and then contracted in the following year.

Exports by Country

China prevails in exports structure, finishing at X units, which was approx. X% of total exports in 2023. Japan (X units) held the second position in the ranking, followed by South Korea (X units). All these countries together took approx. X% share of total exports.

Exports from China increased at an average annual rate of X% from 2012 to 2023. At the same time, South Korea (X%) and Japan (X%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of X% from 2012-2023. While the share of China (X p.p.) and South Korea (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Japan (X p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest heat pump supplier in Eastern Asia, comprising X% of total exports. The second position in the ranking was taken by Japan ($X), with a X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of value in China amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (X% per year) and South Korea (X% per year).

Export Prices by Country

In 2023, the export price in Eastern Asia amounted to $X per unit, with an increase of X% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 an increase of X%. The level of export peaked at $X per unit in 2013; afterwards, it flattened through to 2023.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Japan ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the other leaders experienced more modest paces of growth.

Heat Pump Imports

Imports in Eastern Asia

Heat pump imports rose notably to X units in 2023, growing by X% compared with 2022 figures. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. The volume of import peaked at X units in 2014; however, from 2015 to 2023, imports failed to regain momentum.

In value terms, heat pump imports fell modestly to $X in 2023. Over the period under review, imports, however, continue to indicate a mild curtailment. The pace of growth was the most pronounced in 2019 when imports increased by X%. The level of import peaked at $X in 2014; however, from 2015 to 2023, imports stood at a somewhat lower figure.

Imports by Country

Japan was the key importing country with an import of about X units, which amounted to X% of total imports. Hong Kong SAR (X units) held the second position in the ranking, followed by China (X units), South Korea (X units) and Taiwan (Chinese) (X units). All these countries together took approx. X% share of total imports.

From 2012 to 2023, average annual rates of growth with regard to heat pump imports into Japan stood at X%. At the same time, South Korea (X%), China (X%) and Hong Kong SAR (X%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of X% from 2012-2023. By contrast, Taiwan (Chinese) (X%) illustrated a downward trend over the same period. While the share of South Korea (X p.p.), China (X p.p.) and Hong Kong SAR (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Taiwan (Chinese) (X p.p.) and Japan (X p.p.) displayed negative dynamics.

In value terms, Japan ($X) constitutes the largest market for imported heat pumps other than air conditioning machines in Eastern Asia, comprising X% of total imports. The second position in the ranking was held by South Korea ($X), with an X% share of total imports. It was followed by Hong Kong SAR, with a X% share.

In Japan, heat pump imports expanded at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (X% per year) and Hong Kong SAR (X% per year).

Import Prices by Country

In 2023, the import price in Eastern Asia amounted to $X per unit, with a decrease of X% against the previous year. Overall, the import price showed a mild curtailment. The pace of growth appeared the most rapid in 2018 an increase of X%. The level of import peaked at $X per unit in 2012; however, from 2013 to 2023, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in South Korea ($X per unit) and Japan ($X per unit), while China ($X per unit) and Hong Kong SAR ($X per unit) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Japan (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform