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Feb 27, 2025

China's Compressors Market to Expand with Anticipated CAGR of +1.5%, Reaching 63M Units and $2.6B in Value by 2035 - News and Statistics - IndexBox

Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform. IndexBox has just published a new report: China - Compressors For Refrigeration Equipment - Market

Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform.

IndexBox has just published a new report: China - Compressors For Refrigeration Equipment - Market Analysis, Forecast, Size, Trends And Insights.

The demand for compressors in China's refrigeration equipment market is set to increase, with a forecasted CAGR of +1.5% in volume and +1.8% in value from 2024 to 2035. By the end of 2035, market volume is expected to reach 63M units, with a market value of $2.6B.

Driven by increasing demand for compressors for refrigeration equipment in China, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +1.5% for the period from 2024 to 2035, which is projected to bring the market volume to 63M units by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.8% for the period from 2024 to 2035, which is projected to bring the market value to $2.6B (in nominal wholesale prices) by the end of 2035.

In 2024, consumption of compressors for refrigeration equipment in China declined rapidly to 53M units, shrinking by -36.7% on the year before. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Refrigerator compressor consumption peaked at 84M units in 2023, and then dropped notably in the following year.

The revenue of the refrigerator compressor market in China dropped remarkably to $2.1B in 2024, shrinking by -35.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption recorded a slight setback. Refrigerator compressor consumption peaked at $3.3B in 2023, and then dropped dramatically in the following year.

In 2024, production of compressors for refrigeration equipment in China reduced modestly to 209M units, which is down by -1.7% on the year before. Over the period under review, production, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2021 with an increase of 26%. As a result, production attained the peak volume of 220M units. From 2022 to 2024, production growth failed to regain momentum.

In value terms, refrigerator compressor production reached $8.4B in 2024 estimated in export price. Overall, the total production indicated a pronounced expansion from 2013 to 2024: its value increased at an average annual rate of +4.8% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by -0.2% against 2022 indices. The growth pace was the most rapid in 2021 with an increase of 36%. Over the period under review, production attained the peak level at $8.4B in 2022; afterwards, it flattened through to 2024.

In 2024, approx. 5.3M units of compressors for refrigeration equipment were imported into China; shrinking by -6.8% against the year before. Over the period under review, imports showed a deep downturn. The most prominent rate of growth was recorded in 2017 with an increase of 9.6% against the previous year. Imports peaked at 13M units in 2013; however, from 2014 to 2024, imports remained at a lower figure.

In value terms, refrigerator compressor imports reduced to $846M in 2024. In general, imports saw a pronounced downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 26% against the previous year. As a result, imports attained the peak of $1.2B. From 2022 to 2024, the growth of imports remained at a lower figure.

Japan (1.5M units), Thailand (933K units) and South Korea (787K units) were the main suppliers of refrigerator compressor imports to China, together accounting for 56% of total imports. Slovakia, Germany, India, Austria, Brazil and Singapore lagged somewhat behind, together comprising a further 24%.

From 2013 to 2023, the biggest increases were recorded for Austria (with a CAGR of +86.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refrigerator compressor suppliers to China were Japan ($265M), Thailand ($166M) and South Korea ($67M), together comprising 55% of total imports. Germany, India, Slovakia, Brazil, Austria and Singapore lagged somewhat behind, together accounting for a further 17%.

Austria, with a CAGR of +64.7%, recorded the highest rates of growth with regard to 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.

The average refrigerator compressor import price stood at $159 per unit in 2023, reducing by -4.9% against the previous year. Over the period under review, import price indicated resilient growth from 2013 to 2023: its price increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, refrigerator compressor import price increased by +75.8% against 2013 indices. The pace of growth appeared the most rapid in 2021 when the average import price increased by 26% against the previous year. The import price peaked at $167 per unit in 2022, and then dropped slightly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($179 per unit), while the price for Austria ($31 per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by South Korea (+6.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Refrigerator compressor exports from China skyrocketed to 161M units in 2024, growing by 20% on 2023. Overall, exports posted buoyant growth. The growth pace was the most rapid in 2021 when exports increased by 27%. The exports peaked in 2024 and are expected to retain growth in years to come.

In value terms, refrigerator compressor exports expanded significantly to $5.8B in 2024. In general, total exports indicated strong growth from 2013 to 2024: its value increased at an average annual rate of +5.9% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by 37%. The exports peaked in 2024 and are likely to continue growth in the near future.

India (19M units), Thailand (15M units) and Turkey (14M units) were the main destinations of refrigerator compressor exports from China, together accounting for 35% of total exports. South Korea, Mexico, Indonesia, the United States, Brazil, Japan, Russia and Poland lagged somewhat behind, together comprising a further 32%.

From 2013 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of +23.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refrigerator compressor exported from China were India ($582M), Thailand ($492M) and South Korea ($413M), with a combined 29% share of total exports. Turkey, Japan, the United States, Mexico, Brazil, Russia, Indonesia and Poland lagged somewhat behind, together accounting for a further 34%.

Mexico, with a CAGR of +22.4%, recorded 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.

The average refrigerator compressor export price stood at $39 per unit in 2023, which is down by -4.7% against the previous year. Overall, the export price recorded a pronounced descent. The most prominent rate of growth was recorded in 2022 an increase of 8.7% against the previous year. The export price peaked at $51 per unit in 2013; however, from 2014 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2023, amid the top suppliers, the country with the highest price was Japan ($72 per unit), while the average price for exports to Indonesia ($22 per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+1.6%), while the prices for the other major destinations experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the refrigerator compressor market in China. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

Making Data-Driven Decisions to Grow Your Business

A Quick Overview of Market Performance

Understanding the Current State of The Market and Its Prospects

Finding New Products to Diversify Your Business

Choosing the Best Countries to Establish Your Sustainable Supply Chain

Choosing the Best Countries to Boost Your Exports

The Latest Trends and Insights into The Industry

The Largest Import Supplying Countries

The Largest Destinations for Exports

The Largest Producers on The Market and Their Profiles