Asia: Hvac Equipment Market 2024

Hvac Equipment Market Size in Asia

In 2022, after three years of decline, there was growth in the Asian HVAC equipment market, when its value increased by X% to $X. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Hvac Equipment Production in Asia

In value terms, HVAC equipment production dropped slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2018 with an increase of X%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Hvac Equipment Exports

Exports in Asia

For the third consecutive year, Asia recorded growth in shipments abroad of HVAC equipment, which increased by X% to X units in 2022. Overall, exports enjoyed notable growth. The most prominent rate of growth was recorded in 2018 when exports increased by X%. The volume of export peaked in 2022 and is likely to see gradual growth in years to come.

In value terms, HVAC equipment exports rose notably to $X in 2022. Total exports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2012 indices. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The level of export peaked in 2022 and is likely to see gradual growth in the near future.

Exports by Country

In 2022, China (X units) represented the key exporter of HVAC equipment, generating X% of total exports. It was distantly followed by Hong Kong SAR (X units), achieving a X% share of total exports. The following exporters - Thailand (X units), Taiwan (Chinese) (X units) and Kyrgyzstan (X units) - together made up X% of total exports.

From 2012 to 2022, average annual rates of growth with regard to HVAC equipment exports from China stood at X%. At the same time, Kyrgyzstan (X%), Thailand (X%) and Taiwan (Chinese) (X%) displayed positive paces of growth. Moreover, Kyrgyzstan emerged as the fastest-growing exporter exported in Asia, with a CAGR of X% from 2012-2022. By contrast, Hong Kong SAR (X%) illustrated a downward trend over the same period. Kyrgyzstan (X p.p.), China (X p.p.) and Thailand (X p.p.) significantly strengthened its position in terms of the total exports, while Hong Kong SAR saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest HVAC equipment supplier in Asia, comprising X% of total exports. The second position in the ranking was held by Thailand ($X), with a X% share of total exports. It was followed by Hong Kong SAR, with a X% share.

In China, HVAC equipment exports expanded at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (X% per year) and Hong Kong SAR (X% per year).

Export Prices by Country

The export price in Asia stood at $X per unit in 2022, picking up by X% against the previous year. In general, the export price showed a slight expansion. The pace of growth appeared the most rapid in 2015 when the export price increased by X% against the previous year. Over the period under review, the export prices hit record highs at $X per unit in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (X%), while the other leaders experienced more modest paces of growth.

Hvac Equipment Imports

Imports in Asia

In 2022, overseas purchases of HVAC equipment decreased by X% to X units for the first time since 2019, thus ending a two-year rising trend. Total imports indicated a temperate increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2019 indices. The pace of growth was the most pronounced in 2020 with an increase of X%. The volume of import peaked at X units in 2021, and then dropped slightly in the following year.

In value terms, HVAC equipment imports expanded rapidly to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when imports increased by X%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Hong Kong SAR (X units) and China (X units) represented roughly X% of total imports in 2022. Thailand (X units) held an X% share (based on physical terms) of total imports, which put it in second place, followed by Taiwan (Chinese) (X%), Turkey (X%) and Japan (X%). Singapore (X units), India (X units) and Malaysia (X units) held a relatively small share of total imports.

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

In value terms, the largest HVAC equipment importing markets in Asia were Japan ($X), China ($X) and Hong Kong SAR ($X), together comprising X% of total imports. Singapore, India, Turkey, Taiwan (Chinese), Thailand and Malaysia lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Taiwan (Chinese), with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per unit in 2022, growing by X% against the previous year. Over the period under review, the import price, however, recorded a mild setback. The most prominent rate of growth was recorded in 2014 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs at $X per unit in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per unit), while Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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