Affected by shipping and raw material prices falling year-on-year, high inventory easing and other factors, global refrigerator freezer production and sales have shown recovery growth, according to the latest “Global refrigerator freezer industry and market annual research Report” released by the industry online, the global refrigerator freezer production in 2023 is 216.86 million units, an increase of 5.9%; Sales were 207.52 million units, up 4.6 percent year on year. The scale of production and sales is much higher than the pre-epidemic level, but it is still less than the historical peak in 2021, and the regional market performance is clearly differentiated.
SHANDONG SENZHIHAI NEW MATERIAL CO., LTD.
Global production: Largest in Asia and fastest growing in Africa
Since 2023, the global manufacturing industry has recovered, which has a positive impact on boosting global economic growth expectations. However, under the influence of factors such as declining growth momentum and high inflation, the recovery rhythm of the manufacturing industry in different regions is different, and it gradually shows a differentiated trend.
In terms of scale, Asia is still the largest production base for refrigerator freezers, accounting for more than 70% of the global market share, with a total output of 166.95 million units in 2023. Although Thailand, Indonesia and South Korea and other countries have varying degrees of decline in production during the year, but by the fall in raw material prices, Chinese enterprises to accelerate the global industrial layout, superimposed on the impact of consumer demand warming, 2023 Asia’s overall production in China and India’s two major producer growth driven by the low base in the previous year on a year-on-year growth of 9%, the year showed a quarter by quarter trend.
From the perspective of year-on-year growth, regional production in Africa has achieved rapid growth in 2023. During the year, African countries implemented a series of economic reforms to promote the diversified development of the market, improve economic resilience, and stack the impact of a low base in 2022, 2023 African refrigerator freezer production growth reached 25.9%, of which Egypt, South Africa and other countries achieved double-digit growth.
Production in North America and Europe declined slightly year on year, with high inflation and monetary tightening, and high interest rates increasingly curbing manufacturing. 2023 North American refrigerator freezer production fell by 7.6%, the decline narrowed compared with the previous year; European refrigerator freezer production fell 7% year on year, of which Turkey, the largest production base in Europe, was affected by the decline in export demand, production fell slightly 2.2% year on year.
2021-2023 Global refrigerator freezer subdivision by continent production scale trend (10,000 units)
Global sales: The sales scale of multi-regional countries increased year-on-year
In 2023, the global sales scale of refrigerator freezers exceeded 200 million units again after 2021, an increase of 4.6%. In the context of weak global economic recovery, serious lack of growth momentum, and frequent geopolitical conflicts, demand in overseas emerging markets is rising, and high inventories in some traditional markets are easing, and demand for restocking is rising. In addition, inflation, exchange rate and other issues caused the consumption downgrade phenomenon, coupled with the development of e-commerce, further led to the growth of low-end products.
As the political and economic situation in the world has become more complex and volatile, the sales market in different regions has shown great differences.
Continental market performance, affected by high inflation and economic slowdown, residents’ cost of living pressure soared, further suppressed the consumer demand for durable goods such as refrigerators and freezers, 2023 Oceania and North America market size declined year-on-year, of which Australia and the United States as the main consumer market, the year-on-year decline of 11.4%, 6.5%.
Other continents have varying degrees of year-on-year growth, of which Africa’s economy has shown good resilience, with the further strengthening of China-Africa cooperation, economic acceleration, to a certain extent to stimulate the consumption of home appliances, 2023 sales growth of more than 30%.
From the perspective of major national markets, sales in more than half of the world’s countries in 2023 showed year-on-year growth, of which Russia surpassed Germany and the United Kingdom to become the largest sales market in Europe. During the year, Russia’s economy achieved stable growth, strong consumer demand, coupled with the continuous development of cross-border e-commerce, to a certain extent, promoted the consumer demand for refrigerators, superimposed last year’s low base, 2023 sales volume compared to an increase of 31.3%.
This is followed by Brazil, where the size of the refrigerator freezer market increased by 24.6% in 2023. As the largest consumer market in South America, the Brazilian government introduced a number of economic reforms and stimulus policies during the year, reducing inflation and stabilizing the job market, superimposed on the recovery of tourism and other factors to promote the increase in household purchasing power, which promoted the sales of refrigerator freezers.
As the largest cyclopentane manufacturer in China, SHANDONG SENZHIHAI NEW MATERIAL CO., LTD. continues to provide clean energy for the global refrigerator and freezer industry, and looks forward to cooperating with major refrigerator and freezer enterprises around the world
Post time: Sep-04-2024