2.10 LATIN AMERICA

The pandemic has severely hit the air conditioning market in Latin America. However, as people adapt to the ongoing pandemic, industrial and commercial activities have resumed, and the economy has grown.

JPMorgan Chase has estimated that the average economic growth rate of Latin America in 2021 will reach 6.6%. The output value of the construction industry will increase by 13.1% year on year, mainly due to the large-scale contraction in 2020 caused by the pandemic.

RAC demand in many Latin American countries has ended the sharp decline in 2020, and excellent V-shaped recovery has taken place.