3.3 BRAZIL

As the largest market in Latin America, the Brazilian variable refrigerant flow (VRF) market accounts for about 40% of the total volume. Since the beginning of the pandemic, growth of VRF market in Brazil remained higher than that of other air conditioning segments. In 2021, VRFs registered a compound annual growth rate (CAGR) of 13%, which was at the same level as the applied market about 10 years ago.