2.3 SOUTHEAST ASIA

Overall, the air conditioning market in Southeast Asia was effervescent in 2023. The main markets, in Indonesia, Vietnam, Thailand, the Philippines, and Malaysia, all maintained good growth. The weather was relatively favorable, making it the biggest driver of growth. Indonesia, the largest market, performed exceptionally well, increasing by 16% year on year. The Thai market ended a decline spanning two consecutive years and showed Vshaped recovery. It seemed that the Vietnamese market did not increase as initially anticipated, but it maintained good growth. However, growth slowed in the second half of 2023 in several countries.