Headline News Volume 730
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eJARN.com Headline News
Date: June 05, 2024, Volume 730
( http://www.ejarn.com )
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< May Special edition>
1. Europe
The air conditioning industry in Europe met sales expectations in early 2023 but faced a post-summer downturn due to inflation. Inflation has dampened investment and consumer purchasing power, impacting both the residential and commercial sectors. Geopolitical issues have disrupted logistics, prompting companies to raise stock levels. The European VRF market decreased by 0.3% from the previous year to 215,000 units.
May Special page 14
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2. South East ASIA
While the Southeast Asian VRF market expanded in 2023, the growth rate dropped compared with the previous year. Thailand, Indonesia, and Malaysia experienced steady growth. The Philippines has seen sustained growth despite its smaller market size. Singapore faces a challenging market with a notable decline, and Vietnam’s market downturn is even more pronounced. The primary markets in Southeast Asia are expected to see increased demand for mid-sized apartments and hotels as the economy and tourism rebound, with projections for further growth in 2024
May Special page 24
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3. OCEANIA
In the air conditioning market in Oceania, VRF systems are part of a mature segment in which replacements make up about 70% of sales. The market is moving towards energy-efficient products, with the use of heat pumps on the rise thanks to incentives and regulations designed to phase out heating equipment that uses fossil fuels. In 2023, the Australian VRF market saw modest growth, with sales nearing 27,000 units.
May Special page 36
https://www.ejarn.com/detail.php?id=83754&l_id=
4. Latin America
The Latin American market for VRF systems experienced a year-on-year increase of 8.0%, reaching a total of 51,000 units. Brazil is the largest VRF market in the region, accounting for around 40% of the total, followed by Mexico with nearly 10%. The region has high import tariffs to protect its air conditioner industry, but VRF systems have a lower tax rate than that applying to residential air conditioners. Large-scale projects are impacted by political instability and this highlights the need for trained professional air conditioning technicians and installers.
May Special page 39
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5. AFRICA
In 2023, 18 out of 54 African nations saw their GDP growth exceed 5%, a figure projected to rise to 22 countries in 2024. Africa ranked as the world’s second fastest-growing region, second only to Asia.
Despite the VRF system market in Africa being relatively small, the continent’s substantial population and economic progress position it as a major future market. The VRF market expanded by 16.0% in 2023, with sales approaching 34,000 units.
May Special page 42
https://www.ejarn.com/detail.php?id=83757&l_id=
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