As Europe experiences record-breaking temperatures, Asian makers of air conditioners are enjoying a boom in sales. Companies like South Korea’s Samsung Electronics, China’s Midea, and Japan’s Mitsubishi Electric are seeing a significant increase in demand for their products.
Increased Demand
The heat wave has led to a surge in sales of portable and fixed air conditioners, with key markets like Italy, Spain, and France generating double-digit sales growth in the first half of the year. Samsung Electronics expects sustained demand through the peak cooling season.
Rival LG Electronics has been operating its air-conditioner production lines at full capacity since April, ahead of seasonal summer demand. China’s Midea has also experienced soaring demand for its PortaSplit air conditioner, with second-hand prices exceeding the cost of new units.
Challenges in Europe
However, older buildings in Europe can make air-conditioner installation costly and complicated, often requiring lengthy wait times for fitting. The cost of installing an air conditioner in Europe can be over $1,137, putting it out of reach for many households.
According to the International Energy Agency, total ownership of air conditioning units in Europe stands at around 20%. As temperatures continue to rise, countries with well-known air-con brands like China, Japan, and South Korea are likely to benefit.
Original reporting: KEYT (Ventura/Santa Barbara) — read the source article.
