The domestic air conditioner market has seen a steep rise and high growth rates over the last two years.
According to ICAP CRIF analysts, the sector benefited mainly by the “Recycle-Change Device” program, the increase in construction activity and renovations, the rise in tourism and the strengthening of demand for tourist accommodation (new and renovated hotels and Airbnb).
In addition, it has been favored by the increasing importance given to the energy upgrading of buildings. Whether the upward trend in demand for the specific products will be maintained during the current financial year depends on the ability of the consumer public to meet their needs for the energy upgrade of homes and business premises, since at the moment there are no subsidy programs for the purchase of air conditioners.
Stamatina Panteleou, Director of Economic & Sectoral Studies of ICAP CRIF, underlined that the total sales of split air conditioners (in units) increased by 37% in 2022 compared to 2021 and by 66% in 2023 compared to 2022.
Sales
The total sales of the 18 businesses of the sector rose by 17.6% in 2022 compared to 2021. Likewise, the gross profit increased by 17% during the same period. The operating and net profits of the companies in the sector more than tripled, mainly thanks to the increase in commissions – other operating income, in the same period. EBITDA rose by 86.1% totaling 79 million euros in 2022. All businesses (18) included in the consolidated balance sheet were profitable in 2022 compared to 16 in 2021.
