Greece: Air Conditioning Machine Market 2024

Air Conditioning Machine Market Size in Greece

In 2021, the Greek air conditioning machine market increased by 32% to $X, rising for the sixth year in a row after three years of decline. Overall, consumption enjoyed a perceptible expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Air Conditioning Machine Production in Greece

In value terms, air conditioning machine production contracted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.4% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when the production volume increased by 2.9%. Over the period under review, production reached the peak level at $X in 2020, and then declined in the following year.

Air Conditioning Machine Exports

Exports from Greece

In 2021, overseas shipments of air conditioning machines increased by 19% to X units for the first time since 2018, thus ending a two-year declining trend. Over the period under review, total exports indicated a tangible expansion from 2012 to 2021: its volume increased at an average annual rate of +3.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 47%. Over the period under review, the exports attained the maximum at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, air conditioning machine exports skyrocketed to $X in 2021. In general, total exports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when exports increased by 38% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

Cyprus (X units) was the main destination for air conditioning machine exports from Greece, with a 29% share of total exports. Moreover, air conditioning machine exports to Cyprus exceeded the volume sent to the second major destination, Bulgaria (X units), twofold. Albania (X units) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Cyprus totaled +24.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (-6.2% per year) and Albania (+10.5% per year).

In value terms, Cyprus ($X), Bulgaria ($X) and Germany ($X) were the largest markets for air conditioning machine exported from Greece worldwide, together comprising 57% of total exports. Albania, Romania, Italy, Serbia, North Macedonia, Slovakia, the Netherlands, Hungary, Poland and Turkey lagged somewhat behind, together comprising a further 32%.

Slovakia, with a CAGR of +44.2%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average air conditioning machine export price stood at $X per unit in 2021, surging by 2.9% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2020 an increase of 12% against the previous year. The export price peaked in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably country of destination: the country with the highest price was Germany ($X per unit), while the average price for exports to Italy ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+11.8%), while the prices for the other major destinations experienced more modest paces of growth.

Air Conditioning Machine Imports

Imports into Greece

In 2021, approx. X units of air conditioning machines were imported into Greece; growing by 24% compared with the year before. Overall, imports enjoyed a strong increase. The pace of growth was the most pronounced in 2020 when imports increased by 39% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, air conditioning machine imports soared to $X in 2021. In general, total imports indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +2.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X units) constituted the largest air conditioning machine supplier to Greece, accounting for a 75% share of total imports. Moreover, air conditioning machine imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), more than tenfold. The Netherlands (X units) ranked third in terms of total imports with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+3.7% per year) and the Netherlands (+24.3% per year).

In value terms, China ($X) constituted the largest supplier of air conditioning machine to Greece, comprising 62% of total imports. The second position in the ranking was held by Italy ($X), with a 9.8% share of total imports. It was followed by the Netherlands, with a 9.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+3.4% per year) and the Netherlands (+25.1% per year).

Import Prices by Country

In 2021, the average air conditioning machine import price amounted to $X per unit, increasing by 9.7% against the previous year. Overall, the import price, however, saw a pronounced contraction. The import price peaked at $X per unit in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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