Greece: Air Conditioning Machine Market 2024

Air Conditioning Machine Market Size in Greece

In 2022, the Greek air conditioning machine market increased by 11% to $X, rising for the seventh year in a row after three years of decline. In general, consumption saw a resilient increase. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in years to come.

Air Conditioning Machine Production in Greece

In value terms, air conditioning machine production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2013 when the production volume increased by 2.9% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Air Conditioning Machine Exports

Exports from Greece

For the fourth consecutive year, Greece recorded decline in overseas shipments of non-window or wall air conditioning machines, which decreased by -22.1% to X units in 2022. In general, exports recorded a perceptible contraction. The growth pace was the most rapid in 2016 with an increase of 64%. The exports peaked at X units in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, air conditioning machine exports reduced sharply to $X in 2022. Overall, exports showed a abrupt downturn. The pace of growth appeared the most rapid in 2016 when exports increased by 43% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Bulgaria (X units) was the main destination for air conditioning machine exports from Greece, accounting for a 32% share of total exports. Moreover, air conditioning machine exports to Bulgaria exceeded the volume sent to the second major destination, Slovenia (X units), twofold. The third position in this ranking was held by Romania (X units), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Bulgaria was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovenia (+46.4% per year) and Romania (-6.6% per year).

In value terms, Bulgaria ($X) remains the key foreign market for non-window or wall air conditioning machines exports from Greece, comprising 33% of total exports. The second position in the ranking was taken by Cyprus ($X), with a 13% share of total exports. It was followed by Slovenia, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to Bulgaria amounted to -3.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cyprus (+5.7% per year) and Slovenia (+41.8% per year).

Export Prices by Country

The average air conditioning machine export price stood at $X per unit in 2022, surging by 2.6% against the previous year. Overall, the export price, however, continues to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2020 an increase of 3.9%. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per unit), while the average price for exports to Italy ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+6.3%), while the prices for the other major destinations experienced a decline.

Air Conditioning Machine Imports

Imports into Greece

In 2022, purchases abroad of non-window or wall air conditioning machines decreased by -8% to X units for the first time since 2017, thus ending a four-year rising trend. Overall, imports, however, continue to indicate a remarkable increase. The pace of growth was the most pronounced in 2015 with an increase of 60%. Over the period under review, imports reached the peak figure at X units in 2021, and then reduced in the following year.

In value terms, air conditioning machine imports expanded sharply to $X in 2022. Over the period under review, imports saw a abrupt shrinkage. The pace of growth was the most pronounced in 2020 when imports increased by 24%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of air conditioning machine to Greece, accounting for a 59% share of total imports. Moreover, air conditioning machine imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), twofold. Turkey (X units) ranked third in terms of total imports with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +13.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+10.2% per year) and Turkey (+16.5% per year).

In value terms, Italy ($X), China ($X) and France ($X) were the largest air conditioning machine suppliers to Greece, with a combined 81% share of total imports. Turkey, Germany, Slovakia, the Netherlands and Japan lagged somewhat behind, together accounting for a further 12%.

Turkey, with a CAGR of +17.5%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average air conditioning machine import price stood at $X per unit in 2022, increasing by 21% against the previous year. Overall, the import price, however, saw a deep slump. Over the period under review, average import prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, 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 2022, the most notable rate of growth in terms of prices was attained by Japan (+25.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform