Source: ChinaIoL.com
After the outbreak of the Russia-Ukraine conflict, Europe is increasingly urgent to realize the goal of energy independence and transformation, which drives up the export of heat pumps in China. It is learned that the sales of heat pumps in Europe came to 2.18 million units in 2021, up 34% YoY, of which sales in the top 2 markets-France and Italy-up 36% and 64% YoY respectively. The EU unveiled its REPowerEU plan in May this year, which set a target to double the current deployment rate of heat pumps, totalling 10 million units over the next 5 years. This, coupled with the energy crunch and the rise of electricity price, is expected to further generate the heat pump demand. It is learned that the export value of heat pumps from China rose by 100% YoY in Q1 2022. The annual export value of heat pumps is expected to double YoY as of the end of the year.