Source: CHEAA
As the Russia-Ukraine conflict simmers, the energy crisis in Europe intensifies, which troubles the industry development and people’s livelihood in many countries. As a result, many countries in Europe expedite their energy structure transformation while launch energy conservation campaigns among the public to cushion the impact of the energy crisis.
Europe has been a leading importer of home appliances from China with rising export growth made in the past six years. But under the influence of factors including the Russia-Ukraine conflict, high inflation, currency devaluation and the base effect, the export performance fell in 2022. From January to July 2022, the export value of home appliances from China to Europe dived 9.3% YoY to 14.93 billion USD according to data from General Administration of Customs.
Category wise, the export of air conditioners, electric water heaters, electric space heaters, electric blankets and electric hair dryers to Europe rose with that of electric space heaters, electric blankets and air source heat pumps particularly standing out. Yicai reported that the value of China’s exports of air source heat pumps soared 68.2 percent in the first six months from the same period last year to CNY3.4 billion (USD489 million), accounting for almost half of all sales, and the growth rate for the whole year is expected to top 50 percent, quoting the data from Chinaiol.
The fast-growing categories are appliances with temperature adjusting functions, which indicates that European consumers are expanding their purchase of heating appliances for the coming winter. Apart from heating appliances, energy-efficient and low-carbon appliances are expected to expand their market presence in European market amid the broad energy conservation campaigns and energy transformations in Europe.