Recent data on European heat pump sales reveals market trends
European heat pump sales have shown some volatility and complexity in the recent past, according to the latest market data. Data from the European Heat Pump Association (EHPA) shows that while the European heat pump market showed strong growth in 2022, with sales reaching an all-time high of 3 million units, up 38 per cent year-on-year, the market is entering 2023 with some challenges. Specifically, heat pump sales in Europe's 14 major countries (which account for 90% of Europe's sales) were 2,639,500 units in 2023, a year-on-year decline of 4.5%, which is the first time in 10 years that sales have declined. Among them, Germany, an important country in the European heat pump market, saw its heat pump sales of 356,000 units in 2023, which, while growing by more than 50 per cent for the second consecutive year, fell sharply in the first quarter of 2024, with total sales of 46,000 units, compared with sales of 96,500 units during the same period of 2023, a drop of...