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2.5 EUROPE: Spain
2018/01/21
According to the IMF, Spain’s GDP growth rate came to 3.1% in 2017, marking the third consecutive year of growth at the 3% level.
 
Spain is the fourth-largest air conditioner market in Europe, following Italy, Russia, and Turkey. After a few years of contraction, the Spanish market bottomed out in 2013. From that year on, it began to recover the activity it had seen in prior years. Factors pushing up demand include increased investment in construction due to the recovering economy and increased consumer preferences for the comfort provided by air conditioning.
 
Pushing up RAC demand more than anything else in the last few years has been the hot summer temperatures. Like Italy, Spain was hit by intense heat in 2016 and its RAC market saw sharply higher sales, resulting in inventory shortages. In 2017, it got hot from the middle of June, and the RAC market showed considerable gains over 2016. The market in the first half of 2017 in-crease around 13% in the residential segment and 11% in the commercial segment compared with the same period of 2016. In 2017, the RAC market grew 14.5% to reach 654,000 units.
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