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2.7 SOUTH KOREA
2018/01/21
According to estimates released by the IMF in October, South Korea’s GDP growth rate is 3.0% in 2017, slightly higher than the 2.8% recorded in 2016. One key factor driving higher growth is a rise in exports fueled by the depreciation of the South Korean won against the U.S. dollar.
 
The RAC and PAC markets increased by 0.6% and 1.7% year on year, respectively. The air conditioner market reached 2.5 million units in 2017.
 
The air conditioner penetration rate stood at 70% in the country, lower than for televisions, refrigerators, and washing machines. Still, replacement demand is the main driver of demand in the market.
 
Electricity rates are high in the South Korea, so energy-saving air conditioners are popular. The national government is also promoting a campaign of conserving energy during the summer months. The energy situation has helped expand sales of inverter models in both RAC and PAC segments. For RACs, the inverter penetration rate is about 60%. There has been a rapid shift to inverters in the medium- and large-capacity segments of PACs, and inverter use among all PACs excluding VRF stands at about 40%.
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