3.3 CHINA

After reaching a peak in 2017, the Chinese ATW heat pump market has been adversely affected by the external economic environment and changes in demand. In recent years, with the dwindling of various local subsidy policies, the development of the Chinese ATW market has entered a consolidation phase. In 2020, affected by the pandemic, the real Chinese economy was significantly negatively impacted and the ATW heat pump market entered a downward trajectory. JARN estimates that the Chinese ATW market dropped to 1.94 million units, a 9.7% decrease in 2020 compared with 2019.