3.3 CHINA

According to JARN’s estimates, the Chinese ATW heat pump market in 2022 grew by about 6.0% year on year to about 2.32 million units. The market lost its former rapid growth momentum, mainly affected by the interruption of production and logistics in some areas due to the nationwide strict control measures against the pandemic in the first and fourth quarters. Imported parts and components were also in short supply. In addition, ‘Coal-to-Electricity’ heating conversion policy, which was formerly a key driver for ATW heat pumps, was gradually dwindling.