Daikin Europe Sales take a hit as Heat Pump Demand Declines

Europe:

Daikin Industries achieved its highest global sales ever, although sales in Europe's "challenging" heat pump industry fell. Its European affiliate, Daikin Europe NV, saw its revenue dip by almost 6% to €4.9 billion due to a drop in residential heat pump sales. Daikin reports a contraction in all types of heat pumps in Europe. Although the year began well, Daikin noticed a significant drop in market demand for residential heat pumps in the fourth quarter (January-March 2024). High inflation, rising interest rates, and a drop in petrol prices in 2023 are some of the factors behind this.