Guosheng Securities: The export volume of household air conditioners increased in July, supporting growth in the Asian region

The Zhitong Finance App learned that Guosheng Securities released a research report saying that according to industry online data, in July 2026, China exported 5.321 million units of household air conditioners, an increase of 1.4% over the previous year. By continent, exports of household air conditioners in Asia, Europe, Latin America, North America, Africa, and Oceania grew by 13.7%, -18.4%, -0.1%, -50.1%, +9.1%, and -29% respectively in July. Asia supported the overall export growth market, while exports from Europe and the US weakened. Currently, demand from different overseas regions is rotating rapidly. Japan's policy of pre-stocking and phased inventory replenishment in Southeast Asia has brought about short-term increases. However, demand in most traditional major markets is weak, inventory adjustments are slow, and there is no comprehensive and continuous recovery trend. Since then, markets in various regions have remained mixed, and trends have varied.

Guosheng Securities's main views are as follows:

data

According to industry online data, in July 2026, China exported 5.321 million units of household air conditioners, up 1.4% year on year; sales were 1.17 billion US dollars, up 8.7% year on year; average export price was 219.6 US dollars, up 7.2% year on year.

Overall, the recovery in export sales of household air conditioners in July was entirely driven by the Asian market. North America and Europe are still in the downward phase of adjustment, and the overall market showed a pattern of partial recovery and weakness in most markets. Currently, demand from different overseas regions is rotating rapidly. Japan's policy of pre-stocking and phased inventory replenishment in Southeast Asia has brought about short-term increases. However, demand in most traditional major markets is weak, inventory adjustments are slow, and there is no comprehensive and continuous recovery trend. Since then, markets in various regions have remained mixed, and trends have varied.

Look at the market by continent

Asia is supporting the growth of export sales, while exports from Europe and the US are weakening. In July 2026, the export growth rates of household air conditioners in Asia, Europe, Latin America, North America, Africa, and Oceania were 13.7%, -18.4%, -0.1%, -50.1%, +9.1%, and -29%, respectively.

Looking at the market by country

The volume increase in Japan was high, the volume increase in Brazil was reduced, and Saudi Arabia maintained a high average price. In July 2026, Japan, Brazil, Saudi Arabia, Venezuela, Russia, Indonesia, Malaysia, Mexico, the Philippines, and South Korea grew at 58.4%, 28.8%, 8.0%, 0.7%, -15.7%, -9.5%, 19.5%, 1.0%, 48.8%, and -30.4%, respectively. In July 2026, Japan, Saudi Arabia, Brazil, Russia, the United States, the United Arab Emirates, Malaysia, Mexico, Indonesia, and Iraq grew at 69.0%, 29.5%, -2.8%, -1.7%, -43.5%, -33.7%, -8.9%, 11.8%, 4.5%, and 76.1%, respectively.

Look at the market segment by product

The share of split machines and mobile air conditioners increased, and the share of window machines continued to shrink. In July 2026, household air conditioners accounted for 85.8% of the exports of split machines, 8.4% of window machines, and 5.8% of mobile devices, respectively. In the same period last year, household air conditioning products accounted for 82.5% of split machines, 12.6% of window units, and 4.9% mobile devices, respectively.

Risk warning: Risk of industry demand falling short of expectations, fluctuating raw material prices, and differences in the statistical caliber of third-party data.