The production of air conditioners in Malaysia demonstrated significant fluctuations over the last decade. From actual production values, it peaked in 2019 and then plummeted drastically in 2020 due to external factors, likely the COVID-19 pandemic. Over the past two years, an upward trend has been evident, with 2023 seeing a 7.88% increase over the previous year. As of 2023, the production stood at 3.4123 million units. While recent years show recovery, the compound annual growth rate (CAGR) over the last five years presents a modest -4.94% decline.
Forecasted data indicate a stabilized, yet modest growth trajectory from 2024 through 2028. The forecasted 5-year growth rate is 5.23%, translating to a 1.03% average annual growth (CAGR). Looking forward, expect steady increases albeit at a slower pace than earlier in the decade. Innovations in energy efficiency, climate change policies, and economic recovery post-pandemic will be future trends to monitor closely in this industry.