In 2020, affected by the COVID-19 pandemic, South Korea's economy declined by 1%. The drop in consumer demand, and a cooler than usual summer, resulted in a sharp decline in air conditioning sales. Even though transaction levels in residential and office buildings increased significantly, sales of air-conditioning did not see the same trend. However, the market is expected to see a recovery in 2021.
The sales volume of the South Korean PAC market was above 2 million units in 2020, with a year-on-year decline of more than 15%, while the sales value of the CPAC market was more than USD 340 billion, with a year-on-year decline of about 3%.