Daikin Industries, Ltd., has established Daikin Airconditioning (Cambodia) Co., Ltd., which is scheduled to start operations in January 2024. With a rising population, Asia remains a growth market in great need of air conditioning because of its climate, which is mostly tropical.
Among the countries in Asia, Cambodia occupies a strategic location on the Southern Economic Corridor, which traverses the southern part of the Indochina Peninsula, and it’s expected to witness one of the highest GDP growth rates in Asia, at 6% in 2024. Cambodia also has a young population with an average age in its mid-twenties. In 2021, a new investment law was enacted to attract both domestic and foreign investment. Real estate development, including resorts, and automobile-related companies is expected to expand, and further economic development is anticipated in the future.
Cambodia’s HVAC (Heating, Ventilation, and Air Conditioning) market, particularly the commercial air conditioning market, is currently expanding as a result of higher investment in shopping centers, hotels, and factories in the Phnom Penh area. The overall Cambodian HVAC market is expected to witness 10% annual growth over the next 5 years.
