Orient: The April heat pump exports are accelerating, and overseas markets continue to grow.

Orient released a research report stating that the escalation of conflicts in the Middle East has led to an increase in energy prices in Europe. Coupled with considerations for Europe's long-term energy strategic transformation, there is continuous official subsidy for cost-effective heat pump cooling and heating equipment, leading to a strategic development period for related export chains. Key Points by Orient: Significant increase in heat pump exports in April, with growth rate rising month-on-month According to data from the General Administration of Customs, in April 2026, China's exports of heat pump related products and components amounted to $304 million, a year-on-year increase of 39%, which is 31 percentage points higher than the growth rate in March. From January to April 2026, the total export amount was $1.08 billion, a year-on-year increase of 29%. Of this, the export amount of whole units was $89 million, a year-on-year increase of 16%. As of April, heat pump exports have maintained a year-on-year growth for two consecutive years, and the growth rate in April has significantly jumped compared to 8% in March, indicating a strong recovery momentum in global demand after entering the peak season. Continuous rise in export growth rate to the European Union, steady growth in North America and Africa According to data from the General Administration of Customs, in April 2026, the heat pump exports to the European Union accounted for 45.6% of the global export amount, a decrease of 2 percentage points from the previous month. The export amount to the 27 countries in the European Union in April was $139 million, a year-on-year increase of 77.9%. From January to April 2026, the cumulative export amount was $487 million, a year-on-year increase of 60.4%. Among countries, the top five export markets are the Netherlands, Italy, Spain, France, and Germany, with export amounts in April increasing by 137.0%, 27.5%, 105.5%, 55.5%, and 129.1% respectively compared to the same period last year. The top five markets collectively accounted for 67.6% of the 27 countries in the European Union, with the Netherlands, Spain, and Germany achieving more than double-digit growth, showing obvious head effects. Compared to the recovery trend of the European market in 2025, Europe has clearly entered a path of recovery in 2026. With the dual driving force of policy subsidies and rising energy prices, continued demand release, Europe remains the core and most certain growth pole for global heat pump exports. The North American market (US, Canada, Mexico) is showing signs of marginal improvement at the same time, with an export amount of $38 million in April, a year-on-year increase of 51.5%, and a market share of 12.4%, an increase of 3.3 percentage points from the previous month. In terms of country observation, the United States ranked first in export scale with $27 million, a year-on-year increase of 69.6%; Canada and Mexico increased by 59.0% and 0.3% respectively. The African market had an export amount of $2 million in April, a year-on-year increase of 94.4%, compared to an increase of 39.6% in March. The year-on-year increase in April was 54.8 percentage points higher than in March, showing a significant rebound. EU clean energy plan intensifies, highlighting the economic replacement of heat pumps On April 22, the European Union released a plan to accelerate the transformation to local clean energy, aiming to increase the annual sales volume of heat pumps to 4 million units by 2030, accelerating the electrification and clean energy transformation in Europe. According to official statistics from the European Union, switching from gas boilers to heat pumps can reduce home heating costs by 20%-60%, especially in the Netherlands where electricity is on average 1.5 times more expensive than gas, switching to heat pumps can reduce costs by up to 80%. According to CONCITO data, if households in France switch to heat pumps and electric cars, they can save 3,079 per year, while households in Spain, Germany, and Italy can save 2,000, 1,950, and 1,780 respectively. As European gas prices have risen from 28/MWh at the beginning of the year to 46/MWh, the residential sector is gradually shifting towards clean energy. With the continued decrease in the payback period due to targeted government subsidies, the economic viability of heat pumps is becoming more prominent, and policy dividends will continue to provide a solid foundation for export growth. Risk Warning Risks include the short-term rapid decline in European energy prices, reduction in subsidies for heat pumps in Europe, and tariff disturbances.