JAPAN/CAMBODIA: Daikin Industries has established Daikin Airconditioning (Cambodia) Co Ltd to support the growing air conditioning market in Cambodia.
Operations from the Phnom Penh base are scheduled to begin in January.
The company has been present in Cambodia since 2019 through its subsidiary Daikin Malaysia.
In addition to establishing a sales company in Cambodia and expanding its sales network and after-sales service system, Daikin will also establish a training center to train service engineers in the skills required to install and maintain air conditioners.
Given the growing population, Daikin sees Asia as a growing market with a strong need for air conditioning due to its climate, which is largely tropical. Occupying a strategic position in the southern economic corridor that crosses the southern part of the Indochina Peninsula, Cambodia is expected to have one of the highest GDP growth rates in Asia – 6% in 2024.
Cambodia also has a young population, with an average age of around twenty-five years. In 2021, a new investment law was adopted to attract both domestic and foreign investment. Real estate development, including resorts, and automobile-related companies are expected to expand, and further economic development is expected in the future.
The Cambodian HVAC market, especially the commercial air conditioning market, is currently expanding as a result of increased investment in shopping malls, hotels and factories in the Phnom Penh area. With the overall HVAC market expected to grow at 10 percent annual growth rate over the next five years, Cambodia looks like a promising market that is also expected to see increased demand for residential space due to future population growth.