In this Research Note, we examine Daikin, the Japanese headquartered air conditioning manufacturer, based on their Integrated Report, year ending 31 March 2023 and the group’s recent strategy in North America to strengthen its HVAC controls support and service business. Daikin Industries Ltd, is the global No. 1 air conditioning manufacturer, with over 96,000 employees, 100 production sites, and more than $24.9 billion in air conditioning revenues across the 170 countries in which it operates. We wrote previously about Daikin’s collaborations with Smart Building Startups. Currently, North America is Daikin’s largest regional market. In fiscal 2022, Daikin was the second-highest-selling air-conditioning manufacturer in North America, with sales of approximately ¥1,210.0 billion (around $8.1 billion). In local currency terms, Daikin North America’s sales were 124% of the previous year’s level, with an operating margin of 9%. In the FUSION 25 strategic management plan targeting fiscal 2025, Daikin has set its sights on becoming the No. 1 […]