Analysts said the shift could be a rebound effect after two unusually good years for the industry but struggled to explain the scale of the drop

I could, as a non-expert, guess at a few reasons

• The fact that they are a one time purchase per household lets the ones who can afford them, change to them immediately.
• Waiting time to have one installed is still getting longer. Also prices to have one installed are rising
• High inflation has caused people to spend money more carefully

I have not had a chance to look closer, but in 2023 720.000 heat pumps were sold in France alone! 437.000 in Germany! It would be unnatural to expect the same sales let alone an increase of sales for a product that people don’t buy every week.

It doesn’t help when our government maintains high tax on electricity instead of shifting tax to fossil fuel.