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Report Overview
The HVAC market reached approximately USD 229.5 billion in 2023. The market is projected to grow at a CAGR of 5.6% between 2024 and 2032, reaching a value of around USD 375.0 billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
HVAC Market Competitive Landscape
The market players are introducing novel and energy efficient technologies to stay ahead in the competition, further increasing their collaboration efforts to meet the evolving regulatory landscape
Lennox International, Inc., based in Texas, the United States, is a provider of climate control products. Founded in 1895, the company specialises in offering innovative technologies in the HVAC sector.
LG Electronics, Inc. is a consumer electronics company, headquartered in Seoul, South Korea. Some of its other specialities include home appliances, home entertainment, and B2B products, among others.
Carrier Global Corporation, based in New York, United States, is a multinational provider of HVAC systems. The company offers eco-efficient products for residential, commercial, and transport sectors, among others.
Daikin Europe NV unveiled a range of residential air-to-air heat pump products on December 4th, 2023, which are specifically designed for cold climates.
Other key players in the market are Samsung Electronics Co. Ltd., Haier Smart Home Co., Ltd., Emerson Electric Co., Honeywell International Inc., and Johnson Controls International plc, among others.
| By Country | CAGR 2024-2032 |
| China | 5.9% |
| Brazil | 5.8% |
| Australia | 5.3% |
| Canada | 4.7% |
| UK | 4.6% |
| France | 4.4% |
| Japan | 4.3% |
| USA | XX% |
| Germany | XX% |
| Italy | XX% |
| India | XX% |
| Saudi Arabia | XX% |
| Mexico | XX% |
HVAC Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 229.5 billion.
The market is estimated to grow at a CAGR of 5.6% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 375.0 billion by 2032.
The major drivers of the industry, such as rising disposable incomes, increasing population, rapid urbanisations, growing demand for energy-efficiency, and rising construction activities, are expected to aid the market growth.
The key trends aiding the market include a growing preference for condensing boilers; popularity of ductless HVAC; growing demand for sustainable HVAC systems; and the rise of smart HVACs.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The leading equipment types in the industry are heating, ventilation, and cooling.
The major implementation types of HVAC in the market are new constructions and retrofits.
The significant end use segments in the industry are residential, commercial, and industrial sectors.
The major players in the market are Lennox International, Inc., LG Electronics, Inc., Carrier Global Corporation, Samsung Electronics Co. Ltd., Haier Smart Home Co., Ltd., Daikin Industries, Ltd, Emerson Electric Co., Honeywell International Inc, and Johnson Controls International plc, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124