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Global HVAC Market to Reach USD 375.0 billion by 2032, Aided by the Favourable Government Policies

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Global HVAC Market Size, Trends, Analysis, Forecast, Outlook: By Equipment: Heating, Ventilation, Cooling; By Implementation Type: New Constructions, Retrofits; By End Use: Residential, Commercial, Industrial; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032

HVAC Market Share

The cooling segment continues its dominance in the market due to the rising demand for AC in warm climates

The cooling segment occupies a significant portion of the HVAC market share as it is crucial for maintaining comfortable indoor temperatures, particularly in warmer climates or during hot seasons. In homes, HVAC systems often include air conditioners, either as standalone units (like window or portable air conditioners) or as part of a central system that cools the entire house. Ductless mini-split systems are popular in homes without existing ductwork, offering efficient cooling for individual rooms or zones.

Commercial buildings such as offices, shopping malls, hotels, and educational institutions use larger-scale HVAC systems for cooling, increasing the demand of HVAC market. These systems often include central air conditioning, chillers, and rooftop units that are capable of cooling large spaces efficiently. Furthermore, the ventilation segment is expected to gain sizeable growth in the coming years as ventilation can improve the indoor air quality of a building.

The residential sector maintains steady growth due to the rising popularity of eco-efficient HVAC systems

The HVAC market demand growth is driven by the demand for HVAC (Heating, Ventilation, and Air Conditioning) industry in the residential sector which is influenced by a variety of factors, reflecting the needs and preferences of homeowners for comfortable, efficient, and sustainable indoor living environments. In regions with extreme temperatures, either hot or cold, the need for efficient heating or cooling systems is higher.

Homeowners are increasingly seeking energy-efficient HVAC systems to reduce energy bills and environmental impact. A booming real estate market also leads to more new construction and, subsequently, new installations of HVAC systems. The commercial sector is expected to grow steadily in the forecast period, due to the rising installation of HVAC in offices, malls, and other commercial buildings to enhance the comfort of people.

HVAC Market Report Snapshots

HVAC Market Regional Analysis

*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.

1   Preface
2   Report Coverage – Key Segmentation and Scope
3   Report Description
   3.1   Market Definition and Outlook
   3.2   Properties and Applications
   3.3   Market Analysis
   3.4   Key Players
4   Key Assumptions
5   Executive Summary
   5.1   Overview
   5.2   Key Drivers
   5.3   Key Developments
   5.4   Competitive Structure
   5.5   Key Industrial Trends
6   Snapshot
   6.1   Global
   6.2   Regional
7   Opportunities and Challenges in the Market
8   Global HVAC Market Analysis
   8.1   Key Industry Highlights
   8.2   Global HVAC Historical Market (2018-2023)
   8.3   Global HVAC Market Forecast (2024-2032)
   8.4   Global HVAC Market by Equipment
       8.4.1   Heating
           8.4.1.1 Historical Trend (2018-2023)
           8.4.1.2 Forecast Trend (2024-2032)
           8.4.1.3 Breakup by Type
               8.4.1.3.1   Heat Pumps
                   8.4.1.3.1.1 Historical Trend (2018-2023)
                   8.4.1.3.1.2 Forecast Trend (2024-2032)
                   8.4.1.3.1.3 Breakup by Product
                       8.4.1.3.1.3.1   Air-to-air
                       8.4.1.3.1.3.2   Air-to-water
                       8.4.1.3.1.3.3   Water-to-water
               8.4.1.3.2   Furnaces
                   8.4.1.3.2.1 Historical Trend (2018-2023)
                   8.4.1.3.2.2 Forecast Trend (2024-2032)
                   8.4.1.3.2.3 Breakup by Product
                       8.4.1.3.2.3.1   Oil
                       8.4.1.3.2.3.2   Gas
                       8.4.1.3.2.3.3   Electric
                       8.4.1.3.2.3.2 Others
8.4.1.3.3   Boilers
                   8.4.1.3.3.1 Historical Trend (2018-2023)
                   8.4.1.3.3.2 Forecast Trend (2024-2032)
       8.4.2   Ventilation
           8.4.2.1 Historical Trend (2018-2023)
           8.4.2.2 Forecast Trend (2024-2032)
           8.4.2.3 Breakup by Type
               8.4.2.3.1   Air-Handling Units
                   8.4.2.3.1.1 Historical Trend (2018-2023)
                   8.4.2.3.1.2 Forecast Trend (2024-2032)
               8.4.2.3.2   Air Filters and Purifiers
                   8.4.2.3.2.1 Historical Trend (2018-2023)
                   8.4.2.3.2.2 Forecast Trend (2024-2032)
               8.4.2.3.3   Ventilation Fans
                   8.4.2.3.3.1 Historical Trend (2018-2023)
                   8.4.2.3.3.2 Forecast Trend (2024-2032)
                   8.4.2.3.3.3 Breakup by Product
                       8.4.2.3.3.3.1   Crossflow Fans
                       8.4.2.3.3.3.2   Axial Fans
                       8.4.2.3.3.3.3   Centrifugal Fans
                       8.4.2.3.3.3.4   Others
8.4.2.3.4   Dehumidifiers and Humidifiers
                   8.4.2.3.4.1 Historical Trend (2018-2023)
                   8.4.2.3.4.2 Forecast Trend (2024-2032)
               8.4.2.3.5   Others
       8.4.3   Cooling
           8.4.3.1 Historical Trend (2018-2023)
           8.4.3.2 Forecast Trend (2024-2032)
           8.4.3.3 Breakup by Type
               8.4.3.3.1   Unitary Air Conditioners
                   8.4.3.3.1.1 Historical Trend (2018-2023)
                   8.4.3.3.1.2 Forecast Trend (2024-2032)
                   8.4.3.3.1.3 Breakup by Type
                       8.4.3.3.1.3.1   Split
                       8.4.3.3.1.3.2   Packaged
               8.4.3.3.2   VRF Systems
                   8.4.3.3.2.1 Historical Trend (2018-2023)
                   8.4.3.3.2.2 Forecast Trend (2024-2032)
               8.4.3.3.3   Chillers
                   8.4.3.3.3.1 Historical Trend (2018-2023)
                   8.4.3.3.3.2 Forecast Trend (2024-2032)
               8.4.3.3.4   Coolers
                   8.4.3.3.4.1 Historical Trend (2018-2023)
                   8.4.3.3.4.2 Forecast Trend (2024-2032)
8.4.3.3.5 Cooling Towers
                   8.4.3.3.5.1 Historical Trend (2018-2023)
                   8.4.3.3.5.2 Forecast Trend (2024-2032)
                   8.4.3.3.5.3 Breakup by Type
                       8.4.3.3.5.3.1   Evaporative
                       8.4.3.3.5.3.2   Dry cooling
                       8.4.3.3.5.3.3   Hybrid
               8.4.3.3.6 Others
   8.5   Global HVAC Market by Implementation Type
       8.5.1   New Constructions
           8.5.1.1 Historical Trend (2018-2023)
           8.5.1.2 Forecast Trend (2024-2032)
       8.5.2   Retrofits
           8.5.2.1 Historical Trend (2018-2023)
           8.5.2.2 Forecast Trend (2024-2032)
   8.6   Global HVAC Market by End Use
       8.6.1   Residential
           8.6.1.1 Historical Trend (2018-2023)
           8.6.1.2 Forecast Trend (2024-2032)
       8.6.2   Commercial
           8.6.2.1 Historical Trend (2018-2023)
           8.6.2.2 Forecast Trend (2024-2032)
       8.6.3   Industrial
           8.6.3.1 Historical Trend (2018-2023)
           8.6.3.2 Forecast Trend (2024-2032)
   8.7 Global HVAC Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America HVAC Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe HVAC Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific HVAC Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America HVAC Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa HVAC Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Lennox International, Inc.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 LG Electronics, Inc.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Carrier Global Corporation
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Samsung Electronics Co. Ltd.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Haier Smart Home Co., Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Daikin Industries, Ltd
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Emerson Electric Co.
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Honeywell International Inc.
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Johnson Controls International plc
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Others
17 Key Trends and Developments in the Market

List of Key Figures and Tables

1.   Global HVAC Market: Key Industry Highlights, 2018 and 2032
2.   Global HVAC Historical Market: Breakup by Equipment (USD Billion), 2018-2023
3.   Global HVAC Market Forecast: Breakup by Equipment (USD Billion), 2024-2032
4.   Global HVAC Historical Market: Breakup by Implementation Type (USD Billion), 2018-2023
5.   Global HVAC Market Forecast: Breakup by Implementation Type (USD Billion), 2024-2032
6.   Global HVAC Historical Market: Breakup by End Use (USD Billion), 2018-2023
7.   Global HVAC Market Forecast: Breakup by End Use (USD Billion), 2024-2032
8.   Global HVAC Historical Market: Breakup by Region (USD Billion), 2018-2023
9.   Global HVAC Market Forecast: Breakup by Region (USD Billion), 2024-2032
10.   North America HVAC Historical Market: Breakup by Country (USD Billion), 2018-2023
11.   North America HVAC Market Forecast: Breakup by Country (USD Billion), 2024-2032
12.   Europe HVAC Historical Market: Breakup by Country (USD Billion), 2018-2023
13.   Europe HVAC Market Forecast: Breakup by Country (USD Billion), 2024-2032
14.   Asia Pacific HVAC Historical Market: Breakup by Country (USD Billion), 2018-2023
15.   Asia Pacific HVAC Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.   Latin America HVAC Historical Market: Breakup by Country (USD Billion), 2018-2023
17.   Latin America HVAC Market Forecast: Breakup by Country (USD Billion), 2024-2032
18.   Middle East and Africa HVAC Historical Market: Breakup by Country (USD Billion), 2018-2023
19.   Middle East and Africa HVAC Market Forecast: Breakup by Country (USD Billion), 2024-2032
20.   Global HVAC Market Structure

Key Questions Answered in the Report

What was the global HVAC market value in 2023?

In 2023, the market reached an approximate value of USD 229.5 billion.

What is the growth rate of the global HVAC market?

The market is estimated to grow at a CAGR of 5.6% between 2024 and 2032.

What is the global HVAC market forecast for 2024-2032?

The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 375.0 billion by 2032.

What are the major industry drivers?

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.

What are the key trends of the market?

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.

What are the major regional markets of HVAC, according to the EMR report?

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

What are the leading equipment types in the industry?

The leading equipment types in the industry are heating, ventilation, and cooling.

What are the major implementation types of HVAC in the market?

The major implementation types of HVAC in the market are new constructions and retrofits.

What are the significant end use segments in the industry?

The significant end use segments in the industry are residential, commercial, and industrial sectors.

Who are the key market players, according to the global HVAC market report?

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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