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Asia Pacific HVAC Market

Asia Pacific HVAC Market Size, Share, Trends, Analysis: By Equipment: Heating, Ventilation, Cooling; By Implementation Type: New Constructions, Retrofits; By End Use: Residential, Commercial, Industrial; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032

Asia Pacific HVAC Market Size

The Asia Pacific HVAC market is projected to grow at a CAGR of 7.2% between 2024 and 2032. The market is being driven by the growing demand for energy-efficient HVAC systems.

 

Asia Pacific HVAC Market Outlook

  • The installation of HVAC systems in new constructions is expected to become increasingly popular.
  • India is expected to become one of the leading countries in the market over the forecast period.
  • Energy-efficient HVAC systems are expected to witness a surge in demand in the coming years.

 

Asia Pacific HVAC Market Growth

According to the International Energy Agency, merely 15% of all Southeast Asian households own an air conditioner. Countries like Singapore and Malaysia report an installation rate of 80%, while in Vietnam and Indonesia, the rate is only 10%. With the increasing need for protecting children and the elderly from extreme weather conditions, it is expected that the total number of AC installations in Southeast Asia could reach 300 million by 2040.

 

Eco-friendly HVAC systems that rely on geothermal energy to heat/cool commercial and residential spaces are becoming increasingly popular. This is because they enable significant cost savings for consumers and organisations while driving the transition towards the usage of clean energy. Over the forecast period, solar power and wind energy are expected to become increasingly popular sources of powering these systems.

 

HVAC as a Service is expected to emerge as a lucrative business opportunity for major market players in the region. This can facilitate regular maintenance and repairs of heat pumps and other HVAC systems installed within buildings, thereby ensuring their effective functioning. Businesses can significantly benefit from the stable source of revenue generated from the subscription-based business  service. This is expected to drive the Asia Pacific HVAC market growth.

 

Asia Pacific HVAC Market

 

Asia Pacific HVAC Industry Segmentation

Asia Pacific HVAC Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

 

Market Breakup by Equipment

  • Heating
    • Heat Pumps
    • Furnaces
    • Unitary Heaters
  • Ventilation
    • Air-Handling Units
    • Air Filters and Purifiers
    • Ventilation Fans
    • Dehumidifiers and Humidifiers
    • Others
  • Cooling
    • Unitary Air Conditioners
    • VRF Systems
    • Chillers
    • Coolers
    • Cooling Towers
    • Others

 

Market Breakup by Implementation Type

  • New Constructions
  • Retrofits

 

Market Breakup by End Use

  • Residential
  • Commercial
  • Industrial

 

Market Breakup by Country

  • China
  • Japan
  • India
  • ASEAN
  • Australia
  • Others

 

Asia Pacific HVAC Market Share

Based on country, the market is divided into China, Japan, India, ASEAN, and Australia, among others. Over the forecast period, India is expected to lead the demand for HVAC systems, as rising temperatures necessitate the demand for energy-efficient cooling systems among India’s middle-class households.

 

Leading Companies in the Asia Pacific HVAC Market

The report provides a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers and acquisitions, investments, and capacity expansion.

 

  • LG Corp.
  • Robert Bosch GmbH
  • Hitachi Ltd.
  • Samsung Electronics Co. Ltd.
  • Haier Smart Home Co. Ltd.
  • Mitsubishi Electric Corporation
  • Panasonic Holdings Corp.
  • Daikin Industries Ltd.
  • Lennox International Inc.
  • Carrier Global Corp.
  • Danfoss A/S
  • Others

 

Major market players are manufacturing HVAC systems equipped with remote control features and smart sensors that reduce electricity bills and ensure high performance.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Equipment
  • Implementation Type
  • End Use
  • Region
Breakup by Equipment
  • Heating
  • Ventilation
  • Cooling
Breakup by Implementation Type
  • New Constructions
  • Retrofits
Breakup by End Use
  • Residential
  • Commercial
  • Industrial
Breakup by Region
  • China
  • Japan
  • India
  • ASEAN
  • Australia
  • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • LG Corp.
  • Robert Bosch GmbH
  • Hitachi Ltd.
  • Samsung Electronics Co. Ltd.
  • Haier Smart Home Co. Ltd.
  • Mitsubishi Electric Corporation
  • Panasonic Holdings Corp.
  • Daikin Industries Ltd.
  • Lennox International Inc.
  • Carrier Global Corp.
  • Danfoss A/S
  • Others

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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    Market Snapshot
7    Opportunities and Challenges in the Market
8    Global HVAC Market Overview

    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 Share by Region
        8.4.1    North America
        8.4.2    Europe
        8.4.3    Asia Pacific
        8.4.4    Latin America
        8.4.5    Middle East and Africa
9    Asia Pacific HVAC Market Overview
    9.1    Key Industry Highlights
    9.2    Asia Pacific HVAC Historical Market (2018-2023) 
    9.3    Asia Pacific HVAC Market Forecast (2024-2032)
10    Asia Pacific HVAC Market by Equipment
    10.1    Heating
        10.1.1    Historical Trend (2018-2023)
        10.1.2    Forecast Trend (2024-2032)
        10.1.3    Breakup by Type
            10.1.3.1    Heat Pumps
            10.1.3.2    Furnaces
            10.1.3.3    Unitary Heaters
    10.2    Ventilation
        10.2.1    Historical Trend (2018-2023)
        10.2.2    Forecast Trend (2024-2032)
        10.2.3    Market by Type
            10.2.3.1    Air-Handling Units
            10.2.3.2    Air Filters and Purifiers
            10.2.3.3    Ventilation Fans
            10.2.3.4    Dehumidifiers and Humidifiers
            10.2.3.5    Others
    10.3    Cooling
        10.3.1    Historical Trend (2018-2023)
        10.3.2    Forecast Trend (2024-2032)
        10.3.3    Breakup by Type
            10.3.3.1    Unitary Air Conditioners
            10.3.3.2    VRF Systems
            10.3.3.3    Chillers
            10.3.3.4    Coolers
            10.3.3.5    Cooling Towers
            10.3.3.6    Others
11    Asia Pacific HVAC Market by Implementation Type
    11.1    New Constructions
        11.1.1    Historical Trend (2018-2023)
        11.1.2    Forecast Trend (2024-2032)
    11.2    Retrofits
        11.2.1    Historical Trend (2018-2023)
        11.2.2    Forecast Trend (2024-2032)
12    Asia Pacific HVAC Market by End Use
    12.1    Residential
        12.1.1    Historical Trend (2018-2023)
        12.1.2    Forecast Trend (2024-2032)
    12.2    Commercial
        12.2.1    Historical Trend (2018-2023)
        12.2.2    Forecast Trend (2024-2032)
    12.3    Industrial
        12.3.1    Historical Trend (2018-2023)
        12.3.2    Forecast Trend (2024-2032)
13    Asia Pacific HVAC Market by Country
    13.1    China
        13.1.1    Historical Trend (2018-2023)
        13.1.2    Forecast Trend (2024-2032)
    13.2    Japan
        13.2.1    Historical Trend (2018-2023)
        13.2.2    Forecast Trend (2024-2032)
    13.3    India
        13.3.1    Historical Trend (2018-2023)
        13.3.2    Forecast Trend (2024-2032)
    13.4    ASEAN
        13.4.1    Historical Trend (2018-2023)
        13.4.2    Forecast Trend (2024-2032)
    13.5    Australia
        13.5.1    Historical Trend (2018-2023)
        13.5.2    Forecast Trend (2024-2032)
    13.6    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 of Demand
    14.4    Key Indicators of Price
15    Value Chain Analysis
16    Trade Data Analysis (HS Code – 8415, 841861)

    16.1    Major Exporting Countries 
        16.1.1    By Value
        16.1.2    By Volume
    16.2    Major Importing Countries 
        16.2.1    By Value
        16.2.2    By Volume
17    Competitive Landscape
    17.1    Market Structure
    17.2    Company Profiles
        17.2.1    LG Corp.  
            17.2.1.1    Company Overview
            17.2.1.2    Product Portfolio
            17.2.1.3    Demographic Reach and Achievements
            17.2.1.4    Certifications
        17.2.2    Robert Bosch GmbH  
            17.2.2.1    Company Overview
            17.2.2.2    Product Portfolio
            17.2.2.3    Demographic Reach and Achievements
            17.2.2.4    Certifications
        17.2.3    Hitachi Ltd.   
            17.2.3.1    Company Overview
            17.2.3.2    Product Portfolio
            17.2.3.3    Demographic Reach and Achievements
            17.2.3.4    Certifications
        17.2.4    Samsung Electronics Co. Ltd.   
            17.2.4.1    Company Overview
            17.2.4.2    Product Portfolio
            17.2.4.3    Demographic Reach and Achievements
            17.2.4.4    Certifications
        17.2.5     Haier Smart Home Co. Ltd.  
            17.2.5.1    Company Overview
            17.2.5.2    Product Portfolio
            17.2.5.3    Demographic Reach and Achievements
            17.2.5.4    Certifications
        17.2.6    Mitsubishi Electric Corporation  
            17.2.6.1    Company Overview
            17.2.6.2    Product Portfolio
            17.2.6.3    Demographic Reach and Achievements
            17.2.6.4    Certifications
        17.2.7    Panasonic Holdings Corp.   
            17.2.7.1    Company Overview
            17.2.7.2    Product Portfolio
            17.2.7.3    Demographic Reach and Achievements
            17.2.7.4    Certifications
        17.2.8    Daikin Industries Ltd.  
            17.2.8.1    Company Overview
            17.2.8.2    Product Portfolio
            17.2.8.3    Demographic Reach and Achievements
            17.2.8.4    Certifications
        17.2.9    Lennox International Inc.   
            17.2.9.1    Company Overview
            17.2.9.2    Product Portfolio
            17.2.9.3    Demographic Reach and Achievements
            17.2.9.4    Certifications
        17.2.10    Carrier Global Corp.   
            17.2.10.1    Company Overview
            17.2.10.2    Product Portfolio
            17.2.10.3    Demographic Reach and Achievements
            17.2.10.4    Certifications
        17.2.11    Danfoss A/S  
            17.2.11.1    Company Overview
            17.2.11.2    Product Portfolio
            17.2.11.3    Demographic Reach and Achievements
            17.2.11.4    Certifications
        17.2.12    Others
18    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global HVAC Market: Key Industry Highlights, 2018 and 2032
2.    Asia Pacific HVAC Market: Key Industry Highlights, 2018 and 2032
3.    Asia Pacific HVAC Historical Market: Breakup by Equipment (USD Million), 2018-2023
4.    Asia Pacific HVAC Market Forecast: Breakup by Equipment (USD Million), 2024-2032
5.    Asia Pacific HVAC Historical Market: Breakup by Implementation Type (USD Million), 2018-2023
6.    Asia Pacific HVAC Market Forecast: Breakup by Implementation Type (USD Million), 2024-2032
7.    Asia Pacific HVAC Historical Market: Breakup by End Use (USD Million), 2018-2023
8.    Asia Pacific HVAC Market Forecast: Breakup by End Use (USD Million), 2024-2032
9.    Asia Pacific HVAC Historical Market: Breakup by Country (USD Million), 2018-2023
10.    Asia Pacific HVAC Market Forecast: Breakup by Country (USD Million), 2024-2032
11.    Major Exporting Countries by Value
12.    Major Importing Countries by Value
13.    Major Exporting Countries by Volume
14.    Major Importing Countries by Volume
15.    Asia Pacific HVAC Market Structure

Key Questions Answered in the Report

The market is projected to grow at a CAGR of 7.2% between 2024 and 2032.

The different end uses of HVAC in the market include residential, commercial, and industrial.

The different implementation types of HVAC include new constructions and retrofits.

The different HVAC types considered in the market report are heating, ventilation, and cooling.

The major countries in the market include China, Japan, India, ASEAN, and Australia, among others.

The key market players are LG Corp., Robert Bosch GmbH, Hitachi Ltd., Samsung Electronics Co. Ltd., Haier Smart Home Co. Ltd., Mitsubishi Electric Corporation, Panasonic Holdings Corp., Daikin Industries Ltd., Lennox International Inc., Carrier Global Corp., and Danfoss A/S, among others.

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