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The global 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.
Global HVAC Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 229.5 |
Market Size 2032 | USD Billion | 375.0 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 5.6% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 5.6% |
CAGR 2024-2032 - Market by Country | China | 6.1% |
CAGR 2024-2032 - Market by Country | USA | 4.7% |
CAGR 2024-2032 - Market by Equipment | Cooling | 5.3% |
CAGR 2024-2032 - Market by End Use | Residential | 5.4% |
Market Share by Country 2023 | USA | 21.3% |
*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
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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