Heating & Cooling - Americas | Statista Market Forecast

In the Americas, the revenue generated in the Heating & Cooling market in 2024 amounts to US$135.80bn.
It is projected to have an annual growth rate of 2.55% from 2024 to 2029 (CAGR).
Among all countries Worldwide, United States leads in terms of revenue, generating US$126bn in 2024.
When considering the population, the per person revenue in 2024 is US$133.50.
In the Americas heating and cooling market, the demand for energy-efficient systems is growing rapidly, especially in Canada and the United States.

Definition:

In the segment of Heating & Cooling, the focus lies on various heating and cooling systems which can be found inside buildings. Included in this segment regarding cooling are mainly air conditioners and cooling supplies.

Additional Information:

The market consists of revenue and average revenue per capita data. Per capita figures take into account the whole population. This market includes only B2C (business to consumer) sales. B2B (business to business) sales (e. g., hardware for coffee shops, offices, etc.) are excluded. For more information on the displayed data, click the info button on the right hand side of each box.

Air conditioners & coolers
Heating systems & heaters
Stoves, fireplaces & chimneys
Heating & cooling supplies

Air treatment devices (purifier, humidifier, etc.)
Ventilators
Solar systems for heating support

The DIY & Hardware Store Market in Americas nan is facing minimal growth, influenced by factors like saturation in the market, economic downturn, and limited product innovation. The market is seeing steady demand due to the convenience of DIY products and rising homeownership rates.

Customer preferences: As smart home technology becomes more affordable and accessible, consumers are beginning to integrate these devices into their heating and cooling systems. This allows for greater control and customization, as well as cost savings. Additionally, with increasing concerns about air quality and energy efficiency, consumers are looking for products that can monitor and improve indoor air quality, such as smart thermostats and air purifiers. This trend is expected to continue as environmental concerns and the desire for a healthier home environment become more prevalent.

Trends in the market: In the Americas, the Heating & Cooling Market within the DIY & Hardware Store Market is experiencing a shift towards more energy-efficient and environmentally friendly products. This is in line with increasing consumer awareness and government regulations promoting sustainable living. As a result, there is a rising demand for smart thermostats and energy-efficient HVAC systems. This trend is expected to continue, with companies investing in research and development for greener heating and cooling solutions. This presents opportunities for industry stakeholders to capitalize on the growing demand for eco-friendly products and services in the market.

Local special circumstances: In Brazil, the Heating & Cooling Market within the DIY & Hardware Store Market is heavily influenced by the country's tropical climate and the increasing focus on sustainability. With rising temperatures and a growing awareness of energy efficiency, there is a high demand for eco-friendly cooling and heating solutions. The regulatory environment also plays a role, with government initiatives promoting energy-efficient products and the use of renewable energy sources in homes and businesses. Additionally, the cultural emphasis on home ownership and DIY projects drives demand for heating and cooling products in the hardware store market.

Underlying macroeconomic factors: The Americas' Heating & Cooling Market within the DIY & Hardware Store Market is significantly affected by macroeconomic factors such as economic stability, consumer spending, and government policies. As the global economy recovers from the COVID-19 pandemic, the demand for heating and cooling products is expected to increase due to rising consumer confidence and spending. Favorable fiscal policies, such as tax incentives for energy-efficient products and investments in infrastructure, are also likely to drive market growth. Additionally, the increasing awareness about environmental sustainability and the shift towards greener solutions are expected to influence the market, as consumers opt for energy-efficient and eco-friendly heating and cooling systems. Overall, the market is expected to experience steady growth as a result of these macroeconomic trends.

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

The heating, ventilation, and air conditioning (HVAC) technology provides environmental comfort through thermal manipulation (heating and air conditioning) and acceptable indoor air quality (ventilation). Sometimes refrigeration is also included in the field as HVACR. The HVAC industry is largely fueled by regional regulations and differences: Asia was said to have one of the largest HVAC market sizes, with a larger demand for air conditioners than in other regions. Meanwhile, Italy was one of the European countries with the biggest heat pump markets in 2020. Due to these differences between countries, there is little to no comparative information on this competitive market. In the United States alone, for example, a certain level of fragmentation can be observed, as the number of employees in the plumbing and HVAC industry varied widely from state to state.