Heating & Cooling - Asia | Statista Market Forecast

In Asia, the Heating & Cooling market is projected to generate a revenue of US$95.00bn in 2024.
It is anticipated to experience an annual growth rate of 3.29% (CAGR 2024-2029).
When comparing the global market, United States leads with a revenue of US$126bn in 2024.
In terms of per capita revenue, each person in Asia is expected to generate US$20.90 in 2024.
In India, the demand for energy-efficient air conditioners is steadily increasing due to rising temperatures and a growing middle class.

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 Asia experienced slow growth due to factors such as lack of awareness, limited disposable income, and preference for traditional methods. However, the market is expected to grow with the rising trend of DIY projects and increasing availability of affordable heating and cooling products.

Customer preferences: As the DIY & Hardware Store Market continues to expand in Asia, there has been a noticeable increase in consumer demand for energy-efficient heating and cooling solutions. This can be attributed to a growing awareness and concern for environmental sustainability. As a result, there has been a shift towards eco-friendly and energy-efficient products in the Heating & Cooling Market. This trend is further fueled by government initiatives promoting green living and energy conservation. Additionally, with a rising middle-class population and increasing disposable incomes, consumers are now more willing to invest in high-quality heating and cooling products that offer both cost savings and environmental benefits.

Trends in the market: In Asia, the Heating & Cooling Market within the DIY & Hardware Store Market is experiencing a rise in demand for smart and energy-efficient products. This trend is being driven by growing environmental concerns and government initiatives promoting sustainability. In addition, there is a shift towards online shopping for these products, as consumers seek convenience and competitive prices. These trends are significant for industry stakeholders, as they highlight the need for innovative and eco-friendly solutions. This trend trajectory is expected to continue, with potential implications for the market, such as increased competition and the need for product differentiation.

Local special circumstances: In Asia, the Heating & Cooling market within the DIY & Hardware Store Market market is shaped by unique factors such as extreme weather conditions, varying building structures, and government regulations. In countries like Japan and South Korea, where summers are extremely hot and humid, air conditioning units are a necessity, leading to a high demand for cooling products. In countries like China and India, where winters can be harsh, heating solutions are a top priority for households. Additionally, government initiatives promoting energy-efficient and environmentally friendly products play a crucial role in shaping the market dynamics.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market in Asia is greatly impacted by macroeconomic factors, including global economic trends, the financial health of individual countries, fiscal policies, and other relevant financial indicators. For instance, strong economic growth in countries such as China, India, and Indonesia has increased consumer spending power, leading to a rise in demand for home improvement products including heating and cooling systems. Additionally, government initiatives promoting sustainable and energy-efficient solutions, coupled with rising awareness about the environmental impact of traditional cooling systems, are driving the market for innovative and eco-friendly heating and cooling options, further fueling market growth in the region.

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.