Heating & Cooling - BRICS | Statista Market Forecast

In 2024, the revenue generated in the Heating & Cooling market in BRICS amounts to US$76.80bn.
It is projected that the market will experience an annual growth rate of 2.76% (CAGR 2024-2029).
Among the BRICS countries, United States leads in terms of revenue generation, with a total of US$126bn in 2024.
When considering the population, the per person revenue in 2024 is US$23.29.
In Brazil, the growing demand for air conditioning units is driven by increasing urbanization and rising temperatures.

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 BRICS nan is experiencing negligible growth due to a slow adoption of digital technologies, low health awareness among consumers, and limited convenience offered by online services. However, the market has potential for growth as consumers become more educated and the demand for energy-efficient heating and cooling solutions increases.

Customer preferences: There has been a growing demand for energy-efficient and eco-friendly heating and cooling solutions in the DIY & Hardware Store Market in recent years. This trend is largely driven by an increasing awareness and concern for the environment, as well as a desire for cost-effective and sustainable options. Additionally, in emerging markets such as BRICS, there has been a shift towards smaller, more compact homes, leading to a higher demand for efficient and space-saving heating and cooling systems. Consumers are also increasingly seeking smart and connected solutions, such as programmable thermostats and remote-controlled air conditioning units, to enhance their convenience and control over their home's heating and cooling. These factors have resulted in a significant growth in the sales of innovative and eco-friendly heating and cooling products in the BRICS market.

Trends in the market: In the BRICS countries, the Heating & Cooling Market within the DIY & Hardware Store Market is experiencing a shift towards energy-efficient products. This trend is driven by increasing awareness about environmental sustainability and the rising cost of energy. Industry players are investing in research and development to offer innovative and eco-friendly solutions to consumers. This trajectory is significant as it aligns with the global push towards more sustainable practices. It also presents opportunities for stakeholders to tap into the growing demand for energy-efficient products in the BRICS markets. Additionally, the shift towards energy-efficient products could potentially lead to a decrease in operating costs for consumers, making it an attractive option for a wider consumer base.

Local special circumstances: In China, the Heating & Cooling market within the DIY & Hardware Store Market is influenced by the country's rapid urbanization and increasing disposable income. This has led to a growing demand for home comfort and energy-efficient solutions. On the other hand, in South Africa, the market is driven by high levels of air pollution and the government's focus on sustainable development and reducing carbon emissions. This has led to a surge in demand for eco-friendly and energy-efficient heating and cooling products.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. Countries with strong economic growth, stable fiscal policies, and favorable market conditions are expected to experience higher demand for heating and cooling products. Furthermore, increasing urbanization and rising disposable income levels in emerging markets, particularly in BRICS countries, are expected to drive the growth of the DIY & Hardware Store Market, thus positively impacting the Heating & Cooling Market within this segment. Additionally, government initiatives promoting energy-efficient HVAC systems and sustainable construction practices are likely to boost market growth in the long term.

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.