Heating & Cooling - Eastern Asia | Statista Market Forecast

In Eastern Asia, the revenue generated in the Heating & Cooling market is estimated to reach US$80.64bn in 2024.
It is projected to experience an annual growth rate of 2.87% (CAGR 2024-2029).
When compared on a global scale, United States generates the highest revenue with US$126bn in 2024.
In terms of per capita figures, the revenue per person is approximately US$49.34 in 2024.
In Eastern Asia, Japan leads the way in the Heating & Cooling market with its innovative and energy-efficient technologies.

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

In Eastern Asia nan, the DIY & Hardware Store Market is experiencing minimal growth. Factors such as low consumer awareness and limited availability of online services may be restricting the market's growth rate. However, with the rising trend of DIY projects, there is potential for future growth.

Customer preferences: The DIY and hardware store market in Eastern Asia has seen a rise in demand for eco-friendly and energy-efficient heating and cooling solutions. This trend is fueled by growing awareness of environmental sustainability and the need to reduce energy consumption. Additionally, there has been a shift towards smart home technology, with consumers seeking more convenient and efficient ways to control their heating and cooling systems remotely. This reflects a broader trend of consumers valuing convenience and technology in their purchasing decisions.

Trends in the market: In Eastern Asia, the Heating & Cooling Market within the DIY & Hardware Store Market is experiencing a shift towards energy-efficient and eco-friendly solutions. This trend is driven by increasing consumer awareness and government initiatives promoting sustainability. Additionally, there is a growing demand for smart thermostats and air purifiers, reflecting the rising adoption of smart home technology in the region. These changes have significant implications for industry stakeholders, as they must adapt to the evolving preferences of consumers and align with government regulations promoting green initiatives.

Local special circumstances: In Eastern Asia, the DIY & Hardware Store Market is heavily influenced by the culture of DIY projects and the preference for self-sufficiency. As a result, the Heating & Cooling Market within this niche has seen a rise in demand for portable and easy-to-use products. Additionally, the region's diverse climate and varying levels of industrialization have led to a wide range of heating and cooling needs, creating a dynamic market for innovative products. Furthermore, strict government regulations and a growing emphasis on energy efficiency have also shaped the market, with consumers seeking out eco-friendly options for their DIY projects.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market in Eastern Asia is heavily influenced by macroeconomic factors such as economic growth, consumer purchasing power, and government regulations. With the region experiencing steady economic growth and rising disposable incomes, consumers are increasingly investing in home improvement and DIY projects, driving demand for heating and cooling products. Moreover, government initiatives to promote energy efficiency and sustainable living are also contributing to the growth of the market by encouraging the adoption of eco-friendly heating and cooling solutions. However, the market may face challenges in countries with weak economic conditions and unstable political environments, which could impact consumer spending and investment in the home improvement sector. Additionally, fluctuations in global economic trends and trade policies may also have an impact on the availability and cost of raw materials and finished products, affecting the overall performance of the Heating & Cooling Market within the DIY & Hardware Store Market in Eastern Asia.

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.