Heating & Cooling - G7 | Statista Market Forecast

In the year 2024, the revenue in the Heating & Cooling market in G7 countries amounts to a staggering US$143.90bn.
It is projected that this market will experience an annual growth rate of 2.59% (CAGR 2024-2029).
Among all the countries in the G7, United States leads the pack in terms of revenue generation, with a total of US$126bn in 2024.
When considering the population figures, the per person revenues in 2024 amount to US$184.80.
This indicates the significant impact and potential of the Heating & Cooling market in G7 countries.
In Canada, the trend in the Heating & Cooling market is a growing demand for energy-efficient and environmentally friendly systems.

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 G7 nan has encountered minimal growth, influenced by factors like sluggish economies, cautious consumer spending, and saturation in the market. Despite this, the Heating & Cooling market within the industry is still experiencing steady demand due to the necessity for these products in homes and businesses.

Customer preferences: Consumers in the Heating & Cooling Market within the DIY & Hardware Store Market are showing a growing interest in eco-friendly and energy-efficient products. With increasing awareness about climate change and the need to reduce carbon footprint, consumers are inclined towards HVAC systems and air conditioners with higher energy ratings. This trend is also influenced by the growing demand for sustainable and green living solutions. Additionally, there is a rise in preference for smart thermostats and connected HVAC systems, as consumers seek more control and convenience in managing their home's temperature.

Trends in the market: In the DIY & Hardware Store Market, the Heating & Cooling market is experiencing a shift towards smart and energy-efficient products. Consumers are increasingly looking for products that offer convenience and cost savings, leading to a rise in demand for smart thermostats and energy-efficient HVAC systems. This trend is driven by growing concerns about energy consumption and environmental impact. Industry stakeholders such as manufacturers and retailers are responding by expanding their product offerings and investing in research and development to further innovate in this space. This trend is likely to continue as consumers become more environmentally conscious and governments implement stricter energy efficiency regulations. For industry stakeholders, this trend presents opportunities for growth and innovation, but also challenges in keeping up with changing consumer demands and regulatory requirements.

Local special circumstances: In Australia, the Heating & Cooling Market within the DIY & Hardware Store Market is heavily influenced by the country's extreme climate conditions. The harsh summers and cold winters drive demand for efficient and cost-effective heating and cooling solutions. Additionally, the country has strict regulations for energy-efficient appliances, leading to a highly competitive market with a focus on environmentally friendly products. This trend is further amplified by the increasing awareness of sustainability among consumers, making eco-friendly options popular in the market.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market is heavily impacted by macroeconomic factors such as consumer spending, housing trends, and environmental regulations. Countries with strong economic growth, stable housing markets, and supportive government policies for energy efficiency are seeing a rise in demand for heating and cooling products. On the other hand, countries with a sluggish economy, declining housing market, and stricter environmental regulations are experiencing slow market growth. Additionally, the increasing awareness of sustainability and energy conservation is driving the demand for energy-efficient and environmentally-friendly heating and cooling solutions globally.

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.