Heating & Cooling - Lithuania | Statista Market Forecast

In Lithuania, the revenue generated in the Heating & Cooling market amounts to US$103.30m in 2024.
It is projected that the market will experience an annual growth rate of 4.04% (CAGR 2024-2029).
When compared globally, United States generates the highest revenue in this market, amounting to US$126bn in 2024.
In terms of per person revenues, in Lithuania generates US$38.34 in 2024.
Lithuania's heating market is seeing a shift towards renewable energy sources such as geothermal and biomass, driven by government incentives and a desire for sustainable heating solutions.

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 Heating & Cooling market within the DIY & Hardware Store Market in Lithuania is witnessing minimal growth, due to factors such as limited consumer demand, fluctuating economic conditions, and sluggish construction industry. The market's slow growth is impacted by low disposable income and lack of awareness about energy-efficient products."

Customer preferences: The DIY & Hardware Store Market in Lithuania has seen a rise in demand for energy-efficient heating and cooling solutions, with consumers increasingly prioritizing sustainability and cost-effectiveness. This trend is propelled by growing concerns about climate change and energy costs, as well as the government's efforts to promote eco-friendly practices. As a result, DIY & Hardware stores are expanding their offerings to include a wider range of energy-efficient and eco-friendly heating and cooling products, catering to the changing preferences of consumers.

Trends in the market: In Lithuania, the Heating & Cooling Market within the DIY & Hardware Store Market is experiencing a trend towards more eco-friendly and energy-efficient products. This is due to increasing awareness and government initiatives promoting sustainable practices. Additionally, there is a growing demand for smart heating and cooling systems that can be controlled remotely through mobile apps. This trend is expected to continue as consumers prioritize cost savings and environmental concerns. This presents opportunities for industry stakeholders to offer innovative and eco-friendly products, as well as to leverage technology to enhance customer experience and efficiency.

Local special circumstances: In Lithuania, the Heating & Cooling market is heavily influenced by the country's temperate climate, with long winters and short summers. This creates a strong demand for both heating and cooling solutions year-round. Additionally, the country's energy policies and regulations encourage the use of eco-friendly and energy-efficient products, making it a key factor in product development and consumer choices. The market is also heavily influenced by the DIY culture, with a high percentage of homeowners opting to install and maintain their own heating and cooling systems.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market in Lithuania is impacted by various macroeconomic factors. The country's economic health, including GDP and employment rates, can influence consumer spending and, in turn, market growth. Fiscal policies, such as tax incentives and subsidies for energy-efficient products, can also drive demand for heating and cooling solutions. Moreover, the global trend towards eco-friendliness and sustainability is leading to an increased demand for energy-efficient and environmentally-friendly heating & cooling products, further driving market growth. Additionally, the government's efforts to improve energy efficiency and reduce carbon emissions are also expected to contribute to market growth in Lithuania.

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.