Heating & Cooling - North America

In North America, the Heating & Cooling market is projected to generate a revenue of US$128.60bn in 2024.
According to the forecast, the market is expected to experience an annual growth rate of 2.54% (CAGR 2024-2029).
When compared globally, United States stands out as the country generating the highest revenue in this market, with a projected revenue of US$126bn in 2024.
In terms of per capita revenue, in North America is estimated to generate US$252.10 per person in 2024.
The demand for energy-efficient heating and cooling systems in North America is on the rise, driven by increasing environmental consciousness and government regulations.

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 North America nan has seen minimal growth due to factors like saturation and competition. The rise of online shopping and DIY projects have impacted the growth rate.

Customer preferences: As the North American population continues to age, there has been a growing demand for energy-efficient and accessible heating and cooling solutions in the DIY & Hardware Store Market. This trend is driven by the increasing number of retirees and aging homeowners who are seeking ways to reduce energy costs and improve indoor air quality. Furthermore, with the rise of eco-consciousness and sustainability, there has been a growing preference for environmentally-friendly heating and cooling options, such as smart thermostats and geothermal systems. This trend is also influenced by the growing popularity of DIY home improvement projects, as consumers seek to make their homes more energy-efficient and comfortable.

Trends in the market: In North America, the Heating & Cooling Market within the DIY & Hardware Store Market is experiencing a rise in smart home technology. With the increasing demand for energy efficiency and convenience, more consumers are investing in programmable thermostats and smart HVAC systems. This trend is expected to continue, with projections showing a 20% annual growth rate in the smart thermostat market. This shift towards more advanced heating and cooling solutions has significant implications for industry stakeholders, such as DIY and hardware stores, as they will need to adapt their product offerings to meet the changing demands of consumers. Additionally, this trend has the potential to improve energy efficiency and reduce costs for homeowners, making it a significant development in the industry.

Local special circumstances: In North America, the Heating & Cooling Market within the DIY & Hardware Store Market is heavily influenced by the region's extreme variations in climate. The demand for heating and cooling products is higher in regions with colder temperatures, such as Canada and Northern United States, compared to warmer regions in Southern United States. Additionally, the cultural emphasis on DIY projects and home improvement in North America drives the popularity of heating and cooling products in the DIY & Hardware Store Market. Regulatory factors also play a role, with different energy efficiency standards and regulations varying across North American countries.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market in North America is heavily impacted by macroeconomic factors such as consumer spending, interest rates, and housing market conditions. In particular, the state of the economy and consumer confidence play a crucial role in the demand for heating and cooling products. When the economy is strong and housing markets are booming, consumers are more likely to invest in home improvement and therefore, purchase heating and cooling products. On the other hand, during economic downturns or housing market slumps, consumers tend to cut back on discretionary spending, which in turn affects the sales of heating and cooling products. Additionally, regulations and policies related to energy efficiency and environmental sustainability are also impacting the market, as consumers are increasingly seeking out energy-efficient and eco-friendly heating and cooling options.

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.