Heating & Cooling - South Korea | Statista Market Forecast

In South Korea, the revenue in the Heating & Cooling market is projected to reach US$5.22bn in 2024.
This market segment is expected to experience an annual growth rate of 4.14% (CAGR 2024-2029).
When compared to other countries worldwide, United States generates the highest revenue in this market, with US$126bn in 2024.
In terms of per capita figures, in South Korea generates US$100.90 in revenue per person in 2024.
South Korea's heating and cooling market is experiencing a surge in demand for energy-efficient solutions due to increasing environmental awareness and government incentives.

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 South Korea is facing negligible growth, impacted by factors such as low consumer awareness and limited availability of DIY options. However, the market is still expected to experience some growth due to increasing urbanization and rising demand for energy-efficient products.

Customer preferences: Consumers in South Korea are becoming more environmentally conscious, leading to a rise in demand for eco-friendly and energy-efficient heating and cooling solutions. This trend is driven by the government's push for sustainable development and the increasing awareness of global climate change. As a result, DIY and hardware stores are now offering a wider range of green products, such as solar-powered heating systems and energy-saving air conditioners, to cater to this growing consumer preference. This shift towards eco-friendly options also reflects a cultural shift towards more conscious consumerism and a desire for products that align with personal values.

Trends in the market: In South Korea, the Heating & Cooling market within the DIY & Hardware Store market is currently experiencing a shift towards energy-efficient options. This trend is driven by rising energy costs and a growing focus on sustainability. As a result, consumers are seeking out products with high energy efficiency ratings and looking for ways to reduce their carbon footprint. This trend is expected to continue, with government initiatives and incentives further promoting the adoption of energy-efficient heating and cooling systems. For industry stakeholders, this trend presents an opportunity to offer innovative and eco-friendly products and services, while also positioning themselves as leaders in the market.

Local special circumstances: In South Korea, the Heating & Cooling market within the DIY & Hardware Store Market is heavily influenced by the country's geographical location, with extreme temperature fluctuations between summer and winter seasons. This creates a high demand for efficient and durable cooling and heating systems, leading to the dominance of energy-efficient products in the market. Additionally, the country's strong cultural emphasis on cleanliness and hygiene has resulted in a growing demand for air purifiers and HVAC systems with advanced filtration technologies. Strict government regulations on energy conservation also drive the market towards more environmentally friendly and cost-effective solutions.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market in South Korea is influenced by various macroeconomic factors including economic stability, government policies, and consumer spending. The growth of this market is closely tied to the overall economic health of the country, as a stable economy leads to increased consumer confidence and higher spending on home improvement products. Additionally, favorable government policies and investments in infrastructure can also drive market growth by creating a conducive environment for businesses to thrive. As South Korea becomes more technologically advanced, there is a growing demand for energy-efficient heating and cooling solutions, which further boosts the market.

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.