Heating & Cooling - Worldwide

Worldwide

Highlights

The Heating & Cooling market worldwide is projected to generate a revenue of US$263.60bn in 2024.
It is expected to experience an annual growth rate of 2.96% (CAGR 2024-2029).
When compared globally, United States leads in revenue generation with US$126bn in 2024.
Calculated in relation to the total population, per person revenues amount to US$34.01 in 2024.
In the United States, the trend in the heating and cooling market is a growing demand for energy-efficient and eco-friendly HVAC systems.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The DIY & Hardware store market in the Heating & Cooling sector worldwide is experiencing slight growth, with increased adoption of digital technologies and growing awareness of the importance of home maintenance. Factors impacting this growth rate include economic uncertainty and shifting consumer preferences.

Customer preferences: As sustainability continues to be a growing concern for individuals globally, the Heating & Cooling Market within the DIY & Hardware Store Market has seen a rise in demand for eco-friendly and energy-efficient products. This trend is largely driven by a growing awareness of environmental issues and a desire to reduce carbon footprint. Additionally, the increasing popularity of smart home technology has also contributed to the demand for energy-efficient HVAC systems that can be controlled remotely. This shift towards sustainable and technologically advanced solutions highlights the evolving consumer preferences and their desire for environmentally responsible products.

Trends in the market: In the DIY & Hardware Store Market, the Heating & Cooling Market is experiencing a surge in demand for energy-efficient and eco-friendly products. This trend is driven by increasing awareness and government initiatives to reduce carbon footprint. Additionally, there is a growing demand for smart home heating and cooling systems, which can be controlled remotely through mobile apps. These trends are significant for industry stakeholders as they indicate a shift towards sustainable and convenient solutions, with potential implications for the traditional HVAC market players. Companies will need to adapt to these trends by offering innovative and environmentally-friendly products to stay competitive in the market.

Local special circumstances: In the DIY & Hardware Store Market, the Heating & Cooling segment varies greatly due to local factors. For example, in Europe, strict energy efficiency regulations drive the demand for energy-efficient heating and cooling systems. In contrast, in developing countries like India and Brazil, where homeowners often install their own HVAC systems, the market is driven by affordability and convenience. In these markets, DIY-friendly and budget-friendly products are in high demand, leading to a booming market for entry-level and basic HVAC systems. The cultural preference for DIY projects in these regions also contributes to this trend.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. For example, countries with strong economic growth and stable fiscal policies are likely to have a higher demand for heating and cooling products. In addition, investments in infrastructure and construction projects also contribute to the growth of the market, as these projects often require heating and cooling systems. Similarly, countries with high levels of disposable income are likely to have a higher demand for DIY and hardware store products, including heating and cooling systems. On the other hand, economic downturns and fluctuations in currency exchange rates can negatively impact the market by reducing consumer purchasing power and increasing the cost of imported products. Furthermore, changing environmental regulations and energy efficiency standards in different countries can also affect the demand for and availability of heating and cooling products in the market. Overall, the performance of the Heating & Cooling Market within the DIY & Hardware Store Market is closely tied to the macroeconomic environment and shifts in global economic trends.

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.