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HVAC Aftermarket by End-user and Geography - Forecast and Analysis 2021-2025

  • Published: Mar 2021
  • Pages: 120
  • SKU: IRTNTR40113
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The hvac aftermarket market share is expected to increase by USD 26.87 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 7.18%.

This hvac aftermarket market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers hvac aftermarket market segmentations by end-user (non-residential and residential) and geography (APAC, North America, Europe, MEA, and South America). The hvac aftermarket market report also offers information on several market vendors, including Daikin Industries Ltd., Emerson Electric Co., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Siemens AG, Trane Technologies Plc, and United Technologies Corp. among others.

What will the HVAC Aftermarket Market Size be During the Forecast Period?

HVAC Aftermarket by End-user and Geography - Forecast and Analysis 2021-2025 Market Size

Download the Free Report Sample to Unlock the HVAC Aftermarket Market Size for the Forecast Period and Other Important Statistics

 

HVAC Aftermarket Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The favorable regulations and guidelines for hvac systems is notably driving the hvac aftermarket market growth, although factors such as trade wars may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the hvac aftermarket industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key HVAC Aftermarket Market Driver

The favorable regulations and guidelines for hvac systems is notably driving the hvac aftermarket market growth. Factors such as the growing emissions from HVAC systems and the environmental damage caused by them are forcing the regulatory bodies to frame highly stringent regulations and mandate manufacturers and users to comply with those regulations. These regulations are leading to an increase in energy efficiency as they are built to reduce the emission of carbon dioxide and other harmful gases. In order to comply with the regulations and to continue the high efficiency of HVAC systems, various vendors are offering regular aftermarket services as well as changing of components and parts. These regulations are contributing to the elimination of counterfeit products from the market as they fail to be in compliance with these standards. Hence, the stringent regulatory environment for the use of HVAC systems is helping vendors to overcome the competition from counterfeit product manufacturers, as well as in providing aftermarket services to consumers. As a result, these regulations are expected to drive the growth of the market during the forecast period.

Key HVAC Aftermarket Market Trend

The adoption of cogeneration equipment is the key trend driving the HVAC aftermarket market growth. HVAC systems, despite being energy-efficient, often consume high amounts of energy, and subsequently, emit it in the form of residual gases. Although the gases released from the HVAC systems are non-poisonous, upon penetrating the stratosphere, they break into simple compounds that lead to disruption of the ozone layer. The growing threat to the ozone necessitates the development of adjuvant energy-conserving systems, such as the cogeneration process, which helps in conserving the energy utilized by HVAC systems. The use of cogeneration equipment as an adjuvant to HVAC systems helps in capturing the residual gases from the systems and repurposing them to perform other activities, such as heating water, thereby offsetting the greenhouse gas emissions and consumption of fuel that would otherwise be burned away, thus preventing the HVAC systems from overheating. These advantages of using the cogeneration process as an adjuvant to the HVAC system help in saving time and money. This advantage is expected to drive the demand for HVAC systems, thereby increasing the demand for HVAC aftermarket products and services.

Key HVAC Aftermarket Market Challenge

The major challenge impeding the HVAC aftermarket market growth is the trade wars. A trade war is defined as an economic conflict resulting from stringent regulatory guidelines of a country that increase tariffs or other trade barriers against a particular country. Such increased trade barriers lead both the nations? output composition to move toward their autarky position. For instance, the China-US trade war, this trade war started when the US Government raised tariffs and other trade barriers against China in 2018 with the goal of forcing it to make changes to its trading guidelines, which are recognized by the US as unfair trade practices. In the US, the implications resulting from the trade war entailed struggles for farmers and manufacturers as they have to invest more for developing in-house technologies for the manufacturing of goods, which, in turn, resulted in the increase in the price of products. These trade wars are expected to impact the demand and supply of both raw materials as well as parts and components of HVAC systems significantly, which are expected to pose a threat to the growth of the global HVAC aftermarket during the forecast period.

This hvac aftermarket market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global HVAC aftermarket as a part of the global electrical components and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the hvac aftermarket market during the forecast period.

Who are the Major HVAC Aftermarket Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • Daikin Industries Ltd.
  • Emerson Electric Co.
  • Johnson Controls International Plc
  • Lennox International Inc.
  • LG Electronics Inc.
  • Robert Bosch GmbH
  • Samsung Electronics Co. Ltd.
  • Siemens AG
  • Trane Technologies Plc
  • United Technologies Corp.

 

This statistical study of the hvac aftermarket market encompasses successful business strategies deployed by the key vendors. The hvac aftermarket market is fragmented and the vendors are deploying growth strategies such as investing heavily in developing new technologies that could help them detect any problems with the HVAC system in advance to compete in the market.

Product Insights and News

  • LG Electronics Inc. - The company offers a wide range of after sales services, including cleaning, energy management, regular inspection, and annual maintenance services.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The hvac aftermarket market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

HVAC Aftermarket Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the hvac aftermarket market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for HVAC Aftermarket Market?

HVAC Aftermarket by End-user and Geography - Forecast and Analysis 2021-2025 Market Market segmentation by region

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43% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for HVAC aftermarket market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Increasing investments in real estate and growing awareness about indoor air quality will facilitate the hvac aftermarket market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the market in the region witnessed certain challenges, owing to the outbreak of the COVID-19 pandemic. The pandemic affected many countries in the region, including China, India, South Korea, and Japan. Moreover, it also affected the construction sector in the region, which, in turn, impacted the demand for HVAC equipment and aftermarket products and services. However, with gradual control in the spread of the disease, coupled with the relaxation of lockdown restrictions, the market in focus in the region is expected to recover during the forecast period.

What are the Revenue-generating End-user Segments in the HVAC Aftermarket Market?

HVAC Aftermarket by End-user and Geography - Forecast and Analysis 2021-2025 Market Segmentation

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The hvac aftermarket market share growth by the non-residential segment will be significant during the forecast period. The global HVAC aftermarket had witnessed a significant growth between 2015 and 2018, owing to factors such as the increased need and the availability of energy-efficient HVAC systems, rapid urbanization, and the availability of replacement of HVAC systems. This has led to a rise in the installed base of HVAC systems. Factors such as the rise in replacement activities of HVAC systems and the increasing demand for energy-efficient HVAC parts and components are expected to be the primary drivers for the growth of the segment.

This report provides an accurate prediction of the contribution of all the segments to the growth of the hvac aftermarket market size and actionable market insights on post COVID-19 impact on each segment.

 

HVAC Aftermarket Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 7.18%

Market growth 2021-2025

$ 26.87 billion

Market structure

Fragmented

YoY growth (%)

4.85

Regional analysis

APAC, North America, Europe, MEA, and South America

Performing market contribution

APAC at 43%

Key consumer countries

China, US, Germany, Japan, and UK

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Daikin Industries Ltd., Emerson Electric Co., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Siemens AG, Trane Technologies Plc, and United Technologies Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this HVAC Aftermarket Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive hvac aftermarket market growth during the next five years
  • Precise estimation of the hvac aftermarket market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the hvac aftermarket industry across APAC, North America, Europe, MEA, and South America
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of hvac aftermarket market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
  • 2.2 Market characteristics
    • Exhibit 02: Market characteristics
  • 2.3 Value chain analysis
    • Exhibit 03: Value chain analysis: Electrical Components and Equipment Market

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by End-user

    • 5.1 Market segments
      • 5.2 Comparison by End-user
        • 5.3 Non-residential - Market size and forecast 2020-2025
          • Exhibit 17: Non-residential - Market size and forecast 2020-2025 ($ million)
          • Exhibit 18: Non-residential - Year-over-year growth 2020-2025 (%)
        • 5.4 Residential - Market size and forecast 2020-2025
          • Exhibit 19: Residential - Market size and forecast 2020-2025 ($ million)
          • Exhibit 20: Residential - Year-over-year growth 2020-2025 (%)
        • 5.5 Market opportunity by End-user
          • Exhibit 21: Market opportunity by End-user

        6 Customer landscape

        7 Geographic Landscape

        • 7.1 Geographic segmentation
          • Exhibit 23: Market share by geography 2020-2025 (%)
        • 7.2 Geographic comparison
          • Exhibit 24: Geographic comparison
        • 7.3 APAC - Market size and forecast 2020-2025
          • Exhibit 25: APAC - Market size and forecast 2020-2025 ($ million)
          • Exhibit 26: APAC - Year-over-year growth 2020-2025 (%)
        • 7.4 North America - Market size and forecast 2020-2025
          • Exhibit 27: North America - Market size and forecast 2020-2025 ($ million)
          • Exhibit 28: North America - Year-over-year growth 2020-2025 (%)
        • 7.5 Europe - Market size and forecast 2020-2025
          • Exhibit 29: Europe - Market size and forecast 2020-2025 ($ million)
          • Exhibit 30: Europe - Year-over-year growth 2020-2025 (%)
        • 7.6 MEA - Market size and forecast 2020-2025
          • Exhibit 31: MEA - Market size and forecast 2020-2025 ($ million)
          • Exhibit 32: MEA - Year-over-year growth 2020-2025 (%)
        • 7.7 South America - Market size and forecast 2020-2025
          • Exhibit 33: South America - Market size and forecast 2020-2025 ($ million)
          • Exhibit 34: South America - Year-over-year growth 2020-2025 (%)
        • 7.8 Key leading countries
          • Exhibit 35: Key leading countries
        • 7.9 Market opportunity by geography
          • Exhibit 36: Market opportunity by geography ($ million)

        8 Drivers, Challenges, and Trends

        • 8.1 Market drivers – Demand led growth
          • 8.2 Market challenges
            • Exhibit 37: Impact of drivers and challenges
          • 8.3 Market trends

            9 Vendor Landscape

            • 9.1 Competitive scenario
              • 9.2 Vendor landscape
                • 9.3 Landscape disruption
                  • Exhibit 39: Landscape disruption
                • 9.4 Industry risks
                  • Exhibit 40: Industry risks

                10 Vendor Analysis

                • 10.1 Vendors covered
                  • Exhibit 41: Vendors covered
                • 10.2 Market positioning of vendors
                  • Exhibit 42: Market positioning of vendors
                • 10.3 Daikin Industries Ltd.
                  • Exhibit 43: Daikin Industries Ltd. - Overview
                  • Exhibit 44: Daikin Industries Ltd. - Business segments
                  • Exhibit 45: Daikin Industries Ltd. Key news
                  • Exhibit 46: Daikin Industries Ltd. - Key offerings
                  • Exhibit 47: Daikin Industries Ltd. - Segment focus
                • 10.4 Emerson Electric Co.
                  • Exhibit 48: Emerson Electric Co. - Overview
                  • Exhibit 49: Emerson Electric Co. - Business segments
                  • Exhibit 50: Emerson Electric Co. - Key news
                  • Exhibit 51: Emerson Electric Co. - Key offerings
                  • Exhibit 52: Emerson Electric Co. - Segment focus
                • 10.5 Johnson Controls International Plc
                  • Exhibit 53: Johnson Controls International Plc - Overview
                  • Exhibit 54: Johnson Controls International Plc - Business segments
                  • Exhibit 55: Johnson Controls International Plc - Key news
                  • Exhibit 56: Johnson Controls International Plc - Key offerings
                  • Exhibit 57: Johnson Controls International Plc - Segment focus
                • 10.6 Lennox International Inc.
                  • Exhibit 58: Lennox International Inc. - Overview
                  • Exhibit 59: Lennox International Inc. - Business segments
                  • Exhibit 60: Lennox International Inc - Key news
                  • Exhibit 61: Lennox International Inc. - Key offerings
                  • Exhibit 62: Lennox International Inc. - Segment focus
                • 10.7 LG Electronics Inc.
                  • Exhibit 63: LG Electronics Inc. - Overview
                  • Exhibit 64: LG Electronics Inc. - Business segments
                  • Exhibit 65: LG Electronics Inc. - Key news
                  • Exhibit 66: LG Electronics Inc. - Key offerings
                  • Exhibit 67: LG Electronics Inc. - Segment focus
                • 10.8 Robert Bosch GmbH
                  • Exhibit 68: Robert Bosch GmbH - Overview
                  • Exhibit 69: Robert Bosch GmbH - Business segments
                  • Exhibit 70: Robert Bosch GmbH - Key news
                  • Exhibit 71: Robert Bosch GmbH - Key offerings
                  • Exhibit 72: Robert Bosch GmbH - Segment focus
                • 10.9 Samsung Electronics Co. Ltd.
                  • Exhibit 73: Samsung Electronics Co. Ltd. - Overview
                  • Exhibit 74: Samsung Electronics Co. Ltd. - Business segments
                  • Exhibit 75: Samsung Electronics Co. Ltd. - Key news
                  • Exhibit 76: Samsung Electronics Co. Ltd. - Key offerings
                  • Exhibit 77: Samsung Electronics Co. Ltd. - Segment focus
                • 10.10 Siemens AG
                  • Exhibit 78: Siemens AG - Overview
                  • Exhibit 79: Siemens AG - Business segments
                  • Exhibit 80: Siemens AG - Key news
                  • Exhibit 81: Siemens AG - Key offerings
                  • Exhibit 82: Siemens AG - Segment focus
                • 10.11 Trane Technologies Plc
                  • Exhibit 83: Trane Technologies Plc - Overview
                  • Exhibit 84: Trane Technologies Plc - Business segments
                  • Exhibit 85: Trane Technologies Plc - Key news
                  • Exhibit 86: Trane Technologies Plc - Key offerings
                  • Exhibit 87: Trane Technologies Plc - Segment focus
                • 10.12 United Technologies Corp.
                  • Exhibit 88: United Technologies Corp. - Overview
                  • Exhibit 89: United Technologies Corp. - Business segments
                  • Exhibit 90: United Technologies Corp. - Key offerings
                  • Exhibit 91: United Technologies Corp. - Segment focus

                11 Appendix

                • 11.1 Scope of the report
                  • 11.2 Currency conversion rates for US$
                    • Exhibit 92: Currency conversion rates for US$
                  • 11.3 Research methodology
                    • Exhibit 93: Research Methodology
                    • Exhibit 94: Validation techniques employed for market sizing
                    • Exhibit 95: Information sources
                  • 11.4 List of abbreviations
                    • Exhibit 96: List of abbreviations

                  Research Framework

                  Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                  TechnavioINFORMATION SOURCES

                  Primary sources

                  • Manufacturers and suppliers
                  • Channel partners
                  • Industry experts
                  • Strategic decision makers

                  Secondary sources

                  • Industry journals and periodicals
                  • Government data
                  • Financial reports of key industry players
                  • Historical data
                  • Press releases
                  Technavio

                  TechnavioDATA ANALYSIS

                  Data Synthesis

                  • Collation of data
                  • Estimation of key figures
                  • Analysis of derived insights

                  Data Validation

                  • Triangulation with data models
                  • Reference against proprietary databases
                  • Corroboration with industry experts
                  Technavio

                  TechnavioREPORT WRITING

                  Qualitative

                  • Market drivers
                  • Market challenges
                  • Market trends
                  • Five forces analysis

                  Quantitative

                  • Market size and forecast
                  • Market segmentation
                  • Geographical insights
                  • Competitive landscape
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                  HVAC Aftermarket Market market growth will increase by $26.87 bn during 2021-2025.
                  The hvac aftermarket market market is expected to grow at a CAGR of 7.18% during 2021-2025.
                  Technavio has segmented the hvac aftermarket market market by end-user (non-residential and residential) ,geography (APAC, North America, Europe, MEA, and South America) , and geographic (APAC, North America, Europe, MEA, and South America).
                  Daikin Industries Ltd., Emerson Electric Co., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Siemens AG, Trane Technologies Plc, United Technologies Corp. are a few of the key vendors in the hvac aftermarket market market.
                  APAC will register the highest growth rate of 43% among the other regions. Therefore, the hvac aftermarket market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
                  The key factors driving the hvac aftermarket market market growth are:
                  • Favorable regulations and guidelines for HVAC systems
                  • Adoption of cogeneration equipment
                  The hvac aftermarket market market vendors should focus on grabbing business opportunities from the non-residential segment as it accounted for the largest market share in the base year.
                  • What are the key global market and the regional market share?
                  • What are the revenue-generating key market segments?
                  • What are the key factors driving and challenging this market’s growth?
                  • Who are the key market vendors and their growth strategies?
                  • What are the latest trends influencing the growth of this market?
                  • What are the variables influencing the market growth in the primary regions?
                  • What are the factors influencing the growth of the parent market?
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                  • Covid-19 impact and recovery analysis
                  • Data on revenue-generating market segments
                  • Details on the market shares of various regions
                  • Five-force market analysis

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