Residential HVAC Market by Product and Geography - Forecast and Analysis 2021-2025

  • Published: Nov 2021
  • Pages: 120
  • SKU: IRTNTR44872
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The residential HVAC market share is expected to increase by USD 33.02 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 8.46%.

This residential HVAC 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 residential HVAC market segmentation by product (air conditioning system, heating system, and ventilation system) and geography (APAC, Europe, North America, MEA, and South America). The residential HVAC market report also offers information on several market vendors, including Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, Haier Smart Home Co. Ltd., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Panasonic Corp., Samsung Electronics Co. Ltd., and Trane Technologies Plc among others.

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

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Residential HVAC Market: Key Drivers and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing demand for energy-efficient HVAC systems is notably driving the residential HVAC systems market growth, although factors such as increasing market competition 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 residential HVAC industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Residential HVAC Market Driver

Factors such as emissions from HVAC systems and the environmental damage caused by them are prompting regulatory bodies to frame stringent regulations and mandate manufacturers and users to comply with those regulations. In order to comply with these regulations and ensure the high efficiency of HVAC systems, several vendors are offering energy-efficient HVAC systems for residential buyers. Traditional HVAC systems consume high electricity, which is a major expense for residential users. Therefore, residential buyers are persistently opting for energy-efficient HVAC systems. The availability of energy-efficient HVAC systems is encouraging residential customers to shift from traditional HVAC systems to more energy-efficient ones. 

Key Residential HVAC Market Challenge

The global residential HVAC market is highly competitive, owing to the presence of numerous regional and international players. The market in APAC has the presence of several local players that offer HVAC equipment at lower prices compared to international vendors. These local players take advantage of low manufacturing costs owing to the lower cost of raw materials and low labor costs, as well as an established distribution channel inside their respective regions. The high price competitiveness in APAC is attributed to the fact that regulations regarding energy-efficiency rating and manufacturing HVAC equipment are not as restrictive as in developed economies, and the sale of counterfeit products is also high, which increases price competition. These factors have compelled vendors, especially small and medium enterprises, to lower the prices of their products and increase their market shares. 

This residential HVAC 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.

Who are the Major Residential HVAC Market Vendors?

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

 

  • Carrier Global Corp.
  • Daikin Industries Ltd.
  • Danfoss AS
  • Haier Smart Home Co. Ltd.
  • Johnson Controls International Plc
  • Lennox International Inc.
  • LG Electronics Inc.
  • Panasonic Corp.
  • Samsung Electronics Co. Ltd.
  • Trane Technologies Plc

 

This statistical study of the residential HVAC market encompasses successful business strategies deployed by the key vendors. The residential HVAC systems market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

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 residential HVAC 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. 

Which are the Key Regions for the Residential HVAC Market?

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60% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for residential HVAC in APAC. Market growth in APAC will be faster than the growth of the market in other regions.

The increasing residential construction in countries such as India and China will facilitate the residential HVAC 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.

What are the Revenue-generating Product Segments in the Residential HVAC Market?

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The residential HVAC market share growth by the air conditioning system segment will be significant during the forecast period. Air conditioners are widely used at homes, owing to which their share in the overall residential HVAC market is significantly high. The air conditioning segment is expected to grow due to factors such as the rising temperature and humidity levels worldwide. 

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

 

Residential HVAC Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 8.46%

Market growth 2021-2025

$ 33.02 billion

Market structure

Fragmented

YoY growth (%)

4.99

Regional analysis

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

Performing market contribution

APAC at 60%

Key consumer countries

China, US, Japan, Germany, and UK

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, Haier Smart Home Co. Ltd., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Panasonic Corp., Samsung Electronics Co. Ltd., and Trane Technologies Plc

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 the forecast period

Customization purview

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

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive residential HVAC market growth during the next five years
  • Precise estimation of the residential HVAC market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the residential HVAC systems industry across APAC, Europe, North America, 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 residential HVAC systems market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Product

    • Market segments
    • Comparison by Product
    • Air conditioning system - Market size and forecast 2020-2025
    • Heating system - Market size and forecast 2020-2025
    • Ventilation system - Market size and forecast 2020-2025
    • Market opportunity by Product

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • APAC - Market size and forecast 2020-2025
      • Europe - Market size and forecast 2020-2025
      • North America - Market size and forecast 2020-2025
      • MEA - Market size and forecast 2020-2025
      • South America - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Vendor landscape
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • Carrier Global Corp.
      • Daikin Industries Ltd.
      • Danfoss AS
      • Haier Smart Home Co. Ltd.
      • Johnson Controls International Plc
      • Lennox International Inc.
      • LG Electronics Inc.
      • Panasonic Corp.
      • Samsung Electronics Co. Ltd.
      • Trane Technologies Plc

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • 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
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      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
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      TechnavioREPORT WRITING

      Qualitative

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

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
      Interested in this report?
      Get your FREE sample now!
      The residential hvac market market growth will increase by $33024.73 million during 2020-2025.
      The residential hvac market market is expected to grow at a CAGR of 8.46% during 2020-2025.
      Technavio has segmented the residential hvac market market by product (Air conditioning system, Heating system, and Ventilation system) and geographic (APAC, Europe, North America, MEA, South America, APAC, Europe, North America, MEA, and South America).
      Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, Haier Smart Home Co. Ltd., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Panasonic Corp., Samsung Electronics Co. Ltd., Trane Technologies Plc are a few of the key vendors in the residential hvac market market.
      APAC will register the highest growth rate of 59.77% among the other regions. Therefore, the residential hvac market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the residential hvac market market growth are:
      • Increasing demand for energy-efficient HVAC systems
      The residential hvac market market vendors should focus on grabbing business opportunities from the air conditioning system segment as it accounted for the largest market share in the base year.
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