Market Insights Consumer DIY & Hardware Store

Heating & Cooling - Worldwide

Worldwide

The Heating & Cooling market worldwide is projected to generate a revenue of US$263.50bn in 2024.
It is expected to experience an annual growth rate of 3.03% (CAGR 2024-2028).
When compared globally, in the 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: Japan, India, Nigeria, United States, Brazil

Market

Region

Region comparison

Currency

Analyst Opinion

The Heating & Cooling segment saw a significant spike in retail sales as a result of COVID-19 lockdown restrictions in 2020. Given that many people had no other option but to stay at home, they shifted their spending habits significantly: focusing on things to make their living spaces feel more comfortable. The Heating & Cooling segment benefited from this shift in consumer behavior. Now that life is slowly returning to normal, people are spending far less time at home, making it harder to justify the costly investment.

A sharp drop can be observed in the 2022 retail sales of the Heating & Cooling segment. This can largely be attributed to the cost-of-living crisis, which is putting downward pressure on disposable income. When it comes to 2023, we foresee a decrease in this trend as many governments around the world have taken steps to lower inflation. Furthermore, there is likely to be an increase in consumer spending as a result of the lifting of COVID-19 restrictions in China, which would also have a positive impact on this segment's overall growth.

Methodology

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.