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HVAC Market Share

Report ID: GMI9352
Published Date: May 2024
Report Format: PDF

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HVAC Market Share

Key players involve in the market are Daikin, Midea Group, Gree Electric Appliances, Inc., Carrier Global Corporation and Trane Technologies plc. accounting market share of 25-30% in 2023. The surge in demand for energy-efficient cooling solutions, stringent government regulation for HVAC systems, and rapid advancement in technology are creating lucrative business opportunities for manufacturers in the global market. Manufacturers are striving to set themselves apart from the competition and take advantage of the growing demand for smart HVAC systems through technological innovation. The industry is constantly shifting, from customer-centric strategies and technological developments to pricing competitiveness and innovative product development.

HVAC Market Companies

Major companies operating in the market include:

Bosch
Carrier Group
Daikin Industries Inc.
Danfoss
GREE Electric Appliances, inc.
Haier Group
Hisense HVAC equipment Co., Ltd.
Johnson Controls Plc
Lennox International
LG Electronics
Midea Group
Mitsubishi Electric Group
Panasonic Corporation
Rheem Manufacturing Company
Trane Technologies

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

Market size for HVAC was USD 294 billion in 2023 and is expected to register 5.6% CAGR from 2024-2032 owing to the rising demand for energy-efficient and sustainable cooling solutions worldwide.

HVAC industry from the air conditioning equipment segment is expected to reach USD 210 billion by 2032 due to the escalating demand for energy-efficient and environmentally responsible air conditioning systems.

North America industry is expected to reach USD 165 billion by 2032 due to rising focus on advanced technologies like variable refrigerant flow (VRF) systems and smart thermostats in the region.

Haier Group, Hisense HVAC equipment Co., Ltd., Johnson Controls Plc, Lennox International, LG Electronics, Midea Group, Mitsubishi Electric Group, Panasonic Corporation, Rheem Manufacturing Company, and Trane Technologies, are some of the major HVAC companies worldwide.