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North America Residential Unitary HVAC Market Share

Report ID: GMI9978
Published Date: Jun 2024
Report Format: PDF

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North America Residential Unitary HVAC Market Share

The North America residential unitary HVAC industry is moderately fragmented, with the presence of prominent players such as Daikin Industries Inc., LG Electronics, Lennox International, Hisense HVAC equipment Co., Ltd., and Trane Technologies. These players hold a market share of 28 – 30% collectively. Manufacturers are adopting strategic steps, such as mergers, acquisitions, partnerships, and collaboration, to meet the growing consumer demand and consolidate their position in the market.

For instance, in April 2024, Carrier Global Corporation announced that its venture arm, Carrier Ventures, is heading an investment and technology partnership with Strategic Thermal Labs (STL). Through this collaboration, Carrier aims to harness STL's innovative technology to develop a liquid cooling solution for data centers. Furthermore, in March 2024, Daikin Comfort Technologies North America, Inc., a Daikin group manufacturer based in the US, donated 88 HVAC systems to support a temporary housing project in west Maui, which was severely impacted by the 2023 wildfire.

North America Residential Unitary HVAC Market Companies

Major players operating in the North America residential unitary HVAC industry include:

Carrier Group
Daikin Industries Inc.
Danfoss A/S
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
Robert Bosch GmbH
Trane Technologies

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size for residential unitary HVAC in North America reached USD 6.53 billion in 2023 and will depict a 5.5% CAGR between 2024 and 2032, attributed to rising residential construction activities, coupled with renovation projects and increasing awareness and adoption of energy-efficient solutions.

North America residential unitary HVAC industry from the air conditioning equipment segment will reach USD 4.9 billion by 2032, driven by rising temperatures, urbanization, and higher disposable incomes coupled with increasing demand for cooling solutions in homes.

U.S. market captured 69.6% share in 2023, owing to the region's large population, extensive urbanization, robust construction sector and government initiatives for promoting sustainable building practices.

Danfoss A/S, GREE Electric Appliances, Inc, Haier Group, Hisense HVAC equipment Co., Ltd., Johnson Controls Plc, Lennox International, LG Electronics, Midea Group, Mitsubishi Electric Group, and Panasonic Corporation, among others.