HVAC Aftermarket Market size to grow by USD 32,929.46 million from 2022 to 2027, APAC will account for 36% of market growth - Technavio

NEW YORK, May 4, 2023 /PRNewswire/ -- The HVAC aftermarket market size is estimated to increase by USD 32,929.46 million from 2022 to 2027, with an CAGR of 7.77%, according to the recent market study by Technavio. This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region. The robust growth of the construction industry is the key driver for the the global heating, ventilation & air conditioning (HVAC) aftermarket market growth. Developments in the construction industry play a key role in fueling the market. The demand for HVAC systems to improve building efficiency and increase in market returns is increased by the new construction in the residential, commercial, and industrial sectors. As the demand for HVAC systems grows, the demand for services to maintain them also increases. Innovation in building design and growing interest in building energy efficiency creates opportunities for HVAC service providers to increase their market position. Hence, such factors drive the market growth during the forecast period. Get a comprehensive report summary describing the market size and forecast along with research methodology -Request a sample report

HVAC aftermarket market - Segmentation Analysis

This report extensively covers market segmentation by product (air conditioning equipment, heating equipment, and ventilation equipment), end-user (non-residential and residential), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

• The market share growth by the air conditioning equipment segment is significant during the forecast period. This segment is expected to grow due to several factors such as increasing global temperature and humidity. Air conditioning systems are necessary to maintain indoor air quality and the rise in commercial real estate such as offices, shopping malls, restaurants, and hotels across the globe is another key factor influencing the market growth. This industry requires a wide range of cooling solutions, which can be achieved with air conditioning. Therefore, increasing awareness and demand for energy-efficient air conditioners will support the growth of the air conditioning equipment segment during the forecast period.  

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Geographic Analysis

The market is segmented by region APAC, North America, Europe, South America, and Middle East and Africa. An analysis of key leading countries has been included.

• APAC is estimated to account for 36% of the global market growth during the forecast period. The region holds the highest share of the heating, ventilation & air conditioning aftermarket market, and it is expected to grow faster than other regions during the forecast period. This is mainly due to the increase in real estate investment in the region. Moreover, factors such as rising air pollution levels and the need to meet regulatory standards for indoor air quality are driving the adoption of new HVAC systems in both residential and non-residential buildings. Additionally, the need to comply with international standards and growing awareness of indoor air quality is expected to further drive the growth of the market in the region during the forecast period. Hence, such factors drive the market growth in the region during the forecast period.

HVAC Aftermath Market - Vendor Analysis

The global HVAC aftermarket is currently witnessing high competition among vendors at both global and regional levels. The vendors providing aftermarket services for HVAC systems are competing aggressively in terms of price as well as customer service to retain customers. Vendors are also investing heavily in developing new technologies that could help them detect any problems with the HVAC system in advance and provide maintenance and repair services to customers. 

HVAC Aftermath Market - Market Dynamics

Major Trends

• The adoption of cogeneration equipment is a major market trend that will fuel the global heating, ventilation & air conditioning (HVAC) aftermarket market growth. 
• Inspite of their energy efficiency, HVAC systems often consume large amounts of energy and emit it in the form of residual gases. The gases emitted by HVAC systems are non-toxic. But when they enter the stratosphere they decompose into simple compounds that lead to ozone depletion.
• Additionally, the growing threat of ozone requires developments to support energy-saving systems such as the cogeneration process that helps conserve energy used in HVAC systems. 
• Combined heat and power (CHP), is the simultaneous production of heat and electricity from a single source, which was developed with steam turbine power plants a century ago. But since the 1980s, technological progress has improved the efficiency of the cogeneration cycle, attracting attention.
• The emergence of new power generation technologies and improvements in cycle efficiency has increased sales of cogeneration systems, over the years. Hence, such trends are expected to drive the market demand during the forecast period. 

Key Challenges

• Fluctuating prices of HVAC systems' raw materials is a key challenge that may impede the growth of the market. 
• Volatile raw material prices affect the production costs of various types of HVAC systems, resulting in many major players entering into long-term contracts with their suppliers to reduce the impact of commodity price fluctuations on their operations.
• But small providers cannot enter into such agreements. Thus, fluctuations in commodity prices affect business.
• Stainless steel, iron, bronze, and copper are the primary raw materials used in manufacturing HVAC systems, directly impacting the market globally.
• The commodity prices are subject to factors such as inflation, production, and supply. Hence, such challenges hinder the market growth during the forecast period.

In addition to the forecast, the report also highlights the key opportunities by analyzing drivers, trends, challenges for the market. Download Free Sample

What are the key data covered in this HVAC Aftermarket Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the HVAC Aftermarket Market between 2023 and 2027
• Precise estimation of the size of the HVAC Aftermarket Market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the HVAC Aftermarket Market across APAC, North America, Europe, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of HVAC Aftermarket Market vendors

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Table of Contents:

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global HVAC aftermarket market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on Global HVAC aftermarket market 2017 - 2021 ($ million)

• 4.2 Product Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ million)

• 4.3 End-user Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – End-user Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

• 6.1 Market segments 
• Exhibit 30: Chart on Product - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Product - Market share 2022-2027 (%)

• 6.2 Comparison by Product 
• Exhibit 32: Chart on Comparison by Product
• Exhibit 33: Data Table on Comparison by Product

• 6.3 Air conditioning equipment - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Air conditioning equipment - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Air conditioning equipment - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Air conditioning equipment - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Air conditioning equipment - Year-over-year growth 2022-2027 (%)

• 6.4 Heating equipment - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Heating equipment - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Heating equipment - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Heating equipment - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Heating equipment - Year-over-year growth 2022-2027 (%)

• 6.5 Ventilation equipment - Market size and forecast 2022-2027 
• Exhibit 42: Chart on Ventilation equipment - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Ventilation equipment - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Ventilation equipment - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Ventilation equipment - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Product 
• Exhibit 46: Market opportunity by Product ($ million)
• Exhibit 47: Data Table on Market opportunity by Product ($ million)

7 Market Segmentation by End-user

• 7.1 Market segments 
• Exhibit 48: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 49: Data Table on End-user - Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 50: Chart on Comparison by End-user
• Exhibit 51: Data Table on Comparison by End-user

• 7.3 Non-residential - Market size and forecast 2022-2027
• Exhibit 52: Chart on Non-residential - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Non-residential - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Non-residential - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Non-residential - Year-over-year growth 2022-2027 (%)

• 7.4 Residential - Market size and forecast 2022-2027
• Exhibit 56: Chart on Residential - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on Residential - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on Residential - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Residential - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by End-user 
• Exhibit 60: Market opportunity by End-user ($ million)
• Exhibit 61: Data Table on Market opportunity by End-user ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 63: Chart on Market share by geography 2022-2027 (%)
• Exhibit 64: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 65: Chart on Geographic comparison
• Exhibit 66: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 67: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 North America - Market size and forecast 2022-2027
• Exhibit 71: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027
• Exhibit 75: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 79: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 83: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027
• Exhibit 87: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027
• Exhibit 91: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027
• Exhibit 95: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 Japan - Market size and forecast 2022-2027
• Exhibit 99: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.12 UK - Market size and forecast 2022-2027
• Exhibit 103: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 104: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 107: Market opportunity by geography ($ million)
• Exhibit 108: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 109: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 110: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 111: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 112: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 113: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 114: Matrix on vendor position and classification

• 12.3 AB Electrolux 
• Exhibit 115: AB Electrolux - Overview
• Exhibit 116: AB Electrolux - Business segments
• Exhibit 117: AB Electrolux - Key news
• Exhibit 118: AB Electrolux - Key offerings
• Exhibit 119: AB Electrolux - Segment focus

• 12.4 Carrier Global Corp. 
• Exhibit 120: Carrier Global Corp. - Overview
• Exhibit 121: Carrier Global Corp. - Business segments
• Exhibit 122: Carrier Global Corp. - Key news
• Exhibit 123: Carrier Global Corp. - Key offerings
• Exhibit 124: Carrier Global Corp. - Segment focus

• 12.5 Daikin Industries Ltd. 
• Exhibit 125: Daikin Industries Ltd. - Overview
• Exhibit 126: Daikin Industries Ltd. - Business segments
• Exhibit 127: Daikin Industries Ltd. - Key news
• Exhibit 128: Daikin Industries Ltd. - Key offerings
• Exhibit 129: Daikin Industries Ltd. - Segment focus

• 12.6 Emerson Electric Co. 
• Exhibit 130: Emerson Electric Co. - Overview
• Exhibit 131: Emerson Electric Co. - Business segments
• Exhibit 132: Emerson Electric Co. - Key news
• Exhibit 133: Emerson Electric Co. - Key offerings
• Exhibit 134: Emerson Electric Co. - Segment focus

• 12.7 Fujitsu Ltd. 
• Exhibit 135: Fujitsu Ltd. - Overview
• Exhibit 136: Fujitsu Ltd. - Business segments
• Exhibit 137: Fujitsu Ltd. - Key news
• Exhibit 138: Fujitsu Ltd. - Key offerings
• Exhibit 139: Fujitsu Ltd. - Segment focus

• 12.8 Haier Smart Home Co. Ltd. 
• Exhibit 140: Haier Smart Home Co. Ltd. - Overview
• Exhibit 141: Haier Smart Home Co. Ltd. - Business segments
• Exhibit 142: Haier Smart Home Co. Ltd. - Key offerings
• Exhibit 143: Haier Smart Home Co. Ltd. - Segment focus

• 12.9 Hitachi Ltd. 
• Exhibit 144: Hitachi Ltd. - Overview
• Exhibit 145: Hitachi Ltd. - Business segments
• Exhibit 146: Hitachi Ltd. - Key news
• Exhibit 147: Hitachi Ltd. - Key offerings
• Exhibit 148: Hitachi Ltd. - Segment focus

• 12.10 Johnson Controls International Plc
• Exhibit 149: Johnson Controls International Plc - Overview
• Exhibit 150: Johnson Controls International Plc - Business segments
• Exhibit 151: Johnson Controls International Plc - Key news
• Exhibit 152: Johnson Controls International Plc - Key offerings
• Exhibit 153: Johnson Controls International Plc - Segment focus

• 12.11 Lennox International Inc. 
• Exhibit 154: Lennox International Inc. - Overview
• Exhibit 155: Lennox International Inc. - Business segments
• Exhibit 156: Lennox International Inc. - Key offerings
• Exhibit 157: Lennox International Inc. - Segment focus

• 12.12 LG Electronics Inc. 
• Exhibit 158: LG Electronics Inc. - Overview
• Exhibit 159: LG Electronics Inc. - Product / Service
• Exhibit 160: LG Electronics Inc. - Key offerings

• 12.13 Nortek 
• Exhibit 161: Nortek - Overview
• Exhibit 162: Nortek - Product / Service
• Exhibit 163: Nortek - Key offerings

• 12.14 Robert Bosch GmbH 
• Exhibit 164: Robert Bosch GmbH - Overview
• Exhibit 165: Robert Bosch GmbH - Business segments
• Exhibit 166: Robert Bosch GmbH - Key news
• Exhibit 167: Robert Bosch GmbH - Key offerings
• Exhibit 168: Robert Bosch GmbH - Segment focus

• 12.15 Samsung Electronics Co. Ltd. 
• Exhibit 169: Samsung Electronics Co. Ltd. - Overview
• Exhibit 170: Samsung Electronics Co. Ltd. - Business segments
• Exhibit 171: Samsung Electronics Co. Ltd. - Key news
• Exhibit 172: Samsung Electronics Co. Ltd. - Key offerings
• Exhibit 173: Samsung Electronics Co. Ltd. - Segment focus

• 12.16 Trane Technologies Plc 
• Exhibit 174: Trane Technologies Plc - Overview
• Exhibit 175: Trane Technologies Plc - Business segments
• Exhibit 176: Trane Technologies Plc - Key news
• Exhibit 177: Trane Technologies Plc - Key offerings
• Exhibit 178: Trane Technologies Plc - Segment focus

• 12.17 Vaillant GmbH 
• Exhibit 179: Vaillant GmbH - Overview
• Exhibit 180: Vaillant GmbH - Product / Service
• Exhibit 181: Vaillant GmbH - Key offerings

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 182: Inclusions checklist
• Exhibit 183: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 184: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 185: Research methodology
• Exhibit 186: Validation techniques employed for market sizing
• Exhibit 187: Information sources

• 13.5 List of abbreviations 
• Exhibit 188: List of abbreviations

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