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Global HVAC Aftermarket Market by Heating Equipment (Heat Pumps, Furnaces, Unitary Heaters, Thermostat and Boilers), By Ventilation Equipment (Air-Handling Units, Air Filters, Dehumidifiers, Ventilation Fans, Humidifiers, and Air Purifiers), By Cooling Equipment (Unitary Air Conditioners, VRF Systems, Chillers, Room Air Conditioners, Coolers, Cooling Towers), By HVAC Controllers(Sensors, and Controllers & Controlled Devices), By End-User(Residential and Non-Residential(Commercial and Industrial), and By Region (North America, Europe, Asia Pacific, South America, and Middle East & Africa)
Global HVAC Aftermarket Market Overview:
The global HVAC aftermarket market is estimated to reach USD 387.9 billion by 2030, growing at a CAGR of 7.2% during the forecast period 2022-2030. It was valued at USD 217.7 billion in 2022. HVAC Aftermarket refers to service parts the company regularly uses, whether they are replacement parts or upgrades. To satisfy distributors, contractors, and customers, many companies are beginning to strengthen their focus on service parts. Due to the advancement of intelligent technology, the HVAC market is facing an intelligent future. HVAC Aftermarket includes systems that OEMs provide a one-stop-shop for all of the requirements after the purchase of an HVAC System through distributors and suppliers.Global HVAC Aftermarket Market Insights
The primary factors, such as the high cost of HVAC equipment repair and replacement. Additionally, the incorporation of building automation systems projected to propel the growth of the global HVAC aftermarket in the future period. The rising demand for controllers in the HVAC aftermarket is supported by government regulations and need to achieve accuracy, comfort, and safety in controlling and monitoring indoor climates. Moreover, the shifting trend towards rising investment pertaining to smart home applications and energy-efficient technologies which are expected to foster the global market growth. Expanding the development of commercial buildings and urban areas, including hospitals, residential complexes, offices, and educational institutes, will positively impact the HVAC aftermarket. Furthermore, the infrastructure spending for the refurbishment of residential establishments is rising across the developed nations and will propel the HVAC aftermarket demand globally. Demand for heating and cooling technologies due to hot climatic conditions will foster the HVAC aftermarket. Further, rising acceptance of advanced IoT enabled solutions are anticipated to enhance the thermostat demand. Also, the replacement of HVAC equipment is as cost intensive as the repairing of HVAC equipment, which will foster the growth of the HVAC aftermarket in the anticipated periods. The growing commercial and construction activities of smart homes coupled with the development of heating and cooling technologies for residential and industrial establishments, will simultaneously trigger the growth of HVAC aftermarket. Additionally, the growing initiatives by HVAC OEMs to create even better and easier ways of providing replacement and service parts to distributors and contractors are driving the growth of the market in the analysis period.Growth Driver
The shift towards green technology
The global HVAC aftermarket will drive in the future due to the continuing adoption of green technology and smart solution by the residential user and commercial users. Stringent government regulations for the development of sustainable standards and building codes will boost industry growth. Further, consumer awareness towards energy management systems is increasing along with the rising demand for sustainable heating & cooling technologies.The rise in incorporation of building automation systems
Building automation systems (BASs), which control and monitor the power, lighting, air conditioning, water supply, and drainage, fire protection, security, broadcasting, communication, and other equipment in the building to form a comprehensive system of computer control, management, and monitoring construction equipment automation system or building automation system. The BAS technology has advanced further owing to its control, heating, and air conditioning system, to maintain the building, and to meet the requirements of the building by controlling the indoor temperature, humidity, and air quality. The requirements for the use of objects (for industrial buildings and laboratories) and provide users with a healthy and comfortable indoor environment.Heating Equipment Segmental Analysis
Based on heating equipment, the global HVAC aftermarket classified into Heat Pumps, Furnaces, Unitary Heaters, Thermostat, and Boilers. The Heat Pumps segment held maximum HVAC Aftermarket market share in 2021. It is attributable to it is used to provide both heating and cooling and uses mechanical energy to remove heat from the air and move it either inside or outside. The thermostat will be the fastest-growing segment in the forecast period. It is owing to the rising investment pertaining to smart home applications and energy-efficient technologies, which are expected to foster global market growth. Further, consumer awareness towards energy management systems is increasing along with the rising demand for sustainable heating & cooling technologies.Ventilation Equipment Segmental Analysis
Based on ventilation equipment, the global HVAC aftermarket market segregated into air-handling units, air filters, dehumidifiers, ventilation fans, humidifiers, and air purifiers. The air-handling unit segment witnessed a higher revenue share in 2021 and likely to dominate the HVAC aftermarket market by 2030. It is primarily attributed to it is used to re-condition and circulate air and containing separate ventilators for supply and exhaust, heating coil, cooling coil, heating/cooling recovery system, air filter racks or chambers, sound attenuators, mixing chamber, and dampers. The air filters will grow with a profitable growth rate in the estimated period. It is due to its applications for cleaning the air that circulates through the heating and cooling system.Cooling Equipment Segmental Analysis
Based on cooling equipment, the global HVAC Aftermarket classified into Unitary Air Conditioners, VRF Systems, Chillers, Room Air Conditioners, Coolers, and Cooling Towers. VRF Systems segment will hold significant market revenue by 2030. It is owing to it is used for the preservation of food, chemicals, proteins, enzymes, and vaccines, and it is vastly demanded in various industries such as healthcare, manufacturing, food production, and transportation.HVAC Controller Segmental Analysis
Based on the HVAC controller, the global HVAC aftermarket classified into Sensors and Controllers & Controlled Devices. The sensors segment holds the largest market share in 2021 and estimated to dominate the global market. The major factors are the surge in the use of controllers in residential, commercial, and industrial areas to maintain energy efficiency. Controllers & Controlled Devices held a major share of the HVAC aftermarket in 2019, on account of the rising demand for building automation systems, along with the technological advancements associated with the HVAC control unit.End-User Segmental Analysis
Based on end-user, the global HVAC aftermarket classified into Residential and Non-Residential (Commercial and Industrial). The non-residential segment will witness a lucrative growth by 2030. It is due to the growing demand for HVAC maintenance and repairs in the healthcare, corporate offices, educational institutions, manufacturing, and industrial buildings, and offices, and retail stores. The residential segment captured the largest market share in 2021, owing to the huge surge in services, and the requirement of HVAC systems in developing nations, along with regular maintenance that can reduce energy consumption and costs.Region Segmental Analysis
Based on geography, the global HVAC aftermarket market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America accounts for a significant share by 2030 in the HVAC aftermarket market. The growth in the region can be attributed to the presence of significant players, the high number of health-conscious consumers, and strict government regulation regarding pollution. The Asia Pacific is projected to provide significant growth opportunities due to the growing disposable income, availability of cost-effective systems for more comfort, and rapid urbanization in developing economies like China, Japan, and India.Competitor Analysis
Companies such as Carrier Corporation, Daikin Industries, Ingersoll-Rand, Johnson Controls, Nortek, LG Electronics, AB Electrolux, Emerson Electric, Bosch Thermotechnik, Fujitsu, Haier, Lennox International, Samsung, Siemens, and Vaillant Group are the key players in the Global HVAC Aftermarket.Key Stakeholders
- Market research and consulting firms
- Industry associations
- Global HVAC Aftermarket manufacturing firm & service providers
- Research organizations and consulting companies
- Organizations, associations, and alliances related to HVAC Aftermarket
- Regulatory bodies
- Suppliers
- Retailers
- In May 2023, Carrier Corporation presented i-Vu Pro v8.5 to upgrade controller firmware, enhance customer serviceability, and decrease downtime of connected HVAC supplies. The latest enhancements will help customers with Internet of Things (IoT) connectivity, robust security, and leading serviceability features.
The objective of the Research
- Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
- Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
- Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
- The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.
Market Modelling
By Heating Equipment- Heat Pumps
- Furnaces
- Unitary Heaters
- Thermostat
- Boilers
- Air-Handling Units
- Air Filters
- Dehumidifiers
- Ventilation Fans
- Humidifiers
- Air Purifiers
- Unitary Air Conditioners
- VRF Systems
- Chillers
- Room Air Conditioners
- Coolers
- Cooling Towers
- Sensors
- Controllers & Controlled Devices
- Residential
- Non-Residential(Commercial and Industrial)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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Report Content
- Research Strategic Development
1.1. Market Modelling
1.2. Product Analysis
1.3. Market Trend and Economic Factors Analysis
1.4. Market Segmental Analysis
1.5. Geographical Mapping
1.6. Country Wise Segregation
- Research Methodology
2.1. Identification of Target Market
2.2. Data Acquisition
2.3. Refining of Data/ Data Transformations
2.4. Data Validation through Primary Techniques
2.5. Exploratory Data Analysis
2.6. Graphical Techniques/Analysis
2.7. Quantitative Techniques/Analysis
2.8. Visual Result/Presentation
- Executive Summary
- Market Insights
4.1. Supply Chain Analysis
4.2. Economic Factor Analysis
4.2.1. Drivers
4.2.2. Trends
4.2.3. Opportunities
4.2.4. Challenges
4.3. Technological Landscape
4.4. Competitors & Product Analysis
4.5. Regulatory Framework
4.6. Company market share analysis, 2022
4.7. Porter’s Five forces analysis
4.8. Price point analysis
4.9. New Investment Analysis
4.10. PESTEL Analysis
- Global HVAC Aftermarket Market, 2017-2030
5.1. Market size & Forecast, 2017-2030
5.1.1. Demand
5.1.1.1. By Value (USD Billion)
5.2. Market Share & Forecast, 2017-2030
5.2.1. By Heating Equipment
5.2.1.1. Heat Pumps
5.2.1.2. Furnaces
5.2.1.3. Unitary Heaters
5.2.1.4. Thermostat
5.2.1.5. Boilers
5.2.2. By Ventilator Equipment
5.2.2.1. Air-Handling Units
5.2.2.2. Air Filters
5.2.2.3. Dehumidifiers
5.2.2.4. Ventilation Fans
5.2.2.5. Humidifiers
5.2.2.6. Air Purifiers
5.2.3. By Cooling Equipment
5.2.3.1. Unitary Air Conditioners
5.2.3.2. VRF Systems
5.2.3.3. Chillers
5.2.3.4. Room Air Conditioners
5.2.3.5. Coolers
5.2.3.6. Cooling Towers
5.2.4. By HVAC Controllers Equipment
5.2.4.1. Sensors
5.2.4.2. Controllers & Controlled Devices
5.2.5. By End-User
5.2.5.1. Residential
5.2.5.2. Non-Residential
5.2.5.2.1. Commercial
5.2.5.2.2. Industrial
5.2.6. By Region
5.2.6.1. North America
5.2.6.2. Europe
5.2.6.3. Asia Pacific
5.2.6.4. The Middle East & Africa
5.2.6.5. South America
- North America HVAC Aftermarket Market, 2017-2030
6.1. North America HVAC Aftermarket Market size & Forecast, 2017-2030
6.1.1. Demand
6.1.1.1. By Value (USD Billion)
6.2. North America HVAC Aftermarket Market Share & Forecast, 2017-2030
6.2.1. By Heating Equipment
6.2.1.1. Heat Pumps
6.2.1.2. Furnaces
6.2.1.3. Unitary Heaters
6.2.1.4. Thermostat
6.2.1.5. Boilers
6.2.2. By Ventilator Equipment
6.2.2.1. Air-Handling Units
6.2.2.2. Air Filters
6.2.2.3. Dehumidifiers
6.2.2.4. Ventilation Fans
6.2.2.5. Humidifiers
6.2.2.6. Air Purifiers
6.2.3. By Cooling Equipment
6.2.3.1. Unitary Air Conditioners
6.2.3.2. VRF Systems
6.2.3.3. Chillers
6.2.3.4. Room Air Conditioners
6.2.3.5. Coolers
6.2.3.6. Cooling Towers
6.2.4. By HVAC Controllers Equipment
6.2.4.1. Sensors
6.2.4.2. Controllers & Controlled Devices
6.2.5. By End-User
6.2.5.1. Residential
6.2.5.2. Non-Residential
6.2.5.2.1. Commercial
6.2.5.2.2. Industrial
6.2.6. By Country
6.2.6.1. U.S
6.2.6.2. Canada
6.2.6.3. Mexico
6.2.7. By Price Point Analysis
6.2.8. Company Market Share (Top 3-5)
6.2.9. Manufacturer & Distributor List (Top 5)
6.2.10. Economic Impact Study on North America HVAC Aftermarket Market
- Europe HVAC Aftermarket Market, 2017-2030
7.1. Europe HVAC Aftermarket Market size & Forecast, 2017-2030
7.1.1. Demand
7.1.1.1. By Value (USD Billion)
7.2. Europe HVAC Aftermarket Market Share & Forecast, 2017-2030
7.2.1. By Heating Equipment
7.2.1.1. Heat Pumps
7.2.1.2. Furnaces
7.2.1.3. Unitary Heaters
7.2.1.4. Thermostat
7.2.1.5. Boilers
7.2.2. By Ventilator Equipment
7.2.2.1. Air-Handling Units
7.2.2.2. Air Filters
7.2.2.3. Dehumidifiers
7.2.2.4. Ventilation Fans
7.2.2.5. Humidifiers
7.2.2.6. Air Purifiers
7.2.3. By Cooling Equipment
7.2.3.1. Unitary Air Conditioners
7.2.3.2. VRF Systems
7.2.3.3. Chillers
7.2.3.4. Room Air Conditioners
7.2.3.5. Coolers
7.2.3.6. Cooling Towers
7.2.4. By HVAC Controllers Equipment
7.2.4.1. Sensors
7.2.4.2. Controllers & Controlled Devices
7.2.5. By End-User
7.2.5.1. Residential
7.2.5.2. Non-Residential
7.2.5.2.1. Commercial
7.2.5.2.2. Industrial
7.2.6. By Country
7.2.6.1. Germany
7.2.6.2. UK
7.2.6.3. France
7.2.6.4. Italy
7.2.6.5. Rest of Europe
7.2.7. By Price Point Analysis
7.2.8. Company Market Share (Top 3-5)
7.2.9. Manufacturer & Distributor List (Top 5)
7.2.10. Economic Impact Study on Europe HVAC Aftermarket Market
- Asia Pacific HVAC Aftermarket Market, 2017-2030
8.1. Asia Pacific HVAC Aftermarket Market size & Forecast, 2017-2030
8.1.1. Demand
8.1.1.1. By Value (USD Billion)
8.2. Asia Pacific HVAC Aftermarket Market Share & Forecast, 2017-2030
8.2.1. By Heating Equipment
8.2.1.1. Heat Pumps
8.2.1.2. Furnaces
8.2.1.3. Unitary Heaters
8.2.1.4. Thermostat
8.2.1.5. Boilers
8.2.2. By Ventilator Equipment
8.2.2.1. Air-Handling Units
8.2.2.2. Air Filters
8.2.2.3. Dehumidifiers
8.2.2.4. Ventilation Fans
8.2.2.5. Humidifiers
8.2.2.6. Air Purifiers
8.2.3. By Cooling Equipment
8.2.3.1. Unitary Air Conditioners
8.2.3.2. VRF Systems
8.2.3.3. Chillers
8.2.3.4. Room Air Conditioners
8.2.3.5. Coolers
8.2.3.6. Cooling Towers
8.2.4. By HVAC Controllers Equipment
8.2.4.1. Sensors
8.2.4.2. Controllers & Controlled Devices
8.2.5. By End-User
8.2.5.1. Residential
8.2.5.2. Non-Residential
8.2.5.2.1. Commercial
8.2.5.2.2. Industrial
8.2.6. By Country
8.2.6.1. China
8.2.6.2. India
8.2.6.3. Japan
8.2.6.4. Australia
8.2.6.5. Rest of Asia pacific
8.2.7. By Price Point Analysis
8.2.8. Company Market Share (Top 3-5)
8.2.9. Manufacturer & Distributor List (Top 5)
8.2.10. Economic Impact Study on Asia-Pacific HVAC Aftermarket Market
- The Middle East & Africa HVAC Aftermarket Market, 2017-2030
9.1. The Middle East & Africa HVAC Aftermarket Market size & Forecast, 2017-2030
9.1.1. Demand
9.1.1.1. By Value (USD Billion)
9.2. The Middle East & Africa HVAC Aftermarket Market Share & Forecast, 2017-2030
9.2.1. By Heating Equipment
9.2.1.1. Heat Pumps
9.2.1.2. Furnaces
9.2.1.3. Unitary Heaters
9.2.1.4. Thermostat
9.2.1.5. Boilers
9.2.2. By Ventilator Equipment
9.2.2.1. Air-Handling Units
9.2.2.2. Air Filters
9.2.2.3. Dehumidifiers
9.2.2.4. Ventilation Fans
9.2.2.5. Humidifiers
9.2.2.6. Air Purifiers
9.2.3. By Cooling Equipment
9.2.3.1. Unitary Air Conditioners
9.2.3.2. VRF Systems
9.2.3.3. Chillers
9.2.3.4. Room Air Conditioners
9.2.3.5. Coolers
9.2.3.6. Cooling Towers
9.2.4. By HVAC Controllers Equipment
9.2.4.1. Sensors
9.2.4.2. Controllers & Controlled Devices
9.2.5. By End-User
9.2.5.1. Residential
9.2.5.2. Non-Residential
9.2.5.2.1. Commercial
9.2.5.2.2. Industrial
9.2.6. By Country
9.2.6.1. Saudi Arabia
9.2.6.2. UAE
9.2.6.3. South Africa
9.2.6.4. Rest of The Middle East & Africa
9.2.7. By Price Point Analysis
9.2.8. Company Market Share (Top 3-5)
9.2.9. Manufacturer & Distributor List (Top 5)
9.2.10. Economic Impact Study on The Middle East & Africa HVAC Aftermarket Market
- South America HVAC Aftermarket Market, 2017-2030
10.1. South America HVAC Aftermarket Market size & Forecast, 2017-2030
10.1.1. Demand
10.1.1.1. By Value (USD Billion)
10.2. South America HVAC Aftermarket Market Share & Forecast, 2017-2030
10.2.1. By Heating Equipment
10.2.1.1. Heat Pumps
10.2.1.2. Furnaces
10.2.1.3. Unitary Heaters
10.2.1.4. Thermostat
10.2.1.5. Boilers
10.2.2. By Ventilator Equipment
10.2.2.1. Air-Handling Units
10.2.2.2. Air Filters
10.2.2.3. Dehumidifiers
10.2.2.4. Ventilation Fans
10.2.2.5. Humidifiers
10.2.2.6. Air Purifiers
10.2.3. By Cooling Equipment
10.2.3.1. Unitary Air Conditioners
10.2.3.2. VRF Systems
10.2.3.3. Chillers
10.2.3.4. Room Air Conditioners
10.2.3.5. Coolers
10.2.3.6. Cooling Towers
10.2.4. By HVAC Controllers Equipment
10.2.4.1. Sensors
10.2.4.2. Controllers & Controlled Devices
10.2.5. By End-User
10.2.5.1. Residential
10.2.5.2. Non-Residential
10.2.5.2.1. Commercial
10.2.5.2.2. Industrial
10.2.6. By Country
10.2.6.1. Brazil
10.2.6.2. Argentina
10.2.6.3. Rest of South America
10.2.7. By Price Point Analysis
10.2.8. Company Market Share (Top 3-5)
10.2.9. Manufacturer & Distributor List (Top 5)
10.2.10. Economic Impact Study on South America HVAC Aftermarket Market
- Competitor Analysis
11.1. Company Description
11.2. Financial Analysis
11.3. Key Products
11.4. Key Management Personnel
11.5. Contact Address
11.6. SWOT Analysis
11.7. Company profile
11.7.1. Carrier Corporation
11.7.2. Daikin Industries
11.7.3. Ingersoll-Rand
11.7.4. Johnson Controls
11.7.5. Nortek
11.7.6. LG Electronics
11.7.7. AB Electrolux
11.7.8. Emerson Electric
11.7.9. Bosch Thermotechnik
11.7.10. Fujitsu
11.7.11. Haier
11.7.12. Lennox International
11.7.13. Samsung
11.7.14. Siemens
11.7.15. Vaillant Group
11.7.16. Other players
Frequently Asked questions(FAQ)
The global HVAC aftermarket market is estimated to reach USD 387.9 billion by 2030, growing at a CAGR of 7.2% during the forecast period 2022-2030. It was valued at USD 217.7 billion in 2022.
consumer awareness towards energy management systems is increasing along with the rising demand for sustainable heating & cooling technologies.
Companies such as Carrier Corporation, Daikin Industries, Ingersoll-Rand, Johnson Controls, Nortek, LG Electronics, AB Electrolux, Emerson Electric, Bosch Thermotechnik, Fujitsu, Haier, Lennox International, Samsung, Siemens, and Vaillant Group are the key players in the Global HVAC Aftermarket.
The Asia Pacific is projected to provide significant growth opportunities
