As you’re likely well aware, the HVAC industry plays a crucial role in providing heating, ventilation, and air conditioning systems for residential, commercial, and industrial applications.
As global trends shift toward energy efficiency and sustainable solutions, the HVAC market continues to expand, driven by technological advancements and increasing demand across multiple sectors. Below are some key HVAC industry statistics that showcase the state of the industry and its projected growth.
The global HVAC market is projected to hit $296.92 billion by 2028
As the HVAC industry grows in 2024 and beyond, it’s expected to rise by 12.7% from 2024 to 2028, reflecting ongoing revenue expansion.
Global demand for air conditioners stands at approximately 118 million units
Air conditioner units are in greater demand worldwide than heating units and stoves, highlighting their widespread popularity.
79% of U.S. consumers prefer HVAC systems made domestically
A majority of U.S. buyers favor HVAC systems manufactured within the country rather than those imported from abroad.
66% of HVAC installations cost $7,000 or less
In 2023, most customers spent $7,000 or less for HVAC system installation and services.
53% of buyers are willing to pay more for U.S.-made HVAC units
More than half of consumers are prepared to spend extra for HVAC systems made in the U.S., prioritizing quality and origin over price.
Half of U.S. homes are over 40 years old
With aging homes, the demand for HVAC upgrades and repairs has increased, leading to higher HVAC service needs.
The heat exchanger market is expanding at 11.1% annually
With rising interest in compact and versatile heating and cooling solutions, the heat exchanger market is seeing steady growth.
HVAC insulation market is growing at an 8.9% rate
As energy efficiency becomes a priority, the HVAC insulation market is experiencing rapid growth as people seek to improve system performance.
Demand for commercial HVAC systems is increasing by about 7% annually
The commercial HVAC sector continues to expand, with an annual growth rate projected at 7% from 2023 through 2030.
Carrier and Trane are the top HVAC brands in demand
Carrier and Trane remain the most popular HVAC brands, followed closely by Rheem, Lennox, and YORK.
Consumers spend over $10 billion each year on HVAC repairs and maintenance
Annual expenditures for maintaining and repairing HVAC systems surpass $10 billion in the U.S.
The 65+ age group represents the largest share of HVAC buyers
Seniors tend to invest more in HVAC services, possibly due to living in older homes that require more frequent maintenance.
Almost 90% of U.S. homes have air conditioning
Nearly nine out of ten homes in the U.S. are equipped with air conditioning systems, though 10% still do not have AC units.
Air cooling products represented 58% of HVAC market revenue in 2022
As global temperatures rise, demand for air cooling products continues to climb, accounting for 58% of HVAC revenue in 2022.
Nearly 50% of residential energy consumption is used for heating and cooling
Heating and cooling make up about half of the energy used in residential homes, far surpassing other energy-consuming activities.
38% of consumers prioritize reliability when selecting an HVAC system
System reliability is the top factor for consumers when choosing an HVAC unit, even if it means paying more for a dependable system.
The HVAC services market is growing, spurred by regulatory changes
In 2023, the Department of Energy implemented new efficiency standards for HVAC systems, prompting an increase in demand for services to meet these regulations.
Furnaces in Northern U.S. must now achieve 90% efficiency
New DOE regulations require furnaces in northern states to have at least a 90% efficiency rating.
Geothermal heat pumps reduce energy use by up to 44%
To promote sustainability, many are turning to geothermal heat pumps, which can cut energy consumption by nearly half.
Energy recovery ventilation systems can reclaim 80% of outgoing energy
Energy recovery systems can capture and reuse up to 80% of energy from outgoing air, improving overall system efficiency.
Insulating and sealing ducts can save up to 20% on HVAC costs
By improving duct insulation, homeowners can enhance HVAC efficiency and reduce energy costs by as much as 20%.
Smart homes with energy-efficient HVAC systems are expanding at 14% per year
The smart home market is growing, with a focus on energy-efficient HVAC systems driving demand for eco-friendly housing.
87% of consumers use Google to evaluate local HVAC businesses
Before choosing an HVAC provider, most consumers turn to Google reviews, making online reputation management essential.
84% of HVAC customers don’t have a specific company in mind when searching online
Most people searching for HVAC services are undecided about which company to choose, emphasizing the need for a strong online presence.
Searches for “HVAC repair” have risen by 20% year-over-year
More consumers are turning to the internet to find HVAC repair services, with searches for related terms increasing by 20% annually.
Get Found by Local Customers – Start Your HVAC Local SEO Journey with Us
If you’re looking to attract more leads to your HVAC business, the way to do it is through local SEO. If you’re wondering what local SEO is, it’s the process of optimizing a business’s online presence to increase visibility in local search results, making it easier for nearby customers to find the business when searching for relevant products or services.
If you’d like to know more about how to do you’re own local SEO, we have a guide to local SEO for HVAC companies.
We also offer local SEO services for HVAC companies for those who don’t want to do it in-house.
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From improving your search visibility to enhancing customer engagement, we’re here to help you succeed. Contact us to learn more about how we can increase your leads with our targeted local SEO services.
Sources
- https://www.statista.com/forecasts/1328876/heating-and-cooling-market-revenue-worldwide
- https://www.statista.com/statistics/871535/worldwide-air-conditioner-demand-by-region/
- https://www.pickhvac.com/residential-hvac-statistics/
- https://www.achrnews.com/articles/145958-outlook-for-residential-commercial-hvac-looks-good
- https://www.marketdataforecast.com/market-reports/heat-exchangers-market
- https://www.acca.org/hvac-industry-growth
- https://www.thisoldhouse.com/heating-cooling/reviews/hvac-facts-and-statistics
- https://www.servicetitan.com/blog/hvac-manufacturers
- https://energyathaas.wordpress.com/2022/08/15/how-many-u-s-households-dont-have-air-conditioning/
- https://www.energystar.gov/saveathome/heating-cooling
- https://www.achrnews.com/articles/146585-prepare-now-for-2023-energy-efficiency-standards
- https://www.mordorintelligence.com/industry-reports/hvac-services-market
- https://www.energy.gov/energysaver/geothermal-heat-pumps
- https://www.marketdataforecast.com/market-reports/smart-home-market
- https://publer.io/blog/google-my-business-statistics/
- https://www.invoca.com/blog/home-services-marketing-stats
