The increasing disposable income of people, especially in the emerging economies such as India and China, is one of the biggest factors responsible for the soaring sales of heating, ventilation, and air conditioning (HVAC) equipment in Asia-Pacific (APAC). Due to the rising disposable income of people, their purchasing power is growing rapidly, which is, in turn, causing a sharp surge in consumer spending in this region. Nowadays, people are spending heavily on appliances such as refrigerators and air-conditioning systems.
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HVAC systems and equipment are nowadays used extensively by the general public, especially in India. This is mainly because of the increasing purchasing power of people residing in the regional countries and the fall in the prices of these systems. Apart from this factor, the soaring investments being made in construction and infrastructural development projects in India and China are also positively impacting the demand for HVAC systems in the APAC region.
These construction projects will massively push up the demand for HVAC systems in the country, once they are completed. This will, in turn, propel the advancement of the APAC HVAC market in the coming years. As a result, the value of the market is predicted to grow from $54.6 billion in 2018 to $70.7 billion by 2024. Furthermore, the market is predicted to progress at a CAGR of 4.3% between 2019 and 2024.
Depending on heating type, the market is divided into heat pumps, unitary heaters, boilers, and furnaces. Amongst these, the boilers category recorded the highest growth in the APAC HVAC market in the past years, mainly because of the huge requirement for boilers in the thermal power sector and in the production of electrical energy, especially in India, China, Japan, Vietnam, and Indonesia. Moreover, the mushrooming electrical energy requirements in India and China are fueling the sales of boilers in APAC.
