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Top 30 HVAC Industry Statistics & Marketing Trends in 2024

HVAC Industry Statistics & Marketing Trends

HVAC Marketing Trends for 2024

As an HVAC business owner, keeping up with HVAC marketing trends would help you to stay ahead of the competition.

You’ll be able to make informed data-driven decisions that will help you to adapt to new developments and serve your customers better. We’ve compiled a list of top HVAC stats and trends so you can leverage it to grow your business.

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HVAC Marketing Stats

Below is a list of HVAC marketing stats to keep an eye on so that you can set up your business for success.

The HVAC Industry is Expected to Hit $296.92 Billion by 2028

The HVAC industry is forecasted to grow by  12.67% between 2018 and 2028, up to $296.92 billion. 

What’s more, the global HVAC market is expected to reach $367.5 billion from 2020 to 2030 with a compound annual growth rate(CAGR) of 3.9%. That’s good news for HVAC companies but it also means that new competitors will emerge.

The Demand for Air Conditioners Worldwide was about $118.38 Billion in 2022

China, one of the most populous countries, led the way with 75.38 million AC units followed by North America with 56.75 million units. 

This could go up in the coming years with changing weather conditions because of global warming. Additionally, 9 out of 10 homes in the U.S. have an A/C unit.

Commercial HVAC Industry has a Projected CAGR of 7% (2024-2030)

Not just homes, commercial buildings also need to cool and warm up offices for maximum productivity. 

This is another niche market you can benefit from because they have bigger budgets and many HVAC systems to install or maintain.

3.92 Million Air-Source Heat Pumps were Shipped in 2021

Air-source heat pumps are more efficient than traditional heat pumps powered by gas or furnaces. It is making decent returns in the U.S. with 3.92 million units shipped. 

Florida has the Most HVAC Tech Jobs

Florida boasts of the most HVAC technician jobs; roughly 33,210 technicians were hired in 2020. And the average annual wage is about $45,450. It is closely followed by other states like California, Texas, and New York. 

You’d have to tighten up your marketing strategy if your business is situated in any of these areas.

Industrial HVAC Systems Make up 45% of the Market Size

In 2020 the industrial HVAC industry had a market value of $452.4 million and this figure could rise to $667 million in 2026. Whereas residential and commercial buildings accounted for 33% and 22% of the market size respectively.

Heat Pumps Market reached 3 Million Units in Europe in 2022

This is a significant improvement in the heat pump market in Europe when compared to the 1.6 million units sold in 2020. And Italy ran out leaders for the most heat pumps sold in that same year.

HVAC Systems Consumes Nearly 50% of the Energy Used in Homes

This shouldn’t come as a surprise to you because HVAC appliances are constantly being used all year round in the US. It bodes well for HVAC companies as the units would always need tune-ups and possible replacements.

The Heat Exchanger Market is Expected to Reach $24.76 Billion by 2028

That’s a CAGR of 11.1% from 2022 to 2028. Heat exchangers are a vital component of HVAC appliances, hence the increase in demand. It helps to save energy and transfer heat in HVAC appliances.

Smart Homes with Intelligent HVAC Systems is Growing at 14.02% Annually

Smart homes which represent a network of Wi-Fi-connected devices in homes are now integrating smart HVAC systems. Smart HVAC systems like smart thermostats and smart vents should be part of your products and maintenance services.

The HVAC Equipment Market is Estimated to Reach $209.19 Billion in 2029

As the number of residential and commercial buildings increases so does the demand for HVAC equipment. Governments are now offering tax incentives to encourage the purchase of efficient and sustainable HVAC equipment.

50% of US Residents are Above 40 years 

Since 50% of American homes are above 40 years old, they would need efficient HVAC systems to keep their homes cozy. And that is where your services come in.

80% of HVAC Local Searches Lead to Conversions

This is all the more reason why you should invest more in building your local online presence as an HVAC company. Utilizing your website, Google Business Profile, and local listings to get qualified leads.

49% of Marketers Say that Organic Search is their Highest Form of ROI

SEO remains the most effective form of marketing for HVAC businesses and you’d be slowing your company growth if you’ve not been optimizing your site. Also, it is cost-effective when compared to other forms of marketing.

HVAC Industry Trends

Here are some rising industry trends that would help you thrive in your market area:

Consumers Prefer Eco-friendly HVAC Solutions

50% of Consumers are willing to pay more for eco-friendly products to contribute their quota to a greener society.

Examples of eco-friendly HVAC systems are solar-powered heat pumps, variable refrigerant flow systems(VRF), and geothermal heat pumps. Therefore, you should start thinking green too.

The Internet of Things has Come Stay

An increasing number of homes use smart devices that can be controlled with voice commands or a mobile app. The advent of the Internet of Things(IoT) has made this possible and it is now trickling down to the HVAC industry.

Over 24% of US residents own a smart thermostat which can be controlled remotely and scheduled to minimize energy usage. So you should start offering smart HVAC solutions also.

Geothermal Heat Pumps are Growing in Popularity

Eco-friendly HVAC systems like Geothermal heat pumps are now taking center stage with a market size of $11.97 billion in 2023. 

Since the temperature below the earth is usually constant it enables geothermal heat pumps to cool and heat buildings with a network of underground pipes.

This provides an energy-efficient and environmentally friendly solution because it generates heat from the temperature below the ground.

Ductless vs Ducted HVAC Systems

Ductless HVAC systems will become a mainstay as systems like ductless mini split offer both heating and cooling features in one unit. Saving costs of installment and maintenance for users.

It can also heat and cool zones or certain areas of a building thereby reducing energy usage.

Whereas appliances with ducts are prone to air leakages that can lead to wastage and higher installation and maintenance costs. 

Digital Communication Should be Used

Gen Z(or younger customers) prefer to receive app notifications, emails, and text messages as they hire your services. Both from when the technician is dispatched to when they arrive at their homes. 

More importantly, digital communication would help to inform a client of a delay in arrival and build stronger customer relationships.

Indoor Air Quality(IAQ) is Now a Priority

With the constant emission of carbon dioxide, people are now more careful of the quality of air they breathe. Especially individuals with respiratory disease or allergies. Therefore, IAQ systems like air purifiers, air filters, and carbon dioxide detectors should be part of your offerings.

Smart Thermostats are Gradually Being Adopted

About 16% of American homeowners own a smart thermostat and that figure is bound to go up as more residents switch over to smart homes.

Smart thermostats provide convenience and energy savings because they allow you to control the temperature of different rooms in your home. 

So that you can heat or cool the rooms only when in use thereby saving energy costs and providing all-day comfort.

AI Integration in the HVAC Industry

The use of AI, notably generative AI, is being applied in many industries and it’s only a matter of time before it is integrated into HVAC systems. 

This would help to create smart HVAC systems that can study user behaviors and environmental conditions so that they can effectively regulate temperature and ventilation.

Al-powered HVAC units could also send notifications for regular maintenance and detect malfunctions in the system. Which would help to increase the lifespan of the unit.

Summary: HVAC Trends and HVAC Marketing Stats for 2024

By taking advantage of these HVAC marketing stats and industry trends you’ll be able to prepare your business for successful years ahead. 

Take a second look at each fact and see how you can implement it the right way so that you won’t be left behind by your competitors.

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