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China HVAC Equipment Market: Trends, Opportunities and Competitive Analysis 2023-2028

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  • 120 Pages
  • May 2023
  • Region: China
  • Lucintel
  • ID: 5782395
The future of the Chinese HVAC (heating, ventilation and air conditioning) equipment market looks promising with opportunities in the residential and commercial construction industries. The China HVAC equipment market is expected to reach an estimated $78.1 billion by 2028, and it is forecast to grow at a CAGR of 5.6% from 2023 to 2028. The major drivers of growth are higher rate of building construction and strict regulations regarding energy efficient buildings in China to make existing facilities energy efficient.

Emerging trends, which have a direct impact on the dynamics of the China hvac equipment industry, include the increasing use of green HVAC, and increasing use of air purification technology.

The study includes China hvac equipment market size and forecast for the China’s hvac equipment market through 2028 segmented by product type, and end use as follows:

China HVAC equipment market by product Type [Volume (M units) and Value ($ million) from 2017 to 2028]:

  • Furnace
  • Heat Pump
  • Central AC
  • Room AC
  • Others

China HVAC equipment market by end Use [Volume (M units) and Value ($ million) from 2017 to 2028]:

  • Residential
  • Healthcare
  • Education
  • Hospitality
  • Office
  • Retail
  • Others
China hvac equipment companies profiled in this market report includes Gree Electric Appliances, GD Midea, Haier are the major manufacturers of HVAC equipment in China.

On the basis of our comprehensive research, The analysts forecast that the room AC segment is expected to show above average growth during the forecast period due to a higher rate of urbanization and a higher demand for energy efficient HVAC equipment.

Within the Chinese hvac equipment market, residential is expected to remain the largest segment during the forecast period. Increasing penetration and renovation activities are the major driving forces that will spur growth for this segment over the forecast period.

Some of the features of this report:
  • Market size estimates: China hvac equipment market size estimation in terms of value ($M) and volume (million units) shipment.
  • Trend and forecast analysis: China hvac equipment market trend (2017-2022) and forecast (2023-2028) by segments.
  • Segmentation analysis: China hvac equipment market size by various applications such as product, and end use in terms of value and volume shipment
  • Growth opportunities: Analysis on growth opportunities in different applications.
  • Strategic analysis: This includes M&A, new product development, competitive landscape, and expansion strategies of China hvac equipment suppliers.
  • Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
This report addresses the following key questions:
Q.1. What are some of the most promising, high-growth opportunities for the Chinese hvac equipment market by product type (furnace, heat pump, central AC, room AC and others), and end use (residential, office, retail, hospitality, education, healthcare and others)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. What are the key factors affecting market dynamics? What are the drivers, challenges, and business risks in this market?
Q.4. What are the business risks and competitive threats in the China hvac equipment market?
Q.5. What are the emerging trends in this market and reasons behind them?
Q.6. What are some changing customer demands in the market?
Q.7. What are the new developments in the market? Which China hvac equipment companies are leading these developments?
Q.8. Who are the major China hvac equipment suppliers? What strategic initiatives are being taken by key players for business growth?
Q.9. What are some of the competing products of China hvac equipment companies in this market and how big of a threat do they pose for loss of market share by material / product substitution?
Q.10. What M&A activity has occurred in the last 5 years?

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Table of Contents

1. Executive Summary
2. HVAC Equipment Market of China: Background and Classifications
2.1: Introduction
2.2: Supply Chain
2.3: Industry Drivers and Challenges
3. Market Trends and Forecast Analysis from 2011 To 2022
3.1: Macro-Economic Trends and Forecast
3.2: China’s HVAC Equipment Market Trends and Forecast
3.3: China’s HVAC Equipment Market by Product Type
3.3.1: Furnace
3.3.2: Heat Pump
3.3.3: Central AC
3.3.4: Room AC
3.3.5: Others
3.4: China HVAC Equipment Market by End Use
3.4.1: Residential
3.4.2: Healthcare
3.4.3: Education
3.4.4: Hospitality
3.4.5: Office
3.4.6 Retail
3.4.7 Others
4. Competitor Analysis
4.1: Product Portfolio Analysis
4.2: Market Share Analysis
4.3: Operational Integration
4.4: Geographical Reach
4.5: Porter’s Five Forces Analysis
5. Cost Structure Analysis
5.1: Raw Material Cost
5.1: Labor Cost
5.2: Energy Cost
5.3: SG&A
5.4: Ebitda Margin
6. Growth Opportunities and Strategic Analysis
6.1: growth opportunity analysis
6.1.1: growth opportunities for the china HVAC equipment market by product type
6.1.2: growth opportunities for the Chinese HVAC equipment market by end use
6.2: emerging trends in the china HVAC equipment market
6.3: strategic analysis
6.3.1: new product development
6.3.2: capacity expansion of the global HVAC equipment market
6.3.3: mergers, acquisitions, and joint ventures in the global HVAC equipment market
6.3.4: certification and licensing
6.3.5: technology development
7. Company Profiles of Leading Players
7.1: Quingdoa Haier
7.2: Gree Electric Appliances Inc. Of Zhuhai
7.3: Gd Midea Co. Ltd.
7.4: Ingersoll-Rand Plc
7.5: Daikin Industries, Ltd.

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Quingdoa Haier
  • Gree Electric Appliances Inc. Of Zhuhai
  • Gd Midea Co. Ltd.
  • Ingersoll-Rand Plc
  • Daikin Industries, Ltd.


The analyst has been in the business of market research and management consulting since 2000 and has published over 600 market intelligence reports in various markets/applications and served over 1,000 clients worldwide. Each study is a culmination of four months of full-time effort performed by the analyst team. The analysts used the following sources for the creation and completion of this valuable report:

  • In-depth interviews of the major players in the market
  • Detailed secondary research from competitors’ financial statements and published data
  • Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
  • A compilation of the experiences, judgments, and insights of professionals, who have analyzed and tracked the market over the years.

Extensive research and interviews are conducted in the supply chain of the market to estimate market share, market size, trends, drivers, challenges and forecasts.

Thus, the analyst compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. The analyst then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process.