Market Insights Consumer DIY & Hardware Store

Heating & Cooling - China

China

In China, the revenue in the Heating & Cooling market reaches €62.43bn in 2024.
It is projected to experience an annual growth rate of 2.84% (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue of €117bn in 2024.
In terms of per capita figures, the revenue generated per person in 2024 amounts to €43.57.
China's heating and cooling market is experiencing a shift towards energy-efficient technologies and a growing demand for smart, connected HVAC systems.

Key regions: India, Japan, China, Turkey, Worldwide

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Comparación de regiones

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Analyst Opinion

The Heating & Cooling market in the DIY & Hardware Store Market in China is experiencing slow growth due to factors such as low consumer awareness, limited availability of DIY products, and a lack of skilled workers in the market. This has resulted in a negligible growth rate as compared to other markets in the region. However, with increasing urbanization and rising disposable incomes, the market is expected to see a gradual increase in demand for heating and cooling products in the coming years.

Customer preferences: As the demand for energy-efficient and eco-friendly solutions continues to rise, consumers in China are increasingly turning to DIY and hardware stores for their heating and cooling needs. This trend is largely driven by a growing awareness of the environmental impact of traditional heating and cooling methods, as well as a desire for cost-effective solutions. Additionally, with the rise of smart home technology, more consumers are seeking out DIY options for installation and management of their heating and cooling systems. This shift towards DIY and eco-friendly solutions is indicative of a larger cultural shift towards sustainability and self-sufficiency in China.

Trends in the market: In China, the Heating & Cooling market within the DIY & Hardware Store Market is seeing a rise in the adoption of smart home technology. This trend is driven by the increase in consumer demand for convenience and energy efficiency. Smart thermostats and air conditioning systems are becoming more popular, allowing homeowners to control their home's temperature remotely. This trend is significant as it represents a shift towards digitalization and automation in the market, which can lead to increased sales and customer loyalty for industry stakeholders. Additionally, it has potential implications for the future of the market, as technological advancements and innovations could further enhance the efficiency and convenience of these products.

Local special circumstances: In China, the Heating & Cooling Market within the DIY & Hardware Store Market is heavily influenced by the country's rapid urbanization and increasing disposable income. The demand for energy-efficient and eco-friendly solutions is on the rise, leading to the popularity of DIY systems and smart thermostats. Additionally, government initiatives promoting green energy and reducing air pollution have further fueled the market growth. The country's unique cultural emphasis on home ownership and DIY projects also drives the demand for heating and cooling products in the DIY & Hardware Store Market.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market in China is heavily influenced by macroeconomic factors such as the country's strong economic growth, favorable government policies, and increasing investment in infrastructure. With a large population and strong consumer spending power, China's demand for heating and cooling products is consistently growing, aided by the rise in urbanization and modernization. Additionally, the government's push towards energy efficiency and green initiatives is driving the market towards more sustainable and eco-friendly products. The rising awareness about the health and environmental benefits of energy-efficient heating and cooling solutions is expected to further boost market growth in the coming years.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.