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The HVAC industry is thriving as more homeowners and businesses rely on HVAC companies to repair and maintain their heating and cooling systems. To gain some insight into the HVAC market, we’ve compiled this list of statistics on the industry, including stats on:

Keep reading to learn more about statistics regarding the HVAC industry!

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The HVAC market

The HVAC market has been growing steadily across the world, but here are some of the more notable stats:

1. The global HVAC market will reach $296.92 billion by 2028

The global HVAC market continues to drive revenue in 2024 and into the future. The industry is expected to increase 12.7% from 2024 to 2028.

2. Industrial units are projected to have a market value share of $666 million in Europe by 2026

In 2020, the value of the industrial units was around $452 million. This was the largest share of the market and will continue to hold significant ground in the market in the future.

3. Commercial units are projected to have a market value share of $485 million in Europe by 2026.

Industrial units aren’t the only ones rising in value. Commercial units are expected to reach a $485 million value, up from $329 million in 2020.

4. Residential units are projected to have a market value share of $328 million in Europe by 2026

Residential units will see a spike in value in the future, too. It’s projected to go up to $328 million from $221 million in 2020.

5. The demand for air conditioners is around 118 million units worldwide

Demand for AC units outpaces that for heating units and stoves across the country.

6. China has the biggest demand for air conditioners, with a need for over 43 million units

Of the 118 million units in demand, over 43 million of those units came from China. That is followed by 19 million units in North America and over 9 million in Japan.

7. The heat pump market in Europe will increase by 10 million units by 2030

This will be a significant jump from the 1.6 million sold in Europe in 2020.

8. 79% of people in the U.S. prefer HVAC systems made in the U.S.

When it comes to purchasing an HVAC unit, most people prefer it comes from the United States. They typically don’t want units imported from other countries.

9. 66% of HVAC expenses were $7000 or less

The majority of customers were spending $7000 or less for their HVAC needs during the year.

10. 53% of buyers pay more for U.S.-made units

Customers will pay more if a unit is made in the U.S., rather than saving money with an imported unit. Cost isn’t as important of a factor as the quality and origin of the unit.

11. 50% of homes are more than 40 years old

Half of homes in the U.S. are over 40 years old. That means a higher demand for HVAC maintenance and repair, as well as new HVAC installation.

12. 21% of HVAC buyers don’t care whether their product was made in the U.S.

Some people don’t have a preference of where their HVAC is made. In this case, many people will focus on cost and quality instead of manufacturer.

13. The heat exchanger market is growing at a rate of 11.1% per year

Heat exchangers have been spiking in popularity, perhaps due to their ability to work well in smaller dwellings and serve as an all-in-one heating and cooling solution.

14. The HVAC insulation market is growing at a rate of 8.9%

Insulation, typically seen as a way to increase efficiency, has been rising quickly as people try to improve their existing systems.

15. Demand for commercial HVAC grows about 7% per year

The commercial sector is experiencing strong growth, with a projected 7% annual increase between 2023 and 2030.

16. Carrier and Trane are the top HVAC brands purchased by customers

Trane and Carrier continue to lead the HVAC market in terms of popularity of units. They’re followed by Rheem, Lennox, and YORK.

HVAC usage and purchasing

17. Consumers spend more than $10 billion each year for HVAC repair and maintenance

Maintaining an HVAC unit comes at a cost, with consumers spending $10 billion each year to maintain their systems.

18. The average cost for coil and maintenance cleaning is $150-$300

Maintaining an HVAC unit can add up quickly. Here are some other average costs for HVAC maintenance tasks:

  • Drain line cleaning: $75-$200
  • Filter cleaning: $2-$50
  • Refrigerant replacement: $200-$450
  • System energy efficiency audit: $100-$300

19. People aged 65 or older make up the biggest market share of HVAC buyers

Older Americans tend to invest more in HVAC services for their units –– this may be due to owning older homes that need more maintenance. They out pace 55-64 year-olds, who account for 25% of the market share, and 45-54 year-olds, who hold 21% of the market share.

20. Almost 90% of homes in the U.S. use air conditioning

90% of houses across the country have an air conditioning unit. It does mean, however, that 10% of homes don’t have air conditioning.

21. 83% of consumers ranked a factor other than cost as their top priority with an HVAC purchase

Despite popular belief, cost isn’t the number one factor consumers consider when buying an HVAC system.

22. Air cooling products accounted for 58% of HVAC market revenue in 2022

With global temperatures rising 2 degrees each year, air cooling products grow in demand. This market revenue will continue to grow.

23. Almost 50% of all residential energy use goes toward heating and cooling

Heating and cooling outpace running electrical appliances, charging devices, and charging cars in the U.S.

24. 38% of consumers ranked system reliability as their top priority for choosing an HVAC unit

When it comes to choosing the right HVAC unit, people care most about system reliability. If they’re going to invest in an HVAC unit, they want to ensure it’s a system that will last –– even if it comes at a cost.

25. 7% of consumers choose an HVAC system based on brand reputation

A small percentage of HVAC buyers choose the system based on brand reputation. People who need an HVAC system want a reliable unit, which is typically associated with popular brands.

26. The demand for HVAC services grew in 2023 and will continue to grow because of changes in HVAC regulations

In 2023, the Department of Energy (DOE) changed the minimum efficiency requirements for HVAC units, amongst other things, in effort to create more environmentally friendly units. As a result, more people will continue to need HVAC services now and in the future to keep up with these changing regulations.

HVAC employment and wage statistics

Curious what the job market looks like for HVAC? Check out these HVAC statistics on employment and wages:

27. California has the most HVAC employees

Seeing as it’s one of the biggest and most populated states, California has a lot of HVAC companies and employees throughout the state.

28. Alaska and Washington, D.C. have the fewest HVAC companies

Both Alaska and Washington D.C. have the fewest amount of HVAC companies in the U.S. Areas like Alaska, for example, have a lower population density, which means less HVAC companies because less people live there.

29. Alaska HVAC techs make the most around the U.S., with the average salary falling around $84,240 annually

Since Alaska has fewer HVAC companies, the average salary is higher because they’re more in demand. There are fewer companies to do the work, so HVAC techs make more money.

30. The average HVAC tech makes $58,500 annually

Across the U.S., the average HVAC technician makes around $58,500. On the low end, HVAC techs make an average of $46,800 annually while the top earners make around $82,224 on average.

31. The HVAC job market is expected to grow 13% from 2018 to 2028

The demand for HVAC mechanics and installers will continue to increase into 2028 as more people need heating and cooling systems.

HVAC environmental statistics

Having an efficient HVAC system is crucial for ensuring the unit has less of an impact on the environment. Let’s look at some statistics surrounding HVAC environmental impact:

32. Furnaces need to have a 90% efficiency rating in the Northern U.S.

Based on the new regulations by the DOE, furnances in the northern U.S. need to have a 90% efficiency rating.

33. Furnances need to have an 80% efficiency rating in the Southern U.S.

The regulations for the Southern U.S. are different than the north –– they only need an 80% efficiency rating for HVAC units. This gap in numbers could be attributed to the difference in temperature from these locations.

34. Geothermal heat pumps can reduce energy consumption by up to 44%

In a push to make HVAC systems more environmentally-friendly, many people and businesses are looking for environmentally friendly options. Geothermal heat pumps are a great way to reduce energy consumption from HVAC units.

35. Ventilation systems that recover energy can reclaim 80% of outgoing energy

An efficient ventilation system can help homeowners and businesses recover energy within their system. These systems can recover outgoing air and bring it in to the incoming air to reduce energy waste.

36. Insulating and sealing ducts can save up to 20% in HVAC costs

Improving duct insulation is a great way to help people save on their energy costs. It can improve the efficiency of the system, which leads to lower monthly bills.

37. Between 5% and 15% is how much replacing filters can lower energy bills

Having a dirty filter slows down the efficiency of HVAC systems and ultimately leads to higher energy bills. Having a clean filter can reduce the systems energy consumption and lower energy costs.

38. 75% is how much poor duct design can reduce energy efficiency

The design of duct work impacts the performance of the HVAC system. It’s important to make sure the duct work is laid out appropriately so that the system works effectively.

39. Smart homes with efficient HVAC are growing at around 14% every year

More smart homes are coming on the market as home builders focus on green building. A key component of these green homes is having an HVAC system with a high efficiency rating to ensure the home operates efficiently.

HVAC marketing statistics

With HVAC companies continuing to grow and be in demand, now is the time to invest in marketing your HVAC company. HVAC marketing is crucial for helping people find your business first when they need your services.

Before we dive into the HVAC marketing statistics, let’s talk about some strategies that are important to HVAC companies:

Here are some HVAC marketing statistics that show the power and value of investing in these digital strategies:

40. 87% of consumers use Google to evaluate local businesses

When someone wants to select an HVAC business, they’re turning to reviews on Google to help them decide which HVAC business is best. Having a reputation management strategy in place helps you build positive reviews that drive more customers searching for an HVAC company.

41. 84% of HVAC customers who perform searches before converting say they didn’t have a particular company in mind

When people search for an HVAC company, they often aren’t looking for a specific one. That’s why it’s crucial for you to invest building your online presence –– they’re more likely to choose you because they can learn everything they need to know about your company.

42. 80% of consumers use search engines for local queries

When people want to find a local business in their area, they’re turning to search engines like Google. Investing in digital marketing strategies, like local SEO, are crucial for helping those searchers find your HVAC company first.

And on top of that…

43. 80% of local searches convert

When people conduct these local searches, they’re likely to convert. Whether it’s from an organic listing, Local Services Ads (LSAs), or a Google Business Profile, leads are converting from these strategies. That makes it even more important to invest in a local marketing strategy to ensure that, when these leads convert, it’s with your business.

Google Local Services ads for HVAC companies

44. 76% of consumers regularly read online reviews when browsing local businesses

People continually turn to others’ experiences to help them determine if an HVAC company is right for them. Investing in review management ensures you build your profile with reviews and help people decide to choose your HVAC business.

Expert insights from webfx logo

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Mallory Kotulka Internet Marketing Consultant

“The HVAC industry is as competitive as ever. We find Local Service Ads (LSAs) bring in the most qualified leads for HVAC companies. Along with running LSAs, implementing a review management strategy will help your LSA listings show ahead of the competition, as reviews and ratings play a key role in where LSA listings stand!”

45. 74% of consumers made an HVAC purchase after consulting at least one online review website

Reviews are critical for HVAC companies because they help people determine which company is best for their needs. So, investing in a review management strategy is crucial for building a positive reputation around your business and getting more people to choose you.

46. 74% of people use social media when making purchasing decisions

People rely on social media to guide them when deciding on purchases. Many people will turn to social media to help them decide on an HVAC company best for their needs. Having that presence on social media can help people learn about your HVAC company and ultimately lead to more people choosing your business.

47. Over 65% of people use social media for customer service

Many people turn to social media platforms to get help from companies. If people have questions about your HVAC services, they’ll like turn to social media to ask those questions. So, having an active presence on these platforms can help you provide customer service that turns prospects into customers.

48. 62% of HVAC shoppers perform a search before converting

People want to look up companies before they decide to hire them –– it’s no different with HVAC companies. Optimizing your website for online searches is crucial for ensuring these leads find you when they search for an HVAC company.

49. The year-over-year (YOY) growth for searches for “HVAC repair” has increased 20%

More people are searching for HVAC repair and related terms online. Having a search strategy in place ensures you’re optimizing your website for keywords like these to drive more leads for your business.

A graph showing how searches for hvac repair has increased

Did these HVAC marketing statistics inspire you?

If these statistics inspired you to launch your revenue-driving HVAC digital marketing strategy, WebFX can help you get started.

We’re a full-service digital marketing agency that creates custom strategies for HVAC companies like yours. We’ve generated more than 24 million leads and $10 billion in revenue for our clients. We know how to craft strategies that help HVAC businesses grow their bottom line.

Contact us online or call us at 888-601-5359 to speak with a strategist and get started with your HVAC digital marketing strategy!

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Solving key challenges for HVAC companies

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