North America Home Heating Appliances Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 16.62 Billion |
| Market Size (2029) | USD 20.11 Billion |
| CAGR (2024 - 2029) | 3.89 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Home Heating Appliances Market Analysis
The North America Home Heating Appliances Market size is estimated at USD 16.62 billion in 2024, and is expected to reach USD 20.11 billion by 2029, growing at a CAGR of 3.89% during the forecast period (2024-2029).
Consumers have an increased demand for heating appliances to meet cooking, water, and space heating needs. Home heating appliances are available in different capacities based on their usage in the residential sector. The rising usage of heating appliances in North America's residential and commercial sectors increased market growth. Therefore, manufacturers have integrated home heating appliances with intelligent technologies to improve the demand in the market.
The primary factors that drive the North American heating appliances market are rising urbanization and industrialization. As cities grow and industries expand, the need for heating appliances also increases. In urban areas, as there is high-density living, the requirement for heating appliances rises for comfort and safety. There is a necessity for heating appliances in the industrial sector for production and manufacturing. Therefore, the migration of populations to urban areas and increasing industrial growth in North America help manufacturers increase heating appliance production.
Manufacturers have integrated renewable energy sources in home heating appliances, which drive the market. The increased market growth is due to innovations in energy efficiency, emissions reduction, and heating effectiveness. Manufacturers focus on product innovation of heating appliances by integrating less energy consumption technology to reduce operational costs and environmental impact. Therefore, integrating smart technologies made heating appliances user-friendly and efficient, boosting market growth.
North America Home Heating Appliances Market Trends
The Increasing Energy Efficient Heating Appliances Demand Drives the Market
The increase in population increases the demand for heating appliances in North America. The home heating appliances market is growing due to increasing sales of energy-efficient heating appliances. The growing industrial and manufacturing industries are increasing the demand for energy-efficient heating appliances. The construction sector in North America is growing due to rising demand for homes with central HVAC systems. Therefore, the need for heating appliances increases during extreme climatic changes, especially during winter. Countries with moderate temperatures experiencing the coldest winters increase the market's growth.
United States Dominates the Market
The demand for home heating appliances is increasing in the United States due to the demand for energy-efficient solutions, and the need to modernize aging infrastructure is growing. People in the United States rely on heating appliances due to the cold climate in the region. Therefore, manufacturers in the United States are adopting advanced technologies like heat pumps and IoT-enabled systems to integrate with heating appliances. The area focuses on sustainability and green building initiatives to boost the market's growth and shifts to renewable energy-based heating systems.
North America Home Heating Appliances Industry Overview
The North American home heating appliances market is competitive. To stay competitive, market players are adopting the changing consumer shopping trends and implementing different strategies to expand their business. Factors like continuous innovation, product diversification, mergers, and acquisitions increased the market's growth. Significant companies invest in research and development to develop advanced, energy-efficient, and environmentally friendly heating solutions. To enhance brand loyalty and market presence, manufacturers are increasing their focus on customer services and post-sales support. The major players are Daikin Industries Ltd, Emerson Electric Co., Honeywell International Inc., Johnson Controls, and Lennox International Inc.
North America Home Heating Appliances Market Leaders
-
Daikin Industries Ltd.
-
Emerson Electric Co.
-
Honeywell International Inc.
-
Johnson Controls
-
Lennox International Inc.
*Disclaimer: Major Players sorted in no particular order
North America Home Heating Appliances Market News
- September 2023: Octopus Energy launched a revolutionary heating system. It includes the Cosy 6, a new heat pump from Octopus, the Cosy Hub, a home control system, the Cosy Pods, room sensors, a customized smart tariff, and the renowned Octopus 5-star service.
- January 2023: Johnson Controls launched the next-generation YORK YMAE Air-to-Water Inverter Scroll Modular Heat Pump, a high-efficiency air-to-water heat pump for the North American market.
North America Home Heating Appliances Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Installation of Energy Efficient Heating Systems Drives The Market
4.3 Market Restraints
4.3.1 Availability of alternatives
4.4 Market Opportunities
4.4.1 Demand for Technological Advancement Products in Home Heating Appliances
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porters' Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitutes
4.6.5 Intensity of Competitive Rivalry
4.7 Insights on Technology Innovation in the Market.
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Equipment
5.1.1 Heat Pumps
5.1.2 Furnaces
5.1.3 Boilers
5.1.4 Unitary Heaters
5.2 By Application
5.2.1 Residential
5.2.2 Commercial
5.3 By Distribution Channel
5.3.1 Supermarkets/Hypermarkets
5.3.2 Specialty Stores
5.3.3 Online
5.3.4 Other Distribution Channels
5.4 By Geography
5.4.1 United States
5.4.2 Canada
5.4.3 Rest of North America
6. COMPETITIVE LANDSCAPE
6.1 Market Concetration Overview
6.2 Company Profiles
6.2.1 Daikin Industries Ltd
6.2.2 Emerson Electric Co.
6.2.3 Honeywell International Inc.
6.2.4 Johnson Controls
6.2.5 Lennox International Inc.
6.2.6 Mitsubishi Electric Corporation
6.2.7 Samsung Electronics
6.2.8 Panasonic Corporation
6.2.9 Robert Bosch GmbH
6.2.10 Siemens AG*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
North America Home Heating Appliances Industry Segmentation
Home heating appliances contain all components, controls, wiring, ductwork, and piping that convert fuel to energy. North American home heating appliances are segmented into equipment, application, distribution channel, and geography. By equipment, the market is segmented into heat pumps, furnaces, boilers, and unitary heaters. By application, the market is segmented into residential and commercial. The market is segmented by distribution channel into supermarkets/hypermarkets, specialty stores, and online and other distribution channels. The market is segmented by geography into the United States and Canada. The report offers the market size in value terms in USD for all the abovementioned segments.
| By Equipment | |
| Heat Pumps | |
| Furnaces | |
| Boilers | |
| Unitary Heaters |
| By Application | |
| Residential | |
| Commercial |
| By Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Specialty Stores | |
| Online | |
| Other Distribution Channels |
| By Geography | |
| United States | |
| Canada | |
| Rest of North America |
North America Home Heating Appliances Market Research FAQs
How big is the North America Home Heating Appliances Market?
The North America Home Heating Appliances Market size is expected to reach USD 16.62 billion in 2024 and grow at a CAGR of 3.89% to reach USD 20.11 billion by 2029.
What is the current North America Home Heating Appliances Market size?
In 2024, the North America Home Heating Appliances Market size is expected to reach USD 16.62 billion.
Who are the key players in North America Home Heating Appliances Market?
Daikin Industries Ltd., Emerson Electric Co., Honeywell International Inc., Johnson Controls and Lennox International Inc. are the major companies operating in the North America Home Heating Appliances Market.
What years does this North America Home Heating Appliances Market cover, and what was the market size in 2023?
In 2023, the North America Home Heating Appliances Market size was estimated at USD 15.97 billion. The report covers the North America Home Heating Appliances Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the North America Home Heating Appliances Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Home Heating Appliances Industry Report
Statistics for the 2024 North America Home Heating Appliances market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. North America Home Heating Appliances analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
