Vietnam HVAC Market Size Set to Cross USD 1 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam HVAC market size at USD 0.784 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Vietnam HVAC market size to grow at a CAGR of 5.25% reaching a value of USD 1.066 billion by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam HVAC market size at USD 0.784 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Vietnam HVAC market size to grow at a CAGR of 5.25% reaching a value of USD 1.066 billion by 2029. Rising disposable income as well as increasing understanding of and demand for energy-efficient systems are significant development drivers for the Vietnam HVAC market. Furthermore, it is projected that the development of the infrastructure and the rising construction of residential and commercial properties will drive the Vietnam HVAC market growth during the forecast period.
Vietnam HVAC Market – Overview
Heating, ventilation, and air conditioning, or HVAC, is a system for maintaining and controlling the temperature, humidity, and purity of the air in a room or enclosed space. These systems are used in a wide range of commercial, residential, and industrial facilities, such as family homes, apartments, hotels, hospitals, trains, airplanes, and ships. Ventilation is a key aspect of HVAC as it helps in maintaining indoor air quality, which involves the removal of moisture, odors, smoke, and dust, temperature control, and oxygen replenishment.
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Vietnam HVAC Market
Segmental Information
Vietnam HVAC Market – By End User
Based on end user, the Vietnam HVAC market is segmented into residential, commercial, and industrial. The residential segment accounts for the highest share of the Vietnam HVAC market. Consumers' rising disposable income and improving living standards are emerging as the key drivers of market expansion. As a result, there is a growing need for HVAC systems and appliances to be installed in small homes. However, because of the increased development of commercial facilities like offices, retail centers, and hotels, throughout the nation, the commercial segment is predicted to record the highest growth rate during the projection period.
Impact of COVID-19 on Vietnam HVAC Market
In 2020 and early 2021, Vietnam had the fewest COVID-19 cases worldwide, according to a World Bank report. However, a significant decline in income as a result of job losses negatively impacted the growth of the Vietnam HVAC market. The restrictions on the manufacturing activities and supply chain of HVAC equipment, along with limited operations in the construction industry due to the shortage of labor, are linked to the stagnation of the Vietnam HVAC market. Due to the nation's economic crisis, people's purchasing power was also impacted. All of these factors led to a sharp decline in the demand for HVAC systems in Vietnam, which had an effect on the market's overall growth.
Competitive Landscape
Major players operating in the Vietnam HVAC market include Panasonic Vietnam Co., Ltd, Daikin Air Conditioning Vietnam JSC, LG Electronics Vietnam Haiphong Co Ltd, Toshiba Carrier Vietnam Air Conditioning Co Ltd, Sharp Electronics (Vietnam) Company Limited, Mitsubishi Electric Vietnam Co, Ltd, Munters, Fujitsu General, and Nortek Air Solutions. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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