The Vietnam Hvac Market report segments the industry into Product Type (Heating Equipment [Heat Pumps, Furnaces, Boilers, and more], Ventilation Equipment [Air Handling Units, Energy Recovery Ventilators, and more], Air Conditioning Equipment [Unitary Air Conditioners, VRF Systems, and more]), End-User Industry (Residential, Commercial, Industrial).

In 2021, the demand for air conditioning devices in Vietnam amounted to approximately *** million units, the lowest number of the past six years. Within the observed period, demand for air conditioning increased steadily until it peaked in 2019 at more than *** million units, but then dropped significantly in subsequent years.

In US Commercial Air Conditioner Market, offering valuable insights, key market trends, competitive landscape, and future outlook to support strategic decision.

Gain insights into the Vietnam HVAC Market, size at USD 800 million in 2023, showcasing industry trends and future opportunities.

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Air Conditioning (AC) Market Size 2025-2029

The air conditioning (AC) market size is valued to increase by USD 14.12 billion, at a CAGR of 2% from 2024 to 2029. Rise in residential construction activity will drive the air conditioning (AC) market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 52% growth during the forecast period.
By Product - Split segment was valued at USD 98.98 billion in 2023
By Distribution Channel - Offline segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 17.29 billion
Market Future Opportunities: USD 14119.20 billion
CAGR from 2024 to 2029 : 2%

Market Summary

The market is experiencing significant growth, driven by the rising residential construction activity and increasing demand for energy-efficient cooling solutions. One of the key trends shaping the market is the shift towards the use of R32 refrigerant in split AC systems. This refrigerant, which has a lower global warming potential than the previously used R22, is becoming increasingly popular due to its environmental benefits.
However, the market is not without challenges. Operating costs and raw material prices remain volatile, posing significant risks for businesses in the sector. For instance, a leading HVAC manufacturer in the US has implemented supply chain optimization strategies to mitigate the impact of raw material price fluctuations on its bottom line. By closely monitoring market trends, investing in research and development, and adopting sustainable business practices, companies in the AC market can navigate these challenges and continue to deliver innovative cooling solutions to their customers.

What will be the Size of the Air Conditioning (AC) Market during the forecast period?

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How is the Air Conditioning (AC) Market Segmented ?

The air conditioning (AC) industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Product

  Split
  Chillers
  Airside
  Others


Distribution Channel

  Offline
  Online


End-user

  Residential
  Commercial
  Industrial


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  APAC

    Australia
    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By Product Insights

The split segment is estimated to witness significant growth during the forecast period.

The market continues to evolve, with a significant shift from traditional window units to energy-efficient split systems. Samsung is among the companies leading this trend, having ceased production of window air conditioners in favor of sleek, modern split models. Inverter-based split air conditioners are gaining popularity due to their improved energy efficiency. The market has seen a decline in demand for ducted standard split air conditioners, as Japanese-style mini-splits become increasingly preferred. Refurbished products are also driving demand, as LEED certifications push for better energy efficiency and customers seek to replace outdated systems. Key technological advancements include the integration of smart thermostats, remote monitoring systems, and refrigerant leak detection.

Air filtration technology and thermal comfort modeling are also essential components of modern HVAC system design. The market is further characterized by the use of energy modeling software, variable refrigerant flow, and chilled water systems. A recent study reveals that energy consumption from HVAC systems accounts for nearly 40% of total energy usage in commercial buildings. This underscores the importance of optimizing air handling units, fan performance curves, and compressor technology for enhanced energy efficiency.

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The Split segment was valued at USD 98.98 billion in 2019 and showed a gradual increase during the forecast period.

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Regional Analysis

APAC is estimated to contribute 52% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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Air conditioning markets continue to evolve, driven by increasing affordability and demand for comfort in countries like India, China, and Vietnam. The residential market, in particular, is experiencing growth as air conditioners expand beyond bedrooms to living spaces. China and Japan dominate the APAC market, accounting for approximately 80% of the total share. India, fueled by urbanization and rising disposable incomes, is poi

In Vietnam Solar Air Conditioning Market is projected to grow from USD 2.1 billion in 2025 to USD 7.8 billion by 2031, at a CAGR of 24.1%

The Vietnamese market for window or wall air conditioning systems, self-contained or split-systems expanded modestly to $878M in 2024, rising by 1.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption recorded a strong increase.

The Vietnamese market for non-window or wall air conditioning machines expanded markedly to $53M in 2024, with an increase of 10% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption posted temperate growth. As a result, consumption attained the peak level of $155M.

Market Overview:

The global Packaged Air Conditioner market is expected to grow from USD XX million in 2022 to USD XX million by 2030, at a CAGR of XX%. Some of the key factors that are expected to drive the growth of the market include growing demand for energy-efficient appliances, rising disposable income, and increasing awareness about Packaged Air Conditioners. The market is segmented on the basis of type, application, and region. On the basis of type, it is divided into packaged air conditioning with a water-cooled condenser and packaged air conditioner with an air-cooled condenser. The application segment includes residential buildings and commercial buildings. The regional segmentation includes North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Product Definition:

A packaged air conditioner is an air conditioning unit that combines the compressor, condenser coil, and evaporator coil into one cabinet. Packaged air conditioners are typically used in commercial applications where a centralized heating and cooling system is needed. They are also often used in new construction or renovation projects when it is not possible to install individual HVAC units for each room.

Packaged Air Conditioning With Water-Cooled Condenser:

Packaged Air Conditioning With a Water-Cooled Condenser is a type of air conditioning that uses water to cool the condenser. This type of air conditioning is often used in residential buildings and commercial buildings. It is also used in some industrial applications. It provides better cooling than air conditioning with an air-cooled condenser.

Packaged Air Conditioner With Air-Cooled Condenser:

Packaged Air Conditioner With Air-Cooled Condenser is a type of air conditioner that uses an air-cooled condenser. This type of air conditioner is more efficient than a packaged air conditioner with a water-cooled condenser and is typically used in commercial buildings. It is also becoming more popular in residential buildings.

Application Insights:

The residential building segment accounted for a revenue share of more than 60% in the global packaged air conditioner market in 2019. Growing urbanization and rising disposable income are expected to drive the demand for air conditioning systems in residential buildings over the forecast period. Residential buildings require cooling systems, which can be efficiently designed and manufactured using packaged solutions with minimal installation or maintenance costs. Moreover, these products are energy-efficient as they consume less power during operation as compared to traditional HVAC systems. Commercial building application is anticipated to witness significant growth over the forecast period owing to increasing government initiatives on improving office infrastructure across various regions globally including North America and Europe. An increasing number of retail stores & shopping malls coupled with rising consumer spending capacity has resulted in increased construction of commercial buildings across various countries globally including China, India, the U.S., Germany, etc.

Regional Analysis:

Asia Pacific is expected to be the fastest-growing regional market with a CAGR of XX% from 2022 to 2030. The growth can be attributed to rapid urbanization and increasing disposable income in emerging economies such as China, India, Indonesia, Vietnam, and Thailand. Furthermore, government initiatives encouraging people to use packaged air conditioners due to their low maintenance cost are likely to boost the demand for these products over the forecast period. For instance; In June 2017; the Government of India launched Housing for All by 2022 initiative which aims at developing affordable houses for all by providing financial assistance on a matching basis between donors and recipients.

Growth Factors:

• Increasing demand for packaged air conditioners from the commercial sector on account of a growing number of retail stores, restaurants, and hotels.
• The rising popularity of packaged air conditioners among consumers is due to their energy-efficient and low-maintenance features.
• The proliferation of innovative technologies in the packaged air conditioner market that are helping manufacturers to offer enhanced performance and efficiency levels.
• Growing investments by leading players in research and development activities to develop new products and technologies for the packaged air conditioner market.

Report Scope

HVACR Market in Southeast Asia is expected to grow at a CAGR of 9.30% by 2023. Report focusing on Indonesia, Malaysia, Thailand & Vietnam HVACR Market size, growth & Trends.

In 2023, imports of air conditioning machines for motor vehicles into Vietnam rose to 61K units, with an increase of 3.6% on 2022.

The Asia-Pacific Commercial HVAC market is booming, projected to reach $76.39 billion by 2025, driven by urbanization and rising demand for energy-efficient buildings. Discover key trends, growth drivers, and leading companies shaping this dynamic sector. Learn more about market segmentation, regional analysis, and future forecasts. Recent developments include: February 2024: ABB India launched its next-generation compact drive, ACH180, for HVACR (heating, ventilation, air conditioning, and refrigeration) equipment at ACREX 2024. The ACH180 is the latest addition to ABB's HVACR drive portfolio. It allows experts to control its highly efficient motors while using a minimal design for space savings, reduced capital expenditure, and easier installation. ABB’s new drive is designed for commercial buildings such as data centers, hotels, and shopping malls., September 2023: ECM Technologies partnered with Singapore-based AC Wise, an energy-saving company, to distribute ThermaClear, a heating, ventilation, and air conditioning anti-thermal degradation technology to reach the Asian market. Through the partnership, AC Wise will be the exclusive distributor of ThermaClear in the Asia-Pacific region, harnessing its distribution network and industry knowledge to serve key markets, including Hong Kong, Singapore, Vietnam, Taiwan, Philippines, Malaysia, Maldives, and Thailand, with substantial growth opportunities in regions like Indonesia and India.. Key drivers for this market are: Increasing Demand for Energy Efficiency and Sustainable Technology, Increasing Investment Toward Commercial Real-Estate in the Region. Potential restraints include: Increasing Demand for Energy Efficiency and Sustainable Technology, Increasing Investment Toward Commercial Real-Estate in the Region. Notable trends are: Commercial Buildings Segment is Expected to Hold Significant Share.

The Vietnam Automotive Air Purifiers Market was valued at USD 7.53 million in 2024 and is expected to reach USD 12.70 million by 2030 with a CAGR of 9.12% during the forecast period.

Credit report of Joint Stock Company Air Conditioning Daikin Vietnam contains unique and detailed export import market intelligence with it's phone, email, Linkedin and details of each import and export shipment like product, quantity, price, buyer, supplier names, country and date of shipment.

After two years of growth, the Vietnamese heat pump market decreased by -0.4% to $17M in 2024. Over the period under review, consumption showed significant growth. Over the period under review, the market attained the maximum level at $17M in 2023, and then contracted slightly in the following year.

The Southeast Asia cooling systems market is experiencing robust growth, driven by rising temperatures, increasing urbanization, and expanding industrial sectors. The market, currently valued at approximately $XX million in 2025 (assuming a reasonable market size based on global trends and regional economic activity), is projected to exhibit a compound annual growth rate (CAGR) exceeding 3.50% from 2025 to 2033. This growth is fueled by several key factors: the burgeoning demand for air conditioning in residential and commercial buildings across rapidly developing Southeast Asian nations; the increasing adoption of industrial cooling systems in manufacturing, food processing, and data centers; and the rising disposable incomes leading to higher spending on comfort and convenience technologies. Government initiatives promoting energy efficiency and sustainable cooling solutions are also contributing to market expansion. However, challenges remain, including the high initial investment costs associated with advanced cooling technologies, the reliance on energy-intensive refrigerants with environmental impacts, and potential supply chain disruptions. Despite these restraints, the market is expected to witness significant diversification. This includes a shift toward energy-efficient technologies like variable refrigerant flow (VRF) systems and absorption chillers, driven by a growing focus on sustainability and reduced operating costs. Furthermore, the market is segmented by various types of cooling systems (e.g., air conditioning, refrigeration, industrial cooling), end-use sectors (e.g., residential, commercial, industrial), and geographical regions within Southeast Asia. Key players like EJ Bowman, Danfoss AS, Thermax Limited, and others are strategically investing in R&D, expanding their product portfolios, and forging partnerships to cater to the evolving market needs and capture a larger market share in this dynamic and promising region. The long-term outlook remains positive, with continued growth anticipated throughout the forecast period. Key drivers for this market are: 4., Increasing Industrialization across the World4.; Expansion and Development of New Power Plants. Potential restraints include: 4., Increasing Adoption of Renewable Energy. Notable trends are: Energy Sector to Witness Significant Demand.

In 2023, the Asia-Pacific HVAC Systems Market reached a value of USD 90.41 billion, and it is projected to surge to USD 154.45 billion by 2030.

In 2023, imports of heat pumps other than air conditioning machines into Vietnam skyrocketed to 6.1K units, jumping by 29% compared with 2022.