Market Insights Consumer DIY & Hardware Store

Heating & Cooling - Vietnam

Vietnam

In Vietnam, the revenue generated in the Heating & Cooling market in 2024 amounts to €0.45bn.
It is projected that the market will experience an annual growth rate of 7.96% from 2024 to 2029 (CAGR).
Among all countries worldwide, in the United States generates the highest revenue in this market, reaching €117bn in 2024.
When considering the population size, the per capita revenue in Vietnam is €4.47 in 2024.
Vietnam's heating and cooling market is experiencing a surge in demand for energy-efficient air conditioning systems due to increasing urbanization and rising incomes.

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

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Analyst Opinion

The Heating & Cooling Market in Vietnam is slowly growing due to factors like rising demand for DIY solutions and increasing awareness of energy efficiency. However, strict regulations and limited access to advanced technology are impacting the market's growth rate.

Customer preferences: As Vietnam's economy continues to grow, more and more households are investing in home improvement, including heating and cooling systems. With the rise of DIY culture, consumers are turning to hardware stores for affordable and easy-to-use solutions. This trend is also driven by a growing emphasis on sustainability and energy efficiency, as consumers seek to reduce their carbon footprint and save on utility costs. As a result, there has been a rise in the demand for eco-friendly and energy-efficient heating and cooling options in the DIY & Hardware Store Market.

Trends in the market: In Vietnam, the DIY & Hardware Store Market is witnessing an increasing demand for energy-efficient and eco-friendly Heating & Cooling products. This trend can be attributed to the rising awareness of environmental issues and the government's efforts to promote sustainable living. As a result, there is a growing demand for energy-saving and cost-effective solutions, such as smart thermostats and solar-powered HVAC systems. This trend is expected to continue in the future, with a potential shift towards smart homes and green building practices. For industry stakeholders, this presents an opportunity to tap into the growing market and offer innovative products and services that cater to this trend. It also highlights the need for retailers to stock a diverse range of eco-friendly products to meet the evolving consumer preferences.

Local special circumstances: In Vietnam, the Heating & Cooling Market within the DIY & Hardware Store Market is heavily influenced by the country's tropical climate and rapid urbanization. The high humidity and heat in Vietnam create a strong demand for cooling systems, while the growing middle class and urbanization drive the need for heating systems in new buildings. Additionally, Vietnam's government has implemented regulations promoting energy-efficient appliances, which has led to a shift in consumer preferences towards environmentally friendly options. These unique factors in Vietnam contribute to the market's dynamics, with a focus on energy efficiency and affordability being key drivers for growth.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market in Vietnam is also heavily influenced by macroeconomic factors such as economic stability, government policies, and consumer spending power. With a growing middle class and rising disposable incomes, there is a higher demand for home improvement and renovation products, including heating and cooling systems. Additionally, government initiatives to improve energy efficiency and reduce carbon emissions are further driving the market for more efficient and eco-friendly heating and cooling solutions. The global trend towards sustainable development is also influencing the market, with consumers increasingly seeking out environmentally friendly options for their homes.

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.