South Korea HVAC Market Report and Forecast 2025-2034
Market Report I 2025-06-06 I 140 Pages I EMR Inc.
The South Korea HVAC market reached approximately USD 2.92 Billion in 2024. The market is projected to grow at a CAGR of 6.10% between 2025 and 2034, reaching a value of around USD 5.28 Billion by 2034.
South Korea HVAC Market Growth
The rapid urbanisation, increase in infrastructure development, and government regulations encouraging the adoption of eco-efficient HVAC systems in the country are some of the major factors driving the market growth. For instance, the South Korean government mandated the display of Cooling Seasonal Performance Factor (CSPF) on the energy efficiency labels of air conditioners to offer proper guidance to customers so they can make an informed decision.
There is also an increased emphasis on the installation of high-endHVAC systemswhich offer air filtration and ventilation properties, due to the rising health concerns related to poor air quality. The increasing purchasing power of middle-class consumers and the rising demand for a comfortable environment in households and the commercial sector also boost the market.
Technological advancements such as the development of smart HVAC systems as well as inverter-driven compressors are expected to witness an upward trajectory in the South Korean market as they offer superior performance and increased efficiency. For example, motion-activated HVAC systems use motion sensors to detect when a person enters the room, turning the air conditioners on or off autonomously, which results in higher energy savings.
Moreover, ductless HVAC systems are gaining popularity due to their ease of installation, space-saving design, and energy-efficient nature. These systems are readily implemented in the renovation or retrofitting projects in the country. HVAC systems with in-built diagnostics and predictive maintenance features that can reduce downtime, optimise performance, and increase the longevity of the equipment are also high in demand.
South Korea HVAC Industry Segmentation
"South Korea HVAC Market Report and Forecast 2025-2034" offers a detailed analysis of the market based on the following segments:
Market Breakup by Equipment:
- Heating_x000D_ _x000D_ Heat Pumps _x000D_ Furnaces _x000D_ Unitary Heaters _x000D_ _x000D_
- Heating_x000D_ _x000D_ Heat Pumps _x000D_ Furnaces _x000D_ Unitary Heaters _x000D_ _x000D_
- Ventilation_x000D_ _x000D_ Air-Handling Units _x000D_ Air Filters and Purifiers _x000D_ Ventilation Fans _x000D_ Dehumidifiers and Humidifiers _x000D_ Others _x000D_ _x000D_
- Cooling_x000D_ _x000D_ Unitary Air Conditioners _x000D_ VRF Systems _x000D_ Chillers _x000D_ Coolers _x000D_ Cooling Towers _x000D_ Others _x000D_ _x000D_
- Ventilation_x000D_ _x000D_ Air-Handling Units _x000D_ Air Filters and Purifiers _x000D_ Ventilation Fans _x000D_ Dehumidifiers and Humidifiers _x000D_ Others _x000D_ _x000D_
- Heating_x000D_ _x000D_ Heat Pumps _x000D_ Furnaces _x000D_ Unitary Heaters _x000D_ _x000D_
- Ventilation_x000D_ _x000D_ Air-Handling Units _x000D_ Air Filters and Purifiers _x000D_ Ventilation Fans _x000D_ Dehumidifiers and Humidifiers _x000D_ Others _x000D_ _x000D_
- Cooling_x000D_ _x000D_ Unitary Air Conditioners _x000D_ VRF Systems _x000D_ Chillers _x000D_ Coolers _x000D_ Cooling Towers _x000D_ Others _x000D_ _x000D_
- Cooling_x000D_ _x000D_ Unitary Air Conditioners _x000D_ VRF Systems _x000D_ Chillers _x000D_ Coolers _x000D_ Cooling Towers _x000D_ Others _x000D_ _x000D_
- Heating_x000D_ _x000D_ Heat Pumps _x000D_ Furnaces _x000D_ Unitary Heaters _x000D_ _x000D_
- Ventilation_x000D_ _x000D_ Air-Handling Units _x000D_ Air Filters and Purifiers _x000D_ Ventilation Fans _x000D_ Dehumidifiers and Humidifiers _x000D_ Others _x000D_ _x000D_
- Cooling_x000D_ _x000D_ Unitary Air Conditioners _x000D_ VRF Systems _x000D_ Chillers _x000D_ Coolers _x000D_ Cooling Towers _x000D_ Others _x000D_ _x000D_
Market Breakup by Implementation Type:
- New Constructions
- Retrofits
Market Breakup by End Use:
- Residential
- Commercial
- Industrial
South Korea HVAC Market Share
The residential HVAC market is witnessing significant growth due to a rise in single-family and multi-family housing. The desire for cozy living spaces has surged due to factors such as urbanisation, rising disposable incomes, and growing awareness of energy efficiency. During the forecast period, these factors are expected to drive the adoption of HVAC systems, including air conditioning, air filtration, air purifiers, and dehumidifiers.
Leading Companies in South Korea HVAC Market
The market players are engaging in the development of innovative HVAC products to gain a competitive edge in the market.
- LG Corp.
- Robert Bosch GmbH
- Hitachi Ltd.
- Samsung Electronics Co. Ltd.
- Haier Smart Home Co. Ltd.
- Mitsubishi Electric Corporation
- Panasonic Holdings Corp.
- Daikin Industries Ltd.
- Johnson Controls International Plc
- Trane Technologies Plc
- Others
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1 Executive Summary
1.1 Market Size 2024-2025
1.2 Market Growth 2025(F)-2034(F)
1.3 Key Demand Drivers
1.4 Key Players and Competitive Structure
1.5 Industry Best Practices
1.6 Recent Trends and Developments
1.7 Industry Outlook
2 Market Overview and Stakeholder Insights
2.1 Market Trends
2.2 Key Verticals
2.3 Key Regions
2.4 Supplier Power
2.5 Buyer Power
2.6 Key Market Opportunities and Risks
2.7 Key Initiatives by Stakeholders
3 Economic Summary
3.1 GDP Outlook
3.2 GDP Per Capita Growth
3.3 Inflation Trends
3.4 Democracy Index
3.5 Gross Public Debt Ratios
3.6 Balance of Payment (BoP) Position
3.7 Population Outlook
3.8 Urbanisation Trends
4 Country Risk Profiles
4.1 Country Risk
4.2 Business Climate
5 Asia Pacific HVAC Market Overview
5.1 Key Industry Highlights
5.2 Asia Pacific HVAC Historical Market (2018-2024)
5.3 Asia Pacific HVAC Market Forecast (2025-2034)
6 South Korea HVAC Market Overview
6.1 Key Industry Highlights
6.2 South Korea HVAC Historical Market (2018-2024)
6.3 South Korea HVAC Market Forecast (2025-2034)
7 South Korea HVAC Market by Equipment
7.1 Heating
7.1.1 Historical Trend (2018-2024)
7.1.2 Forecast Trend (2025-2034)
7.1.3 Breakup by Type
7.1.3.1 Heat Pumps
7.1.3.2 Furnaces
7.1.3.3 Unitary Heaters
7.2 Ventilation
7.2.1 Historical Trend (2018-2024)
7.2.2 Forecast Trend (2025-2034)
7.2.3 Market by Type
7.2.3.1 Air-Handling Units
7.2.3.2 Air Filters and Purifiers
7.2.3.3 Ventilation Fans
7.2.3.4 Dehumidifiers and Humidifiers
7.2.3.5 Others
7.3 Cooling
7.3.1 Historical Trend (2018-2024)
7.3.2 Forecast Trend (2025-2034)
7.3.3 Breakup by Type
7.3.3.1 Unitary Air Conditioners
7.3.3.2 VRF Systems
7.3.3.3 Chillers
7.3.3.4 Coolers
7.3.3.5 Cooling Towers
7.3.3.6 Others
8 South Korea HVAC Market by Implementation Type
8.1 New Constructions
8.1.1 Historical Trend (2018-2024)
8.1.2 Forecast Trend (2025-2034)
8.2 Retrofits
8.2.1 Historical Trend (2018-2024)
8.2.2 Forecast Trend (2025-2034)
9 South Korea HVAC Market by End Use
9.1 Residential
9.1.1 Historical Trend (2018-2024)
9.1.2 Forecast Trend (2025-2034)
9.2 Commercial
9.2.1 Historical Trend (2018-2024)
9.2.2 Forecast Trend (2025-2034)
9.3 Industrial
9.3.1 Historical Trend (2018-2024)
9.3.2 Forecast Trend (2025-2034)
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter's Five Forces Analysis
10.2.1 Supplier's Power
10.2.2 Buyer's Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Trade Data Analysis (HS Code - 8415, 841861)
12.1 Major Exporting Countries
12.1.1 By Value
12.1.2 By Volume
12.2 Major Importing Countries
12.2.1 By Value
12.2.2 By Volume
13 Competitive Landscape
13.1 Supplier Selection
13.2 Key Global Players
13.3 Key Regional Players
13.4 Key Player Strategies
13.5 Company Profiles
13.5.1 LG Corp.
13.5.1.1 Company Overview
13.5.1.2 Product Portfolio
13.5.1.3 Demographic Reach and Achievements
13.5.1.4 Certifications
13.5.2 Robert Bosch GmbH
13.5.2.1 Company Overview
13.5.2.2 Product Portfolio
13.5.2.3 Demographic Reach and Achievements
13.5.2.4 Certifications
13.5.3 Hitachi Ltd.
13.5.3.1 Company Overview
13.5.3.2 Product Portfolio
13.5.3.3 Demographic Reach and Achievements
13.5.3.4 Certifications
13.5.4 Samsung Electronics Co. Ltd.
13.5.4.1 Company Overview
13.5.4.2 Product Portfolio
13.5.4.3 Demographic Reach and Achievements
13.5.4.4 Certifications
13.5.5 Haier Smart Home Co. Ltd.
13.5.5.1 Company Overview
13.5.5.2 Product Portfolio
13.5.5.3 Demographic Reach and Achievements
13.5.5.4 Certifications
13.5.6 Mitsubishi Electric Corporation
13.5.6.1 Company Overview
13.5.6.2 Product Portfolio
13.5.6.3 Demographic Reach and Achievements
13.5.6.4 Certifications
13.5.7 Panasonic Holdings Corp.
13.5.7.1 Company Overview
13.5.7.2 Product Portfolio
13.5.7.3 Demographic Reach and Achievements
13.5.7.4 Certifications
13.5.8 Daikin Industries Ltd.
13.5.8.1 Company Overview
13.5.8.2 Product Portfolio
13.5.8.3 Demographic Reach and Achievements
13.5.8.4 Certifications
13.5.9 Johnson Controls International Plc
13.5.9.1 Company Overview
13.5.9.2 Product Portfolio
13.5.9.3 Demographic Reach and Achievements
13.5.9.4 Certifications
13.5.10 Trane Technologies Plc
13.5.10.1 Company Overview
13.5.10.2 Product Portfolio
13.5.10.3 Demographic Reach and Achievements
13.5.10.4 Certifications
13.5.11 Others
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