The increasing disposable income of people, especially in the emerging economies such as India and China, is one of the biggest factors responsible for the soaring sales of heating, ventilation, and air conditioning (HVAC) equipment in Asia-Pacific (APAC). Due to the rising disposable income of people, their purchasing power is growing rapidly, which is, in turn, causing a sharp surge in consumer spending in this region. Nowadays, people are spending heavily on appliances such as refrigerators and air-conditioning systems.

HVAC systems and equipment are nowadays used extensively by the general public, especially in India. This is mainly because of the increasing purchasing power of people residing in the regional countries and the fall in the prices of these systems. Apart from this factor, the soaring investments being made in construction and infrastructural development projects in India and China are also positively impacting the demand for HVAC systems in the APAC region.

Read Full Report: Asia-Pacific HVAC Market Revenue Estimation and Growth Forecast Report

For instance, there are many upcoming infrastructural development projects in India such as metro railway expansion and airport construction projects. The Indian government made an allocation of $57 million to the development of the Ghaziabad and Noida sections of the metro network in the 2019 interim budget. Additionally, the Indian Government announced in 2017 that it would build nearly 100 new airports all over the country during the next 15 years.

These construction projects will massively push up the demand for HVAC systems in the country, once they are completed. This will, in turn, propel the advancement of the Asia-Pacific (APAC) heating, ventilation, and air conditioning (HVAC) market in the coming years. As a result, the value of the market is predicted to grow from $54.6 billion in 2018 to $70.7 billion by 2024. Furthermore, the market is predicted to progress at a CAGR of 4.3% between 2019 and 2024.