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U.S. Residential Furnace Market Analysis

  • Report ID: GMI3235
  • Published Date: Nov 2024
  • Report Format: PDF

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U.S. Residential Furnace Market Analysis

The U.S. residential furnace industry faces challenges that could slow its growth. One main issue is the high cost of installing advanced furnace systems. While these systems save energy in the long run, the high upfront cost can discourage consumers, especially in a market sensitive to price. Many homeowners may delay replacing or upgrading their furnaces due to financial concerns, which affects overall market demand.

 

Additionally, changing energy prices create uncertainty for consumers about the long-term benefits of energy-efficient furnaces. When energy costs go up, homeowners may hesitate to buy new systems, fearing that their savings might be offset by unpredictable fuel prices. This hesitation can slow market growth as consumers consider immediate costs versus future savings. These challenges highlight the need to clearly communicate the long-term benefits of modern heating systems and offer financial incentives to encourage adoption.
 

U.S. Residential Furnace Market Size, By Product, 2021 - 2032 (USD Billion)

Based on product, the gas furnace segment was crossed USD 2.4 billion in 2023, due to gas furnaces being efficient, cost-effective, and reliable. Homeowners prefer gas furnaces for their consistent heating and lower operating costs compared to oil and electric options. The oil furnace segment is next, appealing to those in areas without natural gas. Electric and wood furnaces serve niche markets focused on sustainability. The hybrid furnace segment is also growing as consumers look for solutions that combine multiple heating sources, adding more variety to the market.
 

U.S. Residential Furnace Market Revenue Share, By Application, (2023)

Based on application, the single-family homes dominated about 58.4% of the market share in 2023. This is because many U.S. homes are single-family, and homeowners want efficient and reliable heating. Larger single-family homes need strong heating systems, creating steady demand for gas and hybrid furnaces. Also, more people are renovating homes and upgrading to energy-efficient systems, boosting growth in this segment.
 

California Residential Furnace Market Size, 2021 - 2032 (USD Million)

California residential furnace market size surpassed USD 727.2 million in 2023, driven by the state's demand for energy-efficient and eco-friendly heating solutions. California's strict energy regulations and focus on reducing emissions have led homeowners to buy high-efficiency furnaces with low emissions. The state's mild winters and ongoing renovations in urban and suburban areas also support the market.

Authors: Kiran Pulidindi , Kunal Ahuja

Frequently Asked Questions (FAQ) :

The U.S. market for residential furnace was worth over USD 5.3 billion in 2023 and is estimated to grow at a 5% CAGR from 2024 to 2032, driven by increasing demand for energy-efficient heating solutions.

The gas furnace segment was surpassed USD 2.4 billion in 2023, due to their efficiency, cost-effectiveness, and reliability, making them a preferred choice among homeowners.

California's residential furnace market size exceeded USD 727.2 million in 2023, led by the state's stringent energy regulations and focus on reducing emissions, leading to a higher demand for high-efficiency, low-emission furnaces.

Key players in the industry include Amana, Boyer Furnace, Bryant, Carrier, Daikin, Lennox, Luxaire, Rheem, and York.

U.S. Residential Furnace Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 9
  • Tables & Figures: 240
  • Countries covered: 1
  • Pages: 310
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