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U.S. Residential Furnace Market Size

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

U.S. Residential Furnace Market Size

The U.S. residential furnace market was valued at USD 5.3 billion in 2023 and is estimated to grow at a CAGR of over 5% from 2024 to 2032. Residential furnaces are essential for home heating, providing warmth and comfort. As concerns about energy use and the environment grow, the demand for energy-efficient heating solutions is rising in the market. With a focus on sustainability, consumers are looking for furnaces that save energy and reduce utility bills. This trend matches the increase in residential construction and renovation, where new homeowners and renovators prioritize energy efficiency. Manufacturers are responding by offering advanced, energy-efficient furnace models to meet this demand.

 

Government incentives and rebates for HVAC upgrades also boost market growth. These financial incentives encourage homeowners to replace old heating systems with modern, efficient ones, making it easier to switch to greener options. This combination of factors shows a broader move towards sustainable living, where energy efficiency improves comfort and meets regulatory and consumer needs.
 

 

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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