Emerging Trends: South's HVAC Sales Sizzle: A Retail Growthcast

According to a study released by United Van Lines, Americans flocked South in 2021. Of the ten states with the highest inbound move percentages, half of them – South Carolina, West Virginia, Florida, Alabama, and Tennessee – are in the South. The South’s net domestic migration from July 1, 2019, to June 30, 2020, already the largest among the regions, increased by another 154,000 in the 2020-2021 period. The North American HVAC system market size was valued at USD 41.67 billion in 2021. The market is projected to grow from USD 43.67 billion in 2022 to USD 62.31 billion by 2029, exhibiting a CAGR of 5.2% during the forecast period. Some prominent U.S. HVAC systems market players include Carrier Corporation, Daikin Industries, Ltd., Emerson Electric Co., Johnson Controls International plc, Lennox International, Inc., and Trane Technologies. Carrier Corporation has a market cap of USD 45.432 billion. Daikin Industries has a market cap of USD 59.35 billion. Did you know that the global retail industry is predicted to grow by 3.4% in 2026, while the US retail sales growth is estimated to be 4.5% in 2023? The retail industry is expected to grow by an average of 4.6% annually from 2020 to 2026, with a projected total retail sales of $32.8 trillion in 2026. Due to the COVID-19 pandemic, global retail sales decreased by 2.9% in 2020. However, it bounced back in 2021 with a growth of 9.7%. It's projected that by 2022, global retail sales will reach around 27.3 trillion U.S. dollars, which is up from approximately 23.7 trillion U.S. dollars in 2020. Follow on Instagram: @trendi_pod