Construction activities in the developing countries of Southeast Asia are gaining pace and hold a significant share in the growth index of the economies. China is already one of the leaders in the world of construction activities and other countries such as India, Philippines, and Indonesia are following the trend in the global construction market. Additionally, the Heating, Ventilation, Air Conditioning, and Refrigeration (HVACR) is also witnessing a growth with the construction market. The rapid urbanization in the developing economies, migration of population to cities, and increasing population has made it inevitable for the nations to stress on their infrastructural development.

The HVACR market witnessed a growth in its popularity during the early 20th century and has been on a growth trend ever since. Despite the global economic recession of 2008, the air conditioning (AC) market has regained its momentum and is on a rise currently. The paradigm shift in the industry towards latest technology which is environment-friendly is garnering importance and investment. There are varied regulatory, energy, and green building standards across Asia-Pacific and this is one of the major reasons that the market players are keen on adopting latest advanced cooling technologies.

The Southeast Asian (SEA) HVACR market is expected to grow at a CAGR of 9.30% during the period of 2017-2023. The market is generally being driven by the factors such as the rise in population and shift towards urban cities, the surge in residential, industrial and commercial business, and stringent government regulations and legislation. The price war for products among the market players due to the increasing demand for HVACR in places with hot and humid climate with extreme variations is boosting the market growth. The increasing demand has eventually resulted in the lowering of prices of HVACR products and equipment. In addition to this, the consumer's demand are shifting towards technically innovative HVACR products, which has increased the development of the technologies to meet the consumer demands.

The Gross Development Product (GDP) of a country directly influences the HVACR market, hence, the market is very dynamic, which is attributed to the increasing urbanization, unprecedented population growth in the SEA region, and frequently modifying governmental regulations for making the HVACR products. The HVACR market is price sensitive, and hence, the market value generated by the HVACR volume sales in the SEA region varies exceedingly. Products with higher brand name, energy-efficiency, quality, and good output hold the major share of the market. Several Chinese and other regional brands have garnered significant share in the market due to their lower prices but lack the quality as compared to an international brand.

The leading players in the market are focusing on the expansion of their consumer base and increase their market presence by expanding distribution outlets in the region and offering products specifically designed for the local demographic needs.

BIS Research has conducted an extensive market research on ‘Southeast Asia Heating Ventilation Air-Conditioning and Refrigeration (HVACR) Market -Analysis and Forecast (2017-2023)'. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.

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