The Largest HVAC Companies In The World, And What They Do

Key Points:

• There are a lot of components and pieces of equipment that fall under the HVAC industry.
• The industry is also growing into new sectors due to the evolution of technology and smart systems.
• Several of these huge companies have been doing business for over a hundred years!

The largest HVAC companies are multi-billion dollar companies that are growing exponentially every year. The global HVAC market is projected to reach about 367.5 billion U.S. dollars by 2030, according to Statista. The top companies worldwide are competing for business and are using their massive budgets to develop new innovative products, services, and technologies each and every year.

HVAC stands for Heating, Ventilation, and Air Conditioning. HVAC equipment includes mechanical equipment such as compressors, condensers, and fans, and the devices that monitor those systems. HVAC systems can be installed in homes, businesses, and other large structures to provide thermal comfort and acceptable indoor air quality.

With so many air conditioning companies across the globe, it’s easy to lose track of who’s who. Some of the best HVAC companies have operated under their original names for decades, and some come and go in a short period. Below is a list of the ten largest HVAC companies in the world in 2022. 

10. Electrolux – $14.15 billion

Electrolux is a Swedish multinational home appliance and consumer electronics company headquartered in Stockholm. It’s the 10th world’s largest appliance maker measured by annual revenue on a global scale. 

The company makes products ranging from refrigerators to vacuum cleaners and air conditioners. Electrolux also owns several brands, including Frigidaire, AEG, Eureka, Electrolux Professional, and Zanussi.

Electrolux was founded in Sweden in 1919 by Axel Wenner-Gren. The company initially produced electrical goods such as radios and appliances and later moved to producing HVAC equipment.

The company has grown to become one of the largest manufacturers of home appliances and products worldwide, with operations in over 150 countries and sales reaching $14.15 billion. Electrolux has more than 48,000 employees worldwide, with offices in 43 countries across Europe, the Americas, Africa, and the Asia Pacific.

9. Ingersoll-Rand – $15.7 billion

The Ingersoll-Rand Company is a Fortune 500 company that makes air compressors, industrial tools, and HVAC systems. The company has over 140,000 employees worldwide and operates in more than 100 countries.

Ingersoll-Rand’s headquarters are in Enfield, Connecticut, with additional offices in Asia, Europe, and Latin America. The company was founded in 1871 by Simon Ingersoll.

8. Daikin – $22.9 billion

Daikin Industries is a Japanese multinational air conditioner manufacturing company. It was founded in 1924 by Akira Yamada in Osaka, Japan, as a family business. Today, Daikin Industries is Japan’s largest manufacturer of air conditioners, air purifiers, and heat pumps.

Its HVAC business is the 8th largest in the world by revenue, with sales of more than $22 billion in its fiscal year. Daikin claims to have sold more than 150 million units worldwide since its founding in 1924.  

The company has over 100 years of experience in manufacturing, selling, and servicing heating, ventilation, and air conditioning systems. It operates in more than 70 countries worldwide, with offices in Germany, China, Thailand, and many other countries.

7. Johnson Controls International – $29.4 billion

Johnson Controls International is a global leader in the HVAC industry, focusing on building automation, power, and control technologies, including heating, cooling, and ventilation systems. 

The company has more than 135 years of experience helping buildings run more efficiently and save money on energy costs. It also provides automotive seating systems, batteries, electronics, and more.

The company has more than 125,000 employees in more than 200 countries worldwide. In 2016, Johnson Controls’ revenue was $29.4 billion. Johnson Controls International is based in Ireland and operates in over 60 countries. JCI was founded in 1885 by Warren S. Johnson.

6. Toshiba Corporation – $34.4 billion

The Toshiba Corporation is a Japanese electronics and electrical equipment manufacturing company headquartered in Tokyo, Japan. It has operations in over 500 locations worldwide. It is one of the leading manufacturers of electronic products for the consumer, business, medical and industrial sectors. The company was founded in 1875 initially as Tokyo Shibaura Denki K.K. and later changed its name to Toshiba Corporation in 1939.

The company’s products include home appliances, mobile phones, medical equipment, elevator components, industrial robots, and nuclear power generation systems. The company also manufactures semiconductor products such as microprocessors, flash memory chips, and optical storage devices.

5. Midea Group – $39.8 billion

Midea Group is a Chinese manufacturer of household appliances and air conditioners founded in 1968. The company is headquartered in Qingdao, China, and serves as one of the largest HVAC companies in the world. In 2016, Midea generated revenue of close to $40 billion, making it the fifth-largest HVAC company on our list.

The company has more than 180 subsidiaries across North America, Europe, and Asia. Midea Group is one of the largest home appliance manufacturers in the world, with over 50 million units sold each year. The company also manufactures products for companies such as L.G. Electronics and Samsung Electronics.

4. Mitsubishi Electric Corporation – $41.5 billion

The Mitsubishi Electric Corporation is a Japanese multinational electronics and electrical equipment manufacturing company headquartered in Tokyo, Japan. As of 2022, it is the world’s fourth-largest manufacturer of HVAC equipment by sales revenue, outranking companies such as Daikin. 

Its core HVAC products include air conditioners, refrigerators, washing machines, heat pumps, and other related appliances. They also offer I.T. services such as systems integration, outsourcing services for business processes, and system development for clients worldwide.

Mitsubishi Electric Corporation was founded in 1870 as Japan’s first electrical company, specializing in telecommunications equipment and later moving into energy, transportation, and home systems.

3. LG Electronics – $55.76 billion

L.G. Electronics is a South Korean multinational electronics company headquartered in Yeouido-dong, Seoul, and a member of the L.G. Group. Their product catalog includes electronics, telecommunications, home appliances, and air conditioning systems. It is the world’s third-largest HVAC manufacturer after United Technologies Corporation and Samsung Electronics.

L.G. Electronics was founded by In-Hwoi Koo and his wife, Ruth Koo in 1947 under the name Lucky Chemical Industrial Co., Ltd. The company began as an exporter of chemicals used in paint and explosives before venturing into manufacturing televisions, smartphones refrigerators, and washing machines. 

As of 2018, L.G. Electronics had annual revenues of $55 billion (USD), with 60 percent coming from the sale of home appliances.

2. United Technologies Corporation – $59.8 billion

United Technologies Corporation (UTC) is a Fortune 500 company that has been in business since the 1960s. It’s headquartered in Farmington, Connecticut, with approximately $59.8 billion in annual revenue.

UTC’s HVAC business is Carrier Corporation, which it acquired in 1979 for $420 million. Carrier is one of the world’s most significant heating and cooling equipment manufacturers, including furnaces, air conditioners, heat pumps, commercial refrigeration products, and air purification systems.

1. Samsung Electronics – $221.5 billion

Samsung Electronics is the largest HVAC company in the world, with a revenue of $221.5 billion. The South Korean manufacturer makes everything from refrigerators and washing machines to computer chips and smartphones. Its HVAC division also makes air conditioners and heat pumps for residential, commercial, and industrial customers.

The company operates under three central business units: electronics components, semiconductors, and telecommunications. It’s also one of the world’s largest producers of memory chips used in computers and smartphones as well as televisions, home appliances, and medical equipment.

Summary of the 10 Largest HVAC Companies in the World

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