Carrier Expanding Its Reach in Global HVAC and Refrigeration
Carrier offers a variety of HVAC solutions, led by its flagship Carrier brand, serving global residential, light commercial, and more complex, “applied” commercial markets. Through its Transicold brand, the company also serves the more niche transportation refrigeration market in what is largely an oligopoly with competitor Trane’s ThermoKing business. Owing to the high quality of its products and the significant efficiency gains its customers have achieved, the company has achieved a number 1 market share in residential and light commercial markets and a number 3 share in applied commercial markets. Carrier is somewhat unique among peers in pursuing a distribution strategy that relies almost entirely on independent third-party distributors for its residential business, whereas the industry standard is to maintain a direct salesforce for more bespoke commercial solutions. The company operates an asset-light model, so it is a highly cash-generative business that can fund its product development, growth initiatives, and generous shareholder remuneration policies.
United States