India Water Heater Market to Be Valued USD422.78 Million by 2028

 Introduction of energy-efficient water heaters along with rising disposable income of the consumers is expected to primarily drive the growth of India water heaters market during the forecast period.


According to TechSci Research report, India Water Heater Market - By Region, Competition Forecast & Opportunities, 2028, the India water heater market is expected to register significant growth and reach to a market value of USD 422.78 million by 2028. The proliferating demand for water heaters, particularly from the hilly regions such as Himachal Pradesh, Uttar Pradesh, seven sister states, which relies on the Northeast part of India, and other cities and states such as Delhi NCR, Tamil Nadu, and Kerala, Haryana, are expected to propel the India water heater market. Furthermore, the propelling demand for water heaters from both commercial and residential sectors during the winter season in the country is also providing a positive outlook to the market. Moreover, the rapidly growing construction industry in the country with the increasing number of residential buildings, development of healthcare facilities and previously constructed household units, are augmenting the installation of water heaters, hence, boosting the sales of water heaters throughout the country. Moreover, the rising per capita income of the consumers and improvised standards of living, especially of the consumers living in tier I and tier II cities, are also significantly adding to the market growth. Additionally, with the growing tourism in the hilly regions of the country, several hotels and resorts are increasingly spending a lot on installing water heaters as the climate across the hilly regions of India is cold during most of the year. Besides this, the increasing preference for instant heating technologies is also providing lucrative opportunities to the market players. Compared to traditional storage units, instant heating water heaters offers limited standby losses and high supply output as they offer limited standby losses and high supply output. The surging e-commerce sector is further stimulating the demand for water heaters across the country. Online retail channels allow the customers to compare between a wide range of water heaters available on the website and make a wiser decision. Along with this, these online sales channels also offer several discounts and easy EMI options, thereby enabling the middle-class population to afford the product easily.


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India water heater market is segmented based on type, distribution channel, region, and company. Based on type, the India water heater market is divided into electric water heater and gas water heater. Among these, the electric water heater segment is expected to dominate the market with the market share of 90.92% in terms of volume and is projected to grow at a CAGR of 7.25%. This is primarily because electric water heaters are more energy efficient as compared to gas water heaters and are easy to install. In terms of durability, electric water heaters have a longer life span. Moreover, several market players are introducing electric heaters, which are Wi-Fi enabled and are connected with smartphones or Bluetooth to operate them even from a distant room. Hence, electric water heaters are more suitable for households that require low to moderate hot water use. Additionally, companies are also launching water heaters that are compact and designed well to enhance the aesthetic appeal of the house. For instance, AO Smith launched horizontal water heaters in 2021 to meet the bathroom décor, requiring less spacing. By distribution channel, the India water heater market is bifurcated into retail sales, industrial sales/project sales, and online. Among these, the retail sales segment is expected to dominate the market with the market share of 72.24% in terms of volume and is anticipated to grow at a CAGR of 5.73%. However, online sales is growing at a fast pace, the offline retail stores will continue to dominate the market over the upcoming years, as several buyers still prefer in-store shopping experience where they can see and test products before actually purchasing the product.


Major market players operating in the India water heater market are:

  • Mando Corporation
  • DENSO CORPORATION
  • Samsung Electronics Co. Ltd.
  • Delphi Technologies PLC
  • Robert Bosch GmbH
  • Harman International Industries
  • HELLA Group
  • Kufatec GmbH & Co. Kg
  • Continental AG
  • Texas Instruments


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“The introduction of solar water haters is fueling the growth of the India water heater market. Solar water heaters are easy to install, require low maintenance, and are energy efficient. Moreover, with the support of government-provided subsidies, solar water heaters are gaining immense traction. Apart from this, several leading manufacturers are integrating the latest technologies such as auto-diagnosis, Auto-on & off, designer body, scheduling on-off, etc., which is making the water heater sector more competitive in India. For instance, Venus Home Appliances launched water heaters with the schedule on & off feature and smart indicator. New market players are advised to extensively invest in the R&D activities to come up with the latest technology and energy-efficient variants in order to establish their brand in the highly competitive market”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.


India Water Heater Market by Type (Electric Water Heater, Gas Water Heater), By Distribution Channel (Retail Sales, Industrial Sales/Project Sales and Online), By Region, Competition, Forecast & Opportunities, 2017-2027F”, has evaluated the future growth potential of India water heater market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India water heater market.

 

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  • Marco Brown
    published this page in Submit Content 2022-11-03 23:41:57 -0700

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