Asia Pacific Electric Water Heater Market size crossed USD 24.6 Billion in 2019 and is projected to showcase around 4.7% CAGR from 2020 to 2026.

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The market growth is due to growing investments toward the expansion of grid infrastructure and rapid economic growth. For instance, as per the World Economic Forum, Asia’s GDP growth will overtake the combined GDP of the rest of the world by 2020. In addition, major economies like India and China are experiencing slowdown in their economy however, low labour cost and extensive manufacturing capabilities will augment the industry landscape.

Large population density along with rapid urbanization will fuel the Asia Pacific electric water heater market growth. For instance, as per world bank, about 60% of the world population was residing in APAC, hence, providing lucrative prospects for business growth. Decline in poverty rates coupled with growing disposable income owing to increasing employment opportunities will further aggravate the product deployment.

Asia Pacific Market, By Capacity

The 30-100 litters capacity segment will grow substantially through 2026, on account of growing demand from small commercial establishments. Ongoing projects across respective nations including the smart city development activities in India along with electrification projects across Philippines will augment the business landscape. Furthermore, growing funding for expansion of hospitals, shopping complexes, airports and other public facilities will positively enhance the market outlook.

Asia Pacific Market, By Application

Stringent government policies along with growing concern toward carbon emissions will fuel the residential electric water heater market growth. Prevailing customer inclination toward sustainability coupled with and expensive synthetic gas options facilitate the product adoption. In addition, unavailability of natural gas pipeline network across the residential areas have forced the customers to move toward electric variants. Furthermore, introduction of efficient instant water heating units that takes comparatively less heating time and provides a constant supply of hot water will fuel the market size.

Asia Pacific Market, By Country

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Growing market adoption of hydronic underfloor heating units along with technological advancements including automated temperature control and remote monitoring will accelerate the China electric water heater industry growth. Furthermore, ongoing expansion of building infrastructure and public awareness towards low carbon footprint has given a new dimension to businesses to focus more on energy efficient appliances.

Declining component cost, availability of government incentives coupled with growing popularity of e-commerce shopping portals pertaining to discounts will favour the industry outlook. Increasing foreign direct investments in the developing nations is further supporting the industry growth. For instance, the World bank is working with private sector, governments, and development partners to introduce innovative solutions to support greener and cleaner energy policies. Moreover, competitive pricing via mergers and acquisitions and advancement in product designs will further enhance the industry outlook.

Competitive Industry Landscape

Eminent players operating across the Asia Pacific electric water heater market include A.O Smith, Viessmann Group, Ferroli, State Industries, Bosch Thermotechnology, Rinnai Corporation, Linuo Ritter, Rheem Manufacturing, Hubbell, Whirlpool, Bradford White, Ariston Thermo, Vaillant Group, Jaquar and Haier Electronics. Moreover, low-cost manufacturing, competitive pricing along with partnerships with leading technology giants are some of the key strategies adopted by the companies to sustain their position.