Asia Pacific electric water heater market share is projected to grow on account of 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 labor cost and extensive manufacturing capabilities will augment the industry landscape.
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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.
Electric water heating industry by 30-100 liters capacity is anticipated to grow 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 business outlook.
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 facilitate the product penetration.
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 market 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 favor business growth. Increasing foreign direct investments in the developing nations is further supporting the business 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.
Eminent players operating across the industry 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.