APAC Electric Water Heater Market size is expected to surpass USD 29.7 billion by 2026, according to a latest forecast report by Graphical Research.
Asia Pacific electric water heater market is anticipated to grow on account of ongoing mega grid expansion projects and rapid economization. In addition, availability of low-cost labors and ever-expanding manufacturing capabilities of developing nations like China and India will benefit the industry development. Prevailing foreign direct investments across the region along with large untapped potential will positively enhance the industry outlook.
Competitive product pricing possibly due to mergers and acquisitions of various businesses coupled with advancement in product designs and capacity options will enhance the industry outlook. In addition, reducing cost of component, facilitation of fiscal government incentives coupled with growing discount options pertaining to online shopping portals will fuel the business growth. In addition, prevailing fluctuations in gas prices coupled with limited accessibility to piped natural gas will accelerate the adoption of electric variants.
The storage electric water heater market is set to grow on account of large population of about 4.3 billion, residing in this region with major portion covered by the multi families. In addition, declining poverty rates coupled with increasing employment opportunities across the developing economies will augment the business outlook. Furthermore, rising disposable income along with ongoing urbanization will facilitate the product adoption. Meanwhile, as per the World Economic Forum, APAC countries including Indonesia, Philippines and Malaysia are anticipated to increase their labor forces drastically, resulting in a rise in per-capita disposable income.
Electric water heater market with the holding capacity of 100-250 liters is set to grow on account of growing development of commercial and large-scale residential establishments. Mega projects adopted by various governments including the Belt and Road initiative (BRI) of China which involves development of infrastructure and simultaneous investments in 152 countries in Asia and nearby regions will supplement the business landscape. In addition, booming tourism growth along with growing demand for hot water across hospitality and healthcare sector will complement the industry landscape.
The commercial electric water heater market is predicted to grow on account of increasing private funding via International Development Organizations (IDOs) and World Bank for construction of hospitals, airports and other such public facilities. Furthermore, low carbon emission policies mandated by government and provision of tax credits to address reduced and efficient consumption of energy will instigate positive business growth.
Key industry players functioning across the electric water heater industry includes A.O Smith, Ferroli, Viessmann Group, State Industries, Rinnai Corporation, Bosch Thermo technology, Linuo Ritter, Hubbell, Rheem Manufacturing, Whirlpool, Ariston Thermo, Bradford White, Vaillant Group, Haier Electronics and Jaquar. Features like- Wi-Fi enabled devices, remote controlling, low cost manufacturing techniques, optimal pricing and strategic partnerships with eminent technology giants are few strategies adopted by these companies to sustain their market position.
The Asia Pacific Electric Water Heater Market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue in USD million from 2020 to 2026, for the following segments:
Asia Pacific Electric Water Heater Market Value, By Application
Asia Pacific Electric Water Heater Market Size, By Product
Asia Pacific Electric Water Heater Market Share, By Capacity
- < 30 Liters
- 30-100 Liters
- 100-250 Liters
- 250-400 Liter
- 400 Liters