Asia Pacific Water Heater Market - By Product (Instant, Storage), By Application (Residential [Shower, Dishwashing, Washing Machine], Commercial), By Capacity (<30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, >400 Liters), & Forecast, 2024 – 2032

Asia Pacific Water Heater Market Size

Asia Pacific Water Heater Market size was valued USD 11.25 billion in 2023 and is anticipated to grow at a CAGR of 6.6% from 2024 and 2032. A water heater is an appliance designed to heat water for various uses, including domestic, commercial, and industrial purposes. The heated water is typically used for activities such as bathing, cooking, cleaning, and space heating. It is an essential appliance that provides hot water for a variety of uses in homes, businesses, and industries.
 

Growing popularity of smart water heaters with features like remote control, energy monitoring, and predictive maintenance will enhance the industry demand. Wi-Fi-enabled water heaters that allow users to control and monitor their heaters via smartphone apps will stimulate the industry dynamics. Increased adoption of tankless water heaters that provide hot water on demand, offering space and energy savings. Moreover, rapid urbanization in emerging markets will lead to increased demand for modern water heating solutions.
 

Growing demand for energy-efficient water heaters, driven by rising energy costs and increased awareness of environmental issues will positively impact the industry statistics. Governments are implementing regulations and offering incentives to promote the use of energy-efficient appliances which will complement the product penetration. Additionally, Water heaters integrated with smart grids to optimize energy usage and reduced costs will boost the industry statistics.
 

Asia Pacific Water Heater Market Trends

Increase in disposable income and living standards, driving the demand for home appliances, including water heaters will stimulate the industry trend. China, India, Japan, South Korea, and Australia are some of the key markets with high growth rates in water heater adoption. Additionally, rapid urbanization leads to the construction of new residential buildings and commercial establishments, which will boost the business scenario. Major urban centers such as Beijing, Mumbai, Tokyo, and Sydney see higher adoption rates due to increased infrastructure development, which will enhance the industry growth.
 

Asia Pacific Water Heater Market Analysis

Based on product, the market is segmented into instant, and storage. Instant is anticipated to grow by more than USD 5.81 billion by 2032. The heating systems are emerging at a great pace and are cost effective in the long run on account of its low power consuming capabilities & longer lifespan. The systems operate without a water storage tank, hence, requires less power to heat the freezing water during winters. These systems are widely adopted across numerous multifamily apartments owing to its 24/7 hot water supply and high heating output. Moreover, these systems are more energy-efficient compared to traditional heaters because they only heat water when needed, reducing standby energy losses.
 

Based on capacity, the Asia Pacific Water Heater market is segmented into 30 liters, 30-100 liters, 100 – 250 liters, 250-400 liters and >400 liters. 100-250 liters is set to grow more than 6.5% by 2032. Stringent standards pertaining to the water heating systems across new building construction and energy efficiency norms by respective government has led to the deployment of 100-250 liters capacity water heaters. In addition, rising demand from universities, office and government buildings will amplify the industry growth. Technological upgradation and integration of advanced management and control systems is set to attract large customer base. New designs with Wi-Fi connectivity, monitoring software and voice activation has improved the performance and efficiency of the product.
 

Based on application, the Asia Pacific Water Heater market is segmented into residential and commercial. Introduction of advanced heating technologies coupled with accelerating consumer spending owing to better living standards & rising disposable incomes has stimulated the demand across the residential establishments. Growing requirement of hot water across households for varying domestic applications including cooking, cleaning, bathing & personal hygiene along with the considerable cost savings with the use of energy efficient models will drive the industry growth.
 

China Water Heater Market is set to grow more than USD 10.56 billion by 2032 driven by economic growth, urbanization, technological advancements, and supportive government policies. Cultural practices and preferences influence the type of water heaters adopted. Innovations in water heater technology, such as smart features, improved energy efficiency, and enhanced safety, drive consumer interest which will positively impact the industry growth. In addition, Subsidies, rebates, and regulations promoting energy efficiency and renewable energy sources boost the adoption of certain types of water heaters will stimulate the industry statistics.
 

In the U.S. companies are focusing on product innovation, strategic partnerships, and expanding distribution networks to capture market share, driving the market growth. Colder areas with distinct winter seasons have higher adoption rates of water heaters, contributing to the business scenario. Further, areas with access to natural gas, offering a cost-effective and energy-efficient solution.
 

Asia Pacific Water Heater Market Share

Industry collaborations in the water heater industry across the Asia-Pacific region have been instrumental in driving innovation, expanding market reach, and improving product offerings. Development and marketing of tankless water heaters, ongoing expansion into emerging markets in Southeast Asia and development of energy-efficient water heating solutions will drive the business scenario. Further, integration of renewable energy sources with water heating systems along with research on advanced water heating technologies and smart systems is set to augment the business landscape.
 

Asia Pacific Water Heater Market Companies

Eminent players operating in the Asia Pacific Water Heater industry are:

• AQUAMAX AUSTRALIA PTY.
• A. O. Smith
• Ariston Holding N.V.
• Bajaj Electricals Ltd
• Bosch Industriekessel GmbH
• Bradford White Corporation
• FERROLI p.A
• GE Appliances
• Haier Inc
• Havells India Ltd.
• Hubbell Heaters
• Jaquar India
• LINUO RITTER INTERNATIONAL CO. LTD.
• Racold
• Rheem Manufacturing Company
• Rinnai Corporation
• State Industries
• STIEBEL ELTRON GmbH & Co. KG (DE)
• Viessmann Climate Solutions SE
• Vaillant
   

Asia Pacific Water Heater Industry News

• In June 2023, Rheem Manufacturing Company unveiled Triton Super and Light Duty water heaters. These commercial units feature up to 98% thermal efficiency and eliminate downtime by detecting & preventing water heater problems. The product also offers robust, flexible, and smarter solutions that are ideal for both construction & replacement applications. The innovation will thus fuel the company’s market presence.
   
• In September 2022, Midea introduced its energy-efficient VD series of water heaters in India. The range was built with advanced technology and its features include a square-shaped compact design that complements bathroom/kitchen décor & easily fits into an existing space. With this launch, the company penetrated the Indian market and created a strong base in the market.
   

Asia Pacific Water Heater market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Million & ‘000 Units” from 2021 to 2032, for the following segments:

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Market, By Product, 2021 – 2032 (USD Million & ‘000 Units)

• Instant
• Storage

Market, By Capacity, 2021 – 2032 (USD Million & ‘000 Units)

• 30 liters
• 30 – 100 liters
• 100 – 250 liters
• 250 – 400 liters
• >400 liters

Market, By Application, 2021 – 2032 (USD Million & ‘000 Units)

• Residential
  • Shower
  • Dishwashing
  • Washing Machine
  • Others
• Commercial

The above information has been provided for the following countries:

• China
• Japan
• South Korea
• India
• Australia
• Indonesia
• Malaysia
• Singapore
• Thailand
• New Zealand
• Philippines
• Vietnam