Asia Pacific Water Heater Market Size - 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, 2023 – 2032

Asia Pacific Water Heater Market Size

Asia Pacific Water Heater Market Size was valued at more than USD 11 billion in 2022 and is projected to expand at a CAGR of 6% from 2023 to 2032.
 

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Favorable government investments in new product development coupled with integration of smart technology into water heaters will boost the industry growth. For instance, in January 2022, GE Appliances launched RealMAX, its first comprehensive atmospheric gas water heater series. These technologically advanced product offers a variety of features comprising capacity ranges of 30 to 50 liters, easy installation, an LED indicator, durability & applicability for residential & light commercial uses.
 

COVID- 19 Impact

The COVID- 19 pandemic has affected the industry on the account of stringent lockdowns by government in several sectors along with constraints on industrial operations. Reducing number of infected cases, reopening of manufacturing facilities along with ongoing product development will have a favorable impact on the industry outlook.  Moreover, ongoing adoption of sustainable solutions by various consumers coupled with product advancements will sway the business trends.

Asia Pacific Water Heater Market Trends

Key features comprising the ability to eliminate the standby heat loss in comparison to the traditional heaters, space-saving and enhanced energy-efficiency will augment the product penetration. Ongoing infrastructural developments in line with increasing consumer spending owing to improved living standards will drive the business outlook. Shifting consumer preference to efficient designs that provide hot water while minimizing energy consumption and reduce utility bills will propel the product demand. Mandatory requirements of manufacturers to meet with specific efficiency criteria will drive the product innovation and development, thereby augmenting the business landscape.
 

Asia Pacific Water Heater Market Analysis

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Based on product, the instant water heater market will cross USD 5.8 billion by 2032, owing to ongoing investments across public & private sectors for developing green building infrastructure along with growing population and urbanization across the region. Rising demand for space heating systems across end users coupled with growing deployment of smart control systems via smartphone apps or integration with home automation systems will accelerate the product penetration.
 

Based on capacity, the 250-400 liters segment accounted for USD 1.1 billion in 2022. Growing demand for low emission water heaters coupled with the ongoing development of competent and engineered water heating solutions will augment the industry outlook. Continuous refurbishment & replacement of the conventional heating systems along with introduction of advanced and highly efficient products primarily for residential & commercial establishments will fuel the Asia Pacific water heater market dynamics.
 

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Based on application, the residential water heater market is anticipated to showcase 6% growth rate  up to 2032. Enhanced utilization of enhanced efficiency solutions for hot water supply in activities including dishwashing, washing machine, shower and space heating among others coupled with ongoing research and development activities for advancement of cost effective & sustainable technological solutions will foster the business outlook. For instance, in May 2022, Rinnai Corporation developed the world’s first 100% hydrogen combustion technology for residential water heaters. In addition, features comprising of innovative filtration to ensure the delivery of clean and safe hot water will complement the industry landscape.
 

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Japan water heater market is poised to witness 6.5% CAGR from 2023 to 2032. Robust expansion of manufacturing facilities across the country combined with rising shift towards the adoption of renewable heating solutions will influence the business potential. Collaboration and strategic partnerships by significant industry players along with efforts by government bodies to implement norms and standards to promote the usage of energy-efficient solutions will proliferate the business scenario.
 

Asia Pacific Water Heater Market Share

Eminent players operating in the Asia Pacific water heater industry are:

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

Asia Pacific Water Heater Industry News

• In January 2023, Bosch Thermotechnology Corp. launched Tronic 4000 C and Tronic 6100 C electric tankless water heaters. Tronic 4000 C, measuring 8.5" x 13" and weighing only 4.4 lbs, can be wall-mounted right beneath the sink. Tronic 6100 C, measuring 13 14" x 20 14" and featuring three-fourth NPT fittings for both hot- & cold-water connections, delivers hot water for the entire house and is 95% effective. These products save large amounts of energy and space. With this launch, the company expanded its product portfolio along with enhancing its market position.
   
• In December 2022, STIEBEL ELTRON GmbH & Co. KG (DE) expanded its business in Vietnam. The company launched its range of six core products including storage & instantaneous water heaters, multi-point water heaters, heat pumps, water filters, and room heaters for local consumers. With products designed to significantly improve the quality of life, the company enhanced its portfolio in the global market.
   

This Asia Pacific water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of “ ‘000 Units & USD Million “ from 2023 to 2032 for the following segments:

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By Product

• Instant
  • Electric
  • Gas
• Storage
  • Electric
    • < 30 Liters
    • 30 - 100 Liters
    • 100 - 250 Liters
    • 250 - 400 Liters
    • > 400 Liters
  • Gas
    • < 30 Liters
    • 30 - 100 Liters
    • 100 - 250 Liters
    • 250 - 400 Liters
    • > 400 Liters

By Capacity

• < 30 Liters
• 30 - 100 Liters
• 100 - 250 Liters
• 250 - 400 Liters
• > 400 Liters

By Application

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

The above information has been provided for the following countries:

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