Latest 2023 Development of The India Water Heater Market
India Water Heater Market has been growing on the back of increased consumer awareness and rising disposable income. The major development in the Water Heater Market in India is the growing demand for energy-efficient and cost-effective water heaters. This has led to an increase in the adoption of solar water heaters and electric storage water heaters. The market is also witnessing a rise in the popularity of instant water heaters which provide hot water instantly and are suitable for small households and offices. The government has introduced energy-efficient policies and programs which promote the use of energy-efficient appliances. As a result, it increases the demand for energy-efficient water heaters. Owing to these factors, the water heater market size in India is growing and will continue to grow. This sector is an important part of the Asia Pacific water Heater Market.
Online sales channels are becoming increasingly popular in India, and companies are expanding their online presence to reach more customers. Online sales platforms provide a convenient and cost-effective way for customers to purchase water heaters. Apart from this, electric water heaters are gaining popularity in India due to their low cost and ease of installation. Companies are now focusing on expanding their electric water heater market to tap into the growing demand. Also, the demand for solar heaters is becoming increasingly popular owing to the rising environmental concerns and the increasing cost of electricity. The major companies are now investing in R&D to improve the efficiency and cost-effectiveness of solar water heaters to sustain their presence in the Water Heater Market of India.
India Water Heater Market Synopsis
The India water heater market is smaller as compared to other consumer durables as heaters have seasonal demand and high energy cost leading to low penetration of the product in the country. Further, the availability of substitutes like immersion rods and cooking stoves further leads to low demand for the product. Although, the Covid-19 outbreak had no negative impact on the water heater market, as the lockdown was implemented in summer by the government when the demand remains the least, and most of the restrictions were revoked during the peak season of water heater sales.
According to 6Wresearch, the India Water Heater Market revenue size is projected to grow at a CAGR of 6.9% during 2021-27F. Rising household demand owing to the increasing disposable income of the middle-class population and the growing hospitality sector are the major factors contributing to the growth of India water heater market. The household sector has majorly provided opportunities for growth in the energy-efficient electric water heater segment, i.e, 4 or 5-star rated water heaters. Further, the solar water heater segment is anticipated to contribute towards the market in coming years owing to government policies to incentivise the use of renewable sources of energy. Tier I and Tier II cities customer base of companies are also growing after covid outbreak due to rising adoption and focus on e-commerce platforms.
Market by Types Analysis
In terms of Types, electric water and solar water heater cumulatively have captured 85% of the market revenues in 2020, with electric water heater leading the market. Electric water heaters have garnered the majority share in the India water heater market in terms of revenue and volume on account of the lower price and easy installation.
Market by Distribution Channel Analysis
In India water heater market, the offline segment occupied the majority share of the market revenues accounting for more than 90% of the market revenues in 2020 as the consumers have the option of comparing the different brands available at the store physically and choosing the right product as per their requirement. However, the growing popularity of e-commerce websites among millennials is likely to drive significant growth in the online distribution channel segment over the coming years.
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 10 Years Market Numbers.
- Historical Data Starting from 2017 to 2020.
- Base Year: 2020
- Forecast Data until 2027.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
- India Water Heater Market Overview
- India Water Heater Market Outlook
- India Water Heater Market Forecast
- Historical Data and Forecast of India Water Heater Market Revenues & Volume for the Period 2017-2027F
- Historical Data and Forecast of Revenues & Volume, By Types, for the Period 2017-2027F
- Historical Data and Forecast of Revenues & Volume, By Capacity, for the Period 2017-2027F
- Historical Data and Forecast of Revenues, By Applications, for the Period 2017-2027F
- Historical Data and Forecast of Revenues, By Distribution Channels, for the Period 2017-2027F
- Historical Data and Forecast of Revenues, By Regions, for the Period 2017-2027F
- Market Drivers
- Market Restraints
- India Water Heater Market Trends
- Industry Life Cycle
- Porter’s Five Force Analysis
- Market Opportunity Assessment
- India Water Heater Market Player’s Revenue Shares
- Market Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
By Types
- Electric Water Heater
- Gas Water Heater
- Solar Water Heater
By Capacity
- Upto 5 Litre
- 1 -10 Litre
- 1 -20 Litre
- Above 20 Litre
By Application
- Residential
- Commercial
By Distribution Channel
- Online
- Offline
By Regions
- Northern
- Southern
- Western
- Eastern
