India Water Heater Market Outlook (2021-2027) | Size, Share, Revenue, Forecast, Analysis, Trends, Growth, Value, Outllook & COVID-19 IMPACT

Market Forecast By Types (Electric Water Heater, Gas Water Heater, Solar Water Heater), By Capacity (Upto 5 Litre, 5.1 -10 Litre, 10.1 -20 Litre, Above 20 Litre), By Application (Residential, Commercial), By Distribution Channel (Online, Offline), By Regions (Northern, Southern, Western, Eastern) and competitive landscape

Product Code: ETC150053 Publication Date: Aug 2023 Updated Date: Feb 2024 Product Type: Report
Publisher: 6Wresearch No. of Pages: 93 No. of Figures: 30 No. of Tables: 8

India Water Heater Market Shipment Analysis

India Water Heater Market registered a growth of 3.11% in value shipments in 2022 as compared to 2021 and a decrease of -1.45% CAGR in 2022 over a period of 2017. In Water Heater Market India is becoming more competitive as the HHI index in 2022 was 3712 while in 2017 it was 6453. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market. India has reportedly relied more on imports to meet its growing demand in Water Heater Market.

India Water Heater Market Competition 2023


India Export Potential Assessment For Water Heater Market (USD Values in Thousand)


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.

India water heater market OverviewAccording 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.

India water heater market segmentation

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.

India Water Heater Market Opportunity Assessment

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
India Water Heater Market: FAQs
The report not only has considered COVID-19 impact but also current market dynamics, trends and KPIs into consideration.
The India water heater market revenue is anticipated to record a CAGR of 6.9% during 2021-27.
The segment, electric water heater has dominated the market revenues led by usage across the residential segment.
The solar water heater would record key growth throughout the forecast period 2021-27.
The key players of the market include- V-Guard Industries Ltd., Havells India Ltd., Ariston Thermo Spa, A. O. Smith India Water Products Private Limited, Haier Appliances India Pvt Ltd, Jaquar Group, Bajaj Electricals Limited, Crompton Greaves Consumer Electricals Limited, Usha International Limited, Venus Home Appliances Ltd.
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1. Executive Summary
2. Introduction
2.1 Report Description
2.2 Key Highlights of the Report
2.3 Market Scope & Segmentation
2.4 Research Methodology
2.5 Assumptions
3. India Water Heater Market Overview
3.1 India Water Heater Market Revenues and Volume (2017-2027F)
3.2 India Water Heater Market-Industry Life Cycle
3.3 India Water Heater Market-Porter’s Five Forces
3.4 India Water Heater Market – Ecosystem
3.5 India Water Heater Market Revenue and Volume Share, By Types (2020 & 2027F)
3.6 India Water Heater Market Revenue and Volume Share, By Capacity (2020 & 2027F)
3.7 India Water Heater Market Revenue Share, By Applications (2020 & 2027F)
3.8 India Water Heater Market Revenue Share, By Distribution Channels (2020 & 2027F)
3.9 India Water Heater Market Revenue Share, By Regions (2020 & 2027F)
4. Impact Analysis of Covid-19 on India Water Heater Market
5. India Water Heater Market Dynamics
5.1 Impact Analysis
5.2 Market Drivers
5.3 Market Restraints
6. India Water Heater Market Trends
7. India Water Heater Market Overview, By Types
7.1 India Water Heater Market Revenues, By Types
7.1.1 India Electric Water Heater Market Revenues (2017-2027F)
7.1.2 India Solar Water Heater Market Revenues (2017-2027F)
7.1.3 India Gas Water Heater Market Revenues (2017-2027F)
7.2 India Water Heater Market Volume, By Types
7.2.1 India Electric Water Heater Market Volume (2017-2027F)
7.2.2 India Solar Water Heater Market Volume (2017-2027F)
7.2.3 India Gas Water Heater Market Volume (2017-2027F)
8. India Water Heater Market Overview, By Capacity
8.1 India Water Heater Market Revenues, By Capacity
8.1.1 India Water Heater Market Revenues, By Upto 5 Litre Capacity (2017-2027F)
8.1.2 India Water Heater Market Revenues, By Upto 5.1 - 10 Litre Capacity (2017-2027F)
8.1.3 India Water Heater Market Revenues, By Upto 10.1-20 Litre Capacity (2017-2027F)
8.1.4 India Water Heater Market Revenues, By Above 20 Litre Capacity (2017-2027F)
8.2 India Water Heater Market Volume, By Capacity
8.2.1 India Water Heater Market Volume, By Upto 5 Litre Capacity (2017-2027F)
8.2.2 India Water Heater Market Volume, By Upto 5.1 - 10 Litre Capacity (2017-2027F)
8.2.3 India Water Heater Market Volume, By Upto 10.1-20 Litre Capacity (2017-2027F)
8.2.4 India Water Heater Market Volume, By Above 20 Litre Capacity (2017-2027F)
9. India Water Heater Market Overview, By Applications
9.1 India Water Heater Market Revenues, By Applications
9.1.1 India Water Heater Market Revenues, By Residential Application (2017-2027F)
9.1.2 India Water Heater Market Revenues, By Commercial Application (2017-2027F)
10. India Water Heater Market Overview, By Distribution Channels
10.1 India Water Heater Market Revenues, By Distribution Channels
10.1.1 India Water Heater Market Revenues, By Offline Distribution Channels (2017-2027F)
10.1.2 India Water Heater Market Revenues, By Online Distribution Channels (2017-2027F)
11. India Water Heater Market Overview, By Regions
11.1 India Water Heater Market Revenues, By Regions
11.1.1 India Water Heater Market Revenues, By Northern Region (2017-2027F)
11.1.2 India Water Heater Market Revenues, By Western Region (2017-2027F)
11.1.3 India Water Heater Market Revenues, By Eastern Region (2017-2027F)
11.1.4 India Water Heater Market Revenues, By Southern Region (2017-2027F)
12. India Water Heater Market Key Performance Indicators
12.1 India Real Estate Sector Outlook
12.2 Hospitality and Tourism Sector Outlook
12.3 Retail Sector Outlook
12.4 India Consumer Durables Industry Outlook
12.5 India E-Commerce Market Outlook
13. India Water Heater Market Opportunity Assessment
13.1 India Water Heater Opportunity Assessment, By Types (2027F)
13.2 India Water Heater Opportunity Assessment, By Capacity (2027F)
13.3 India Water Heater Opportunity Assessment, By Applications (2027F)
13.4 India Water Heater Opportunity Assessment, By Distribution Channels (2027F)
13.5 India Water Heater Opportunity Assessment, By Regions (2027F)
14. India Water Heater Market – Competitive Landscape
14.1 India Water Heater Market Revenue Share, By Company (2020)
14.2 India Water Heater Market Competitive Benchmarking
14.2.1 India Water Heater Market Competitive Benchmarking, By Technical Parameters
14.2.2 India Water Heater Market Competitive Benchmarking, By Operating Parameters
15. Company Profiles
15.1 V-Guard Industries Ltd.
15.2 Havells India Ltd.
15.3 Ariston Thermo Spa
15.4 A. O. Smith India Water Products Private Limited
15.5 Haier Appliances India Pvt Ltd
15.6 Jaquar Group
15.7 Bajaj Electricals Limited
15.8 Crompton Greaves Consumer Electricals Limited
15.9 Usha International Limited
15.10 Venus Home Appliances Ltd.
16. Key Strategic Recommendations
17. Disclaimer
List of Figures
Figure 1. India Water Heater Market Revenues and Volume, 2017-2027F (INR Crore, Thousand Units)
Figure 2.  India Water Heater Market Revenue Share, By Types, 2020 & 2027F
Figure 3. India Water Heater Market Volume Share, By Types, 2020 & 2027F
Figure 4. India Water Heater Market Revenue Share, By Capacity, 2020 & 2027F
Figure 5. India Water Heater Market Volume Share, By Capacity, 2020 & 2027F
Figure 6. India Water Heater Market Revenue Share, By Applications, 2020 & 2027F
Figure 7. India Water Heater Market Revenue Share, By Distribution Channels, 2020 & 2027F
Figure 8. India Water Heater Market Revenue Share, By Regions, 2020 & 2027F
Figure 9. Urban population of India (Millions)
Figure 10. India Per Capita Income (current $)
Figure 11. India Travel and Tourism direct contribution to GDP, 2010-2019 ($ Billions)
Figure 12. India-Arrivals of non-resident tourists at national borders, 2008- 2019 (in million)
Figure 13. India Water Heater/Geyser Market, Organized Sector Vs Unorganized Sector
Figure 14. India Residential Water Heater Market Revenues, 2017-2027F (INR Crores)
Figure 15. India Commercial Water Heater Market Revenues, 2017-2027F (INR Crores)
Figure 16. India Offline Water Heater Market Revenues, 2017-2027F (INR Crores)
Figure 17. India Online Water Heater Market Revenues, 2017-2027F (INR Crores)
Figure 18. The market size of real estate in India ($ billion)
Figure 19. Number of Hotel Sites/ Outlets in India, (2018- 2023F)
Figure 20. Market Size of the Retail Industry, 2016- 2026F (INR Billion)
Figure 21. Market Share of the Retail Industry, 2019 & 2021F
Figure 22. Revenue Share of Urban and Rural Areas in the Consumer Durable Market, 2019
Figure 23. Sector-wise share of goods sold on E-Commerce Platform, 2019
Figure 24. Total Number of Internet Users in India (Million)
Figure 25. India Water Heater Market Opportunity Assessment, By Types, 2027F
Figure 26. India Water Heater Market Opportunity Assessment, By Capacity, 2027F
Figure 27. India Water Heater Market Opportunity Assessment, By Applications, 2027F
Figure 28. India Water Heater Market Opportunity Assessment, By Distribution Channels, 2027F
Figure 29. India Water Heater Market Opportunity Assessment, By Regions, 2027F
Figure 30. India Water Heater Market Revenue Share, By Companies, 2020
List of Tables
Table 1. Sectoral Deployment of Bank Credit based on Major Sectors, September 2020
Table 2. List of Major Upcoming Residential Projects in India
Table 3. India Residential Sector Ongoing Projects
Table 4. India Water Heater Market Revenues, Types, 2017-2027F (INR Crores)
Table 5. India Water Heater Market Volume, Types, 2017-2027F (Million Units)
Table 6. India Water Heater Market Revenues, By Capacity, 2017-2027F (INR Crores)
Table 7. India Water Heater Market Volume, By Capacity, 2017-2027F (Million Units)
Table 8. India Water Heater Market Revenues, By Regions, 2017-2027F (INR Crores)
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