Posted On: 2021-10-06
Electric water heaters acquired the largest revenue share in the water heater market in India – 6Wresearch
The India water heater market witnessed a decent growth in recent years on account of the growing consumer demand for water heaters in India underpinned by strong growth of urban population and rising hospitality sector. Water heater market witnessed an upward growth trajectory mainly attributed to rise in demand from urban consumers as they are more inclined towards modern day thermal appliances which are efficient and easy to manage. Further, the spread of covid-19 in 2020 did not have much effect on the sales of water heaters as the lockdown was imposed in the months of summer when the demand for water heater was low. The government started unlocking the country gradually after 4 months of strict lockdown and during the peak season of water heater sales, most of the lockdown restrictions were revoked resulting in no negative impact of the pandemic on sales.
According to 6Wresearch, the India Water Heater Market revenue is projected to grow at a CAGR of 6.9% during 2021-27F. Rising disposable income and the cold winters are also the major factors contributing to the growth of the water heater market. The projected growth in India water heater market for the coming years can also be attributed to the growing hospitality sector in the country. The hospitality sector has also provided opportunity growth in the solar water heater segment owing to its low operational cost and energy efficiency. With the different designs and innovations by the manufacturers in the water heater product, the adoption of water heaters is anticipated to rise in the coming period. After the outbreak of coronavirus, companies have shifted their focus towards e-commerce platforms as well which helped them in growing their consumer base in the Tier I and Tier II cities.
By distribution channel, the offline segment occupied the majority of the market share as the consumers have the option of comparing the different brands available at the store physically and choose the right product as per their requirement. However, the growing popularity of e-commerce websites among millennials is likely to drive a significant growth in the online distribution channel segment over the coming years.
According to Alpana Tyagi, Senior Research Analyst, 6Wresearch,” India water heater market is majorly dominated by the residential sector owing to the large presence of residential households in the country and the rising number of nuclear families which would push the water heater market in the country. Further, increase in the housing projects in the country is also contributing towards the growth of the market.”
According to Rahul Dubey, Research Associate, 6Wresearch, “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. However, solar water heaters would gain traction in the coming years owing to rising consumer preference towards energy efficient water heaters which helps them in reducing the electricity cost.”
“India water heater market (2021-2027F)” report provides an in-depth analysis with 30 figures and 8 tables, covered in 93 pages. The report estimates and forecast the India water heater market by types, capacity, applications, distribution channel and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.