USD 10.5 Billion
Asia Pacific Water Heater Market Size, Share, Growth Analysis, By Product(Instant, Gas, Storage, Electric), By Capacity(< 30 Liters, 30 - 100 Liters, 100 - 250 Liters, 250 - 400 Liters), By Application(Residential, Commercial), By Region - Industry Forecast 2025-2032
Report ID:
SQMIR55D2020 |
Region:
Regional |
Published Date: February, 2024
Pages:
157
|Tables:
92
|Figures:
76
Asia Pacific Water Heater Market Insights
Asia Pacific Water Heater Market size was valued at USD 11.03 Billion in 2023 and is poised to grow from USD 11.58 Billion in 2024 to USD 17.1 Billion by 2032, growing at a CAGR of 5% during the forecast period (2025-2032).
The expansion of the industry is underpinned by rising hot water demand in single and multi-family apartments, coupled with the integration of advanced features like remote monitoring and Wi-Fi connectivity in modern facilities.
Furthermore, increasing concerns regarding carbon emissions and the implementation of stringent government regulations to foster energy-efficient solutions are driving market dynamics.
Moreover, a noteworthy trend is the consumer shift towards embracing sustainable solutions, which aligns with ongoing product innovations and positively influences market demand.
The market's growth is primarily steered by the surging need for hot water in both single and multi-family apartments, as well as the continuous advancement of contemporary facilities incorporating cutting-edge features like remote monitoring and Wi-Fi connectivity.
Additionally, government policies mandating reduced carbon emissions and heightened energy efficiency are anticipated to act as catalysts for market expansion.
Asia Pacific Water Heater Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Residential
Fastest Growth
Residential
Growth Rate
5% CAGR
Asia Pacific Water Heater Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Asia Pacific Water Heater Market Segmental Analysis
Asia Pacific water heater market is segmented on the basis of product, capacity, application, region. By product, the market is segmented into instant, electric, gas, storage. By capacity, the market is segmented into < 30 liters, 30 - 100 liters, 100 - 250 liters, 250 - 400 liters, > 400 liters. By application, the market is segmented into residential, commercial. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Asia Pacific Water Heater Market Analysis By Product
The instant water heater segment in the Asia Pacific region is expected to experience significant growth from 2022 to 2030. This growth can be attributed to the ongoing refurbishment and replacement of existing water heating units with on-demand solutions, driven by stringent government regulations promoting energy-efficient systems. Instant water heaters are gaining popularity due to their quick operation, compact size, lower power consumption, and high efficiency, all of which contribute to their increased adoption. Moreover, substantial investments in green building infrastructure by both private and public sectors align with the growing trend of innovative and smart appliances, further propelling the industry's dynamics.
Within the market, the electric segment is set to witness notable growth throughout the forecast period. This growth is driven by consumer preferences for modern facilities and a growing emphasis on new product developments. Stringent government mandates requiring the development of high-capacity and advanced water heating equipment, as well as the enforcement of strict norms and policies related to hot water solutions in new building infrastructures, will significantly impact the industry landscape. Additionally, the increasing demand for space heating systems among end-users, coupled with a focus on smart product innovations, is expected to further boost market growth.
Asia Pacific Water Heater Market Analysis By Application
The Asia-Pacific heater market is expected to show strong growth. This growth is due to the growing need for modern heating systems that provide efficient hot water and have many advantages. Rising living standards and increasing consumer spending on luxury devices are expected to drive the demand for these systems. In addition, the general demand in the field is significantly affected by the continuous development of residential real estate, along with the spread of intelligent and innovative heating systems in both single- and single-family homes. Basically, the Asia-Pacific residential heater market is growing due to the increasing popularity of modern and efficient heating solutions. As living standards continue to improve, consumers devote more resources to luxury appliances, including water heaters. In addition, the integration of intelligent and innovative heating systems in residential buildings reflects the ongoing shift to advanced and energy-efficient technologies, increasing the demand for these products in the region.
Asia Pacific Water Heater Market By Application
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Asia Pacific Water Heater Market Regional Insights
The Asia-Pacific water heater market represents a dynamic landscape characterized by various regional trends and factors influencing growth. This region encompasses many countries with varying levels of economic development, consumer preferences and regulatory environments, all of which contribute to unique market dynamics. In countries like China and India, where the population and urbanization are growing rapidly, the market for residential water heaters is booming. Rising income levels combined with growing awareness of energy-efficient appliances are driving consumers to invest in modern heating solutions. Tankless and instant water heaters are gaining ground in this market due to their efficiency and space saving. Southeast Asian countries such as Vietnam, Indonesia and Thailand are also emerging as major players in the water heater market. Construction of new residential complexes and renovation of existing buildings increases the demand for boilers. In addition, consumers in these countries are increasingly adopting energy-efficient systems to reduce operating costs and minimize environmental impact. In developed markets such as Japan and South Korea, where energy efficiency and high technology are most important, the demand for cutting edge and intelligent water heating solutions is increasing. This market is characterized by a preference for compact, efficient and environmentally friendly boilers that meet the sustainable development of the region.
Global Liquor Confectionery Market By Geography
- Largest
- Fastest
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Asia Pacific Water Heater Market Dynamics
Asia Pacific Water Heater Market Drivers
Rising Urbanization
- Continued urbanization in many Asia-Pacific countries has increased the demand for residential and commercial water heaters. City dwellers are looking for modern heating solutions for their hot water needs.
Improving living standards
- As disposable incomes rise across the region, consumers are increasingly looking for more advanced appliances, such as water heaters, that offer energy efficiency and advanced features.
Government initiatives
- Several governments in the Asia-Pacific region are promoting the adoption of energy-efficient appliances, including water heaters, through incentives, subsidies and energy labeling programs.
Asia Pacific Water Heater Market Restraints
Price sensitivity
- Although demand for modern water heaters is increasing, price sensitivity remains a challenge, especially in developing economies where consumers may not invest in more expensive models.
Energy costs
- Fluctuating energy prices can affect the running costs of water heaters, making consumers more aware of energy efficient models, but can also discourage use.
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Asia Pacific Water Heater Market Competitive Landscape
The Asia-Pacific water heater market is a highly competitive landscape characterized by both established industry players and emerging companies vying for market share. Well-known manufacturers such as Rheem Manufacturing Company, AO Smith Corporation and Ariston Thermo Group have a significant market share in the Asia Pacific region. These industry leaders use their extensive distribution networks, brand recognition and extensive product portfolios to remain competitive. Several local and regional manufacturers are entering the market, offering innovative and cost-effective water heating solutions. These emerging players are focused on meeting specific customer needs, serving niche markets and capitalizing on regional trends.
The competition in the market is further intensified by continuous technological advancements. Manufacturers are investing in research and development to introduce smart and energy-efficient water heaters equipped with features like remote monitoring, Wi-Fi connectivity, and energy management systems.
Asia Pacific Water Heater Market Top Player’s Company Profiles
- Rheem Manufacturing Company (United States)
- AO Smith Corporation (United States)
- Ariston Thermo Group (Italy)
- Panasonic Corporation (Japan)
- Haier Group Corporation (China)
- Bosch Thermotechnology (Germany)
- Noritz Corporation (Japan)
- Rinnai Corporation (Japan)
- Whirlpool Corporation (United States)
- Midea Group Co., Ltd. (China)
- Ferroli S.p.A. (Italy)
- Takagi Industrial Co., Ltd. (Japan)
- Bradford White Corporation (United States)
- Stiebel Eltron (Germany)
- V-Guard Industries Ltd. (India)
- Heatrae Sadia (United Kingdom)
- Hubbell Incorporated (United States)
- Emerson Electric Co. (United States)
- Paloma Industries, Inc. (Japan)
- Chigo Holdings Limited (Hong Kong)
Asia Pacific Water Heater Market Recent Developments
- In March 2023, Rinnai Corporation announced that it had opened a new manufacturing plant in Vietnam.
- In February 2023, Ariston Thermo Group announced that it had acquired Stiebel Eltron, a German manufacturer of water heaters.
- In January 2023, Bosch Thermotechnology announced that it had launched a new line of solar water heaters for the Asia Pacific market.
Asia Pacific Water Heater Key Market Trends
- Smart and Connected Water Heaters: The adoption of smart and connected water heaters is on the rise. These systems offer remote monitoring and control features, enhancing user convenience and energy management.
- Tankless and Instant Water Heaters: Tankless and instant water heaters are gaining popularity due to their energy efficiency and space-saving benefits, reflecting a broader trend toward minimalist living.
- Heat Pump Water Heaters: The adoption of heat pump water heaters, which are more energy-efficient compared to traditional models, is growing in response to environmental concerns and government incentives.
Asia Pacific Water Heater Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Asia Pacific water heater market analysis, the Asia Pacific water heater market is poised for substantial growth and transformation driven by a convergence of factors. Urbanization, rising disposable incomes, and a burgeoning construction sector are creating a robust demand for modern and energy-efficient water heating solutions across residential and commercial segments. The market is witnessing a dynamic competitive landscape, with established industry leaders vying with emerging players who focus on innovation and niche markets. This competition is fueling technological advancements, including the development of smart and eco-friendly water heaters that align with evolving consumer preferences.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 10.5 Billion |
| Market size value in 2031 | USD 16.29 Billion |
| Growth Rate | 5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Asia Pacific Water Heater Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Asia Pacific Water Heater Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Asia Pacific Water Heater Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Asia Pacific Water Heater Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Asia Pacific Water Heater Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Asia Pacific Water Heater Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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