Asia Pacific Electric Water Heater Market to 2027 - Regional Analysis and Forecasts by Product; Application

The electric water heater market in APAC was valued at US$ 6,407.1 million in 2018 and is projected to reach US$ 10,967.8 million by 2027; it is expected to grow at a CAGR of 6.2% during 2019-2027. The building construction investment by respective state government authorities would positively optimize the business outlook; the rising demand for storage as well as non-storage electric water heaters, would also augment the industry landscape. The swift economic development in the APAC region, along with substantial enhancement in living standards, would fuel the growth of electric water heater market in the region during the forecast period. The booming tourism industry has contributed substantial investment for the construction and development of commercial facilities, such as hotels, hospitals, and resorts. According to the World Economic Forum (WEF), in the coming years, China would be the top destination center for tourists, and the country is set to overtake France as the leading destination by 2030. Thus, the tourism sector has surged the revenue of electric water heater market due to a rise in the number of foreign arrivals, which leads to an increase in the number of commercial buildings such as hotels, which would further increase the installation of electric water heater products. Therefore, growing construction industry in the region is expected to support the growth of electric water heater market in the region.

Based on product, the electric water heater market in APAC was led by a storage segment in 2018 with a decent share and is expected to continue its dominance during the forecast period. However, the non-storage segmented in electric water heater market is expected to grow at a high rate. A storage water heater contains an insulated storage tank, usually cylindrical, where the hot water is stored to be used. The water in the storage equipment is stored at a pre-set temperature of 60-80°C. The water in the storage tank is heated with the help of one or more electric resistance elements. There are certain rules and regulations while installing the electric storage water heater in domestic or commercial areas. For instance, the Minimum Energy Performance Standards (MEPS) for electric storage water heaters in countries such as Australia and New Zealand regulates the minimum level of energy performance that the water heater should meet before they are used for commercial purposes. The low cost of electricity in the emerging countries is expected to support the growth of electric water heater market in the region.

The overall electric water heater market size in APAC has been derived using both primary and secondary sources. The research process begins with extensive secondary research using internal and external sources to obtain qualitative and quantitative information related to the electric water heater market in APAC. It also provides an overview and forecast for the electric water heater based on all the segmentation provided with respect to the APAC region. Also, primary interviews were conducted with industry participants and commentators in order to validate and analyze the data. The participants who take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the electric water heater industry. AO Smith Corporation, Ariston Thermo S.p.A, Bajaj Electricals Ltd., Bradford White Corp., Whirlpool Corporation, Haier Inc., Midea Group, Bosch Thermotechnology, Siemens AG, and Viesmann Group are some of the key players present in the electric water heater market in APAC.

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