India Water Heaters Market to Grow with a CAGR of 7.15% through 2029

India water heaters market is experiencing significant growth driven by changing consumer lifestyles and preferences, the emphasis on energy efficiency and environmental concerns, and continuous technological advancements and innovation.

 

According to TechSci Research report, “India Water Heaters Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the India Water Heaters Market stood at USD285.85 million in 2023 and is anticipated to grow with a CAGR of 7.15% in the forecast period, 2025-2029. The India Water Heaters Market is a dynamic and essential sector within the country's thriving consumer appliances industry. It plays a vital role in millions of households across the nation, providing access to hot water for various domestic needs.

The India Water Heaters Market encompasses a range of appliances designed to heat water for bathing, washing, and other purposes. It includes electric water heaters (geysers), gas water heaters, solar water heaters, and tankless (instant) water heaters. As the demand for hot water continues to rise, driven by factors like urbanization, changing lifestyles, and the desire for convenience and comfort, the water heater market has evolved to meet these needs.

Electric water heaters are among the most common types in India. They use electricity to heat water stored in a tank, which is then delivered for use when needed. These are available in various capacities to suit different household sizes. Additionally, gas water heaters, often referred to as gas geysers, use LPG (liquefied petroleum gas) or natural gas to heat water. They are favored in regions with inconsistent electricity supply or where gas is a more affordable energy source. Furthermore, solar water heaters harness solar energy to heat water. They consist of solar panels or collectors that absorb sunlight and transfer the heat to water stored in a tank. This eco-friendly option is gaining popularity due to its energy efficiency and environmental benefits.

Tankless water heaters heat water on-demand, providing hot water as needed without the need for a storage tank. They are compact, energy-efficient, and ideal for homes with limited space. Additionally, the ongoing urbanization trend in India has led to increased demand for water heaters, as urban dwellers often expect access to hot water for bathing, cleaning, and cooking. Furthermore, evolving lifestyles and a desire for comfort have made hot water an essential component of daily routines. The market caters to these changing consumer preferences.

The growing awareness of energy conservation and the environmental impact of appliances has led consumers to seek energy-efficient water heating solutions, such as solar water heaters and tankless models. Additionally, government incentives and subsidies for solar water heaters have encouraged their adoption. Additionally, energy efficiency standards and labeling programs have pushed manufacturers to develop more energy-efficient products. Furthermore, rising incomes and improved living standards have enabled more households to afford water heaters, particularly in tier-II and tier-III cities.

 

Browse over XX market data Figures spread through 83 Pages and an in-depth TOC on "India Water Heaters Market”

 

Water heaters, especially electric ones, can be energy-intensive appliances. Addressing concerns related to high energy consumption is crucial for sustainability. Additionally, Indian consumers are price-sensitive and often look for affordable options. This poses a challenge for manufacturers and retailers in terms of maintaining competitive pricing while offering energy-efficient products. Furthermore, the market is highly competitive, with both domestic and international brands vying for market share. This competition can lead to pricing pressures and the need for constant innovation.

In rural and semi-urban areas, access to electricity and gas supply can be unreliable. This affects the adoption of water heaters in these regions. Additionally, the environmental impact of water heaters, especially those using fossil fuels or electricity generated from non-renewable sources, is a growing concern. Reducing this impact through cleaner technologies is a challenge.

India Water Heaters market is segmented into product type, sales channel, and region.

Based on product type, the market is segmented into electric water heater and gas water heater. Among these, electric water heater segment has a significant share in the India water heaters market. Electric water heaters have achieved widespread adoption across urban and rural areas of India. Their ease of use, convenience, and affordability have made them accessible to a broad spectrum of consumers, from metropolitan dwellers to those in smaller towns and villages.

Based on region, the market is segmented into East, West, North, and South. Among these, the North region has a significant share of the India water heaters market. The North region experiences diverse climate conditions throughout the year, including scorching summers and chilly winters. This seasonal variation significantly increases the demand for water heaters, as consumers require hot water for bathing, cleaning, and other domestic needs, particularly during the winter months.

 

Major companies operating in India water heaters market are:

• Racold Thermo Private Limited
• Havells India Limited
• Bajaj Electricals Ltd.
• V-Guard Industries Ltd.
• A.O. Smith India Water Products Pvt. Ltd.
• Crompton Greaves Consumer Electricals Ltd
• Venus Home Appliances (P) Ltd.
• Orient Electric Limited
• Usha International Limited
• Ken Lifestyles Private Limited     

 

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 “The India Water Heaters Market is poised for continued growth, driven by urbanization, changing consumer lifestyles, and a greater focus on energy efficiency and environmental sustainability. As the market evolves, innovations in technology, energy efficiency, and product design are likely to address many of the challenges it faces. The adoption of cleaner energy sources and the development of smarter, more efficient water heaters will be key trends to watch in the coming years. In conclusion, the India Water Heaters Market is a dynamic and evolving sector that plays a crucial role in meeting the hot water needs of households and businesses across the country.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“India Water Heaters Market By Product Type (Electric Water Heater, Gas Water Heater), By Sales Channel (Supermarkets/Hypermarkets, Multi-Branded Stores, Online, and Others (Direct Sales, etc.)), By Region, By Competition Forecast & Opportunities, 2019-2029F, has evaluated the future growth potential of India water heaters market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India water heaters market.

 

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