India Water Heater Market by Type (Electric Water Heater, Gas Water Heater), By Distribution Channel (Retail Sales, Industrial Sales/Project Sales and Online), By Region, Competition, Forecast & Opportunities, 2018-2028

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Summary

Report Description

India water heater market is expected to reach USD422.78 million by 2028, growing at a CAGR of 7.16% during the forecast period. The India water heater market is mainly driven by increasing demand from the residential sector, growing per capita income, rising GDP, the increase in sales through online channels, etc.

Due to high energy costs and the availability of handy and economical alternatives such as cooking stoves, fireplaces, and immersion rods, the penetration of water heaters has been modest. However, the popularity of water heaters is increasing due to government measures for the widespread availability of energy and rising disposable incomes.

The water heater industry in India is becoming increasingly competitive as foreign companies such as A. O. Smith Corporation and Ariston Thermo Group compete against market leaders like V-Guard Industries Ltd., Bajaj Electricals Ltd., Crompton Greaves Consumer Electricals Limited, etc. The companies are concentrating on cutting-edge technologies and new designs, marketing campaigns, ads, discounting, etc., further assisting the market for water heaters in India, expanding rapidly.

Due to the COVID-19 outbreak, online sales of water heaters have surged. People are now more affected by digital technology and inspired to make online purchases due to the expanding technical improvement. As a result, customers are learning about, experimenting with, and adopting online shopping due to the convenience of selecting from a wide range of brands, savings, and safe delivery alternatives. To target the unexplored customer base, water heater manufacturers are shifting their focus to e-commerce operations.

Smaller Cities are Driving the Market Growth

More than half of the demand for water heaters comes from Tier II and Tier III cities, with the highest demand for winter season being experienced in the cities such as Lucknow, Agra, Coimbatore, Tiruchirappalli, Siliguri, Patna, and Delhi NCR, which includes smaller towns like Ghaziabad, Meerut, and Sonipat. The average selling price of a water heater has increased because of the recent increase in demand. The region's demand for water heaters rises due to the cold weather, and this pattern is anticipated to be seen in both the residential and commercial sectors. This is one of the major factors affecting the India water heater market.

Growing Shift towards Solar Water Heater is Fueling the Market Growth

Solar water heaters are replacing electric and gas water heaters in the water heater market since they are simple to install, eco-friendly, and energy-efficient product. The market for solar water heaters began to pick up steam with the help of government-funded subsidies, while sales of electric water heaters sharply decreased. India experiences strong sunshine all year long, which helps to drive the demand for solar water heaters, which are a renewable natural resource. Moreover, the dependency of water heater in the rural areas is expected to contribute to the increasing demand for solar water heater in the forecast period.

Increasing Innovations in Water Heater Market

Manufacturers of water heaters are continuously working on product innovation to expand their consumer base. For instance, in 2021, Bajaj Electricals introduced a new line of water heaters with cutting-edge features like "Child Safety mode" and "Auto Shut Off" technology to meet customer safety needs. The water heater's "Auto Shut Off" technology turns it off after 90 minutes of inactivity. These recently released versions are offered with various tank capacities and can be purchased from reputable brick-and-mortar stores and online retailers. Also, companies are launching campaigns to spread the awareness of water heaters and attract further consumer base. For instance, in 2021, Havells India announced a new advertising campaign for the Havells-exclusive Induction-Based Heat Transfer Technology-powered Magnatron Water Heater. Magnatron water heaters are equipped with induction-based heat transfer technology, which eliminates the need for a heating element. Such factors are expected to drive growth in the India water heaters market in the coming years.


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Market Segmentation

The India water heater market is segmented based on type, distribution channel, by region, and competitional landscape. Based on type, the market is categorized by electric water heater and gas water heater. Based on distribution channel, the market is segmented into retail sales, industrial sales/project sales and online. The market analysis also studies the regional segmentation to devise regional market segmentation.

Company Profiles

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 and others are among the major market players in the water heater industry that led the market growth of the India water heater market.

Attribute

Details

Market Size Value in FY2022

USD282.34 Million

Revenue Forecast in FY2028F

USD422.78 Million

Growth Rate

7.16%

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023E

Forecast Period

2024F– 2028F

Quantitative Units

Revenue in USD Million, and CAGR for 2017-2021 and 2022-2028F

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

·         Type

·         Distribution Channel

·         Region

Regional Scope

North, West, South, East

Key Companies Profiled

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, etc.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, India water heater market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • India Water Heater Market, By Type:
    • Electric Water Heater
    • Gas Water Heater
  • India Water Heater Market, By Distribution Channel:
    • Retail Sales
    • Industrial Sales/Project Sales
    • Online
  • India Water Heater Market, By Region:
    • North
    • West
    • South
    • East

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India water heater market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Table of content

1.    Product Overview

2.    Research Methodology

3.    Executive Summary

4.    Impact of COVID-19 on India Water Heater Market

5.    Voice of Customer

5.1.  Brand Awareness

5.2.  Factors Influencing Purchase Decisions

5.3.  Sources of Information

6.    Different Sources of Water Heating

7.    India Water Heater Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value & Volume

7.2.  Market Share & Forecast

7.2.1.    By Type (Electric Water Heater, Gas Water Heater)

7.2.2.    By Distribution Channel (Retail Sales, Industrial Sales/Project Sales and Online)

7.2.2.1.        By Retail Sales (Local Electronic Stores, Multi Branded Electronics Stores, Exclusive Brand Outlets, Supermarkets/Hypermarkets, and Others)

7.2.3.    By Region

7.2.4.    By Company (2022)

7.3.  Market Map (By Type, By Distribution Channel, and By Region)

8.    India Electric Water Heater Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value & Volume

8.2.  Market Share & Forecast

8.2.1.    By Type (Instant, Storage and Immersion)

8.2.2.    By Distribution Channel

8.2.2.1.        By Retail Sales

9.    India Storage Electric Water Heater Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value & Volume

9.2.  Market Share & Forecast

9.2.1.    By Distribution Channel

9.2.1.1.        By Retail Sales

10.  India Instant Electric Water Heater Market Outlook

10.1.             Market Size & Forecast

10.1.1. By Value & Volume

10.2.             Market Share & Forecast

10.2.1. By Distribution Channel

10.2.1.1.     By Retail Sales

11.  India Immersion Electric Water Heater Market Outlook

11.1.             Market Size & Forecast

11.1.1. By Value & Volume

11.2.             Market Share & Forecast

11.2.1. By Distribution Channel

11.2.1.1.     By Retail Sales

12.  India Gas Water Heater Market Outlook

12.1.             Market Size & Forecast

12.1.1. By Value & Volume

12.2.             Market Share & Forecast

12.2.1. By Distribution Channel

12.2.1.1.     By Retail Sales

13.  Supply Chain Analysis

14.  Import & Export Analysis

15.  Market Dynamics

15.1.             Drivers

15.2.             Challenges/Restraints

16.  Market Trends and Developments

17.  Policy & Regulatory Landscape

18.  India Economic Profile

19.  Competitive Landscape

19.1.             Company Profiles

19.1.1. Racold Thermo Private Limited

19.1.2. Havells India Limited

19.1.3. Bajaj Electricals Ltd.

19.1.4. V-Guard Industries Ltd.

19.1.5. A. O. Smith India Water Products Pvt. Ltd.

19.1.6. Crompton Greaves Consumer Electricals Ltd

19.1.7. Venus Home Appliances (P) Ltd.

19.1.8. Orient Electric Limited

19.1.9. Usha International Limited

19.1.10. Ken Lifestyles Private Limited

20.  Strategic Recommendations

*The data given for any year represents the market during the period, i.e., 1st April of the previous year to 31st March of that year. eg: For 2022E, the data represents the period, 1st April 2021 to 31st March 2022. 

Figures and Tables

Figure 1:         India Water Heater Market Size, By Value (USD Million) & By Volume (Thousand Units), 2018-2028F

Figure 2:         India Water Heater Market Share, By Type, By Volume, 2018-2028F

Figure 3:         India Water Heater Market Share, By Distribution Channel, By Volume, 2018-2028F

Figure 4:         India Water Heater Market Share, By Retail Sales, By Volume, 2018-2028F

Figure 5:         India Water Heater Market Share, By Region, By Volume, 2018-2028F

Figure 6:         India Water Heater Market Share, By Company, By Value, 2022

Figure 7:         India Water Heater Market Map, By Type, Market Size (Thousand Units) & Growth Rate (%), 2022

Figure 8:         India Water Heater Market Map, By Distribution Channel, Market Size (Thousand Units) & Growth Rate (%), 2022

Figure 9:         India Water Heater Market Map, By Region, Market Size (Thousand Units) & Growth Rate (%), 2022

Figure 10:       India Electric Water Heater Market Size, By Value (USD Million) & By Volume (Thousand Units), 2018-2028F

Figure 11:       Break up of Rural-Urban Internet Subscriber Base (In Million), By Leading State/Union Territory in India, 2021

Figure 12:       India Electric Water Heater Market Share, By Type, By Volume, 2018-2028F

Figure 13:       India Electric Water Heater Market Share, By Distribution Channel, By Volume, 2018-2028F

Figure 14:       India Electric Water Heater Market Share, By Retail Sales, By Volume, 2018-2028F

Figure 15:       India Storage Electric Water Heater Market Size, By Value (USD Million) & By Volume (Thousand Units), 2018-2028F

Figure 16:       India Total Internet Users (In Million), 2017-2021

Figure 17:       India Storage Electric Water Heater Market Share, By Distribution Channel, By Volume, 2018-2028F

Figure 18:       India Storage Electric Water Heater Market Share, By Retail Sales, By Volume, 2018-2028F

Figure 19:       India Instant Electric Water Heater Market Size, By Value (USD Million) & By Volume (Thousand Units), 2018-2028F

Figure 20:       India Gross National Income Per Capita (USD), 2017-2021

Figure 21:       India Instant Electric Water Heater Market Share, By Distribution Channel, By Volume, 2018-2028F

Figure 22:       India Instant Electric Water Heater Market Share, By Retail Sales, By Volume, 2018-2028F

Figure 23:       India Immersion Electric Water Heater Market Size, By Value (USD Million) & By Volume (Thousand Units), 2018-2028F

Figure 24:       India Urban Population (In Millions), 2017-2021

Figure 25:       India Immersion Electric Water Heater Market Share, By Distribution Channel, By Volume, 2018-2028F

Figure 26:       India Immersion Electric Water Heater Market Share, By Retail Sales, By Volume, 2018-2028F

Figure 27:       India Gas Water Heater Market Size, By Value (USD Million) & By Volume (Thousand Units), 2018-2028F

Figure 28:       India’s Total Natural Gas Reserves (In Billion Cubic Meters (BCM)), 2017-2021

Figure 29:       India Gas Water Heater Market Share, By Distribution Channel, By Volume, 2018-2028F

Figure 30:       India Gas Water Heater Market Share, By Retail Sales, By Volume, 2018-2028F

Figure 31:       India Water Heater Imports, By Value (USD Million), 2018-2022 (HS Code: 85161000)

Figure 32:       India Water Heater Exports, By Value (USD Million), 2018-2022 (HS Code: 85161000)

Figure 33:       India Water Heater Imports, By Value (USD Million), 2018-2022 (HS Code: 841911)

Figure 34:       India Water Heater Exports, By Value (USD Million), 2018-2022 (HS Code: 841911)

Figure 35:       India Water Heater Imports, By Value (USD Million), 2018-2022 (HS Code: 841919)

Figure 36:       India Water Heater Exports, By Value (USD Million), 2018-2022 (HS Code: 841919)

Figure 37:       India Water Heater Imports, By Value (USD Million), 2018-2022 (HS Code: 85437092)

Figure 38:       India Water Heater Exports, By Value (USD Million), 2018-2022 (HS Code: 85437092)

List of Tables:

Table 1:           India Water Heater Market HS Code Consideration

Table 2:           Storage Electric Water Heaters

Table 3:           Instant Electric Water Heaters

Table 4:           Gas Water Heaters (Storage Type)

Table 5:           Gas Water Heater (Instantaneous Type)

Table 6:           Solar Water Heaters

Table 7:           Star Labelling Scheme for Solar Water Heaters

Frequently asked questions

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Based on product type, the India water heater market is divided into electric water heaters and gas water heater. Among them, electric water heater is the dominating segment with the market share of around 90.43% in terms of volume and it is expected to grow at a CAGR of 7.25% due to the wide usage of water heater within the day-to-day household of the country.

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The water heater market of India was valued at USD282.34 million in 2022 and is anticipated to grow at a CAGR of 7.16% in the forecast period due to factors such as rising demand from the residential as well as commercial sector, increasing electricity availability, rising disposable income, etc.

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The top 10 players in the India water heater 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 COVID-19 pandemic had a positive impact on water heater sales. After the outbreak of the COVID-19 pandemic, people became more conscious of their health and hygiene. They preferred water heaters for washing hands, bathing, etc., particularly in the South Indian region.

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Parvati Sharma

Account Manager BD
Press Release

India Water Heater Market to Be Valued USD422.78 Million by 2028

Aug, 2022

Introduction of energy-efficient water heaters along with rising disposable income of the consumers is expected to primarily drive the growth of India water heaters market during the forecast period.

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