Asia Pacific Water Heater Market Size & Outlook, 2023-2030
Asia Pacific water heater market, 2018-2030 (US$M)
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Asia Pacific water heater market highlights
- The Asia Pacific water heater market generated a revenue of USD 10,907.4 million in 2023.
- The market is expected to grow at a CAGR of 5.1% from 2024 to 2030.
- In terms of segment, electric was the largest revenue generating product in 2023.
- Gas is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, India is expected to register the highest CAGR from 2024 to 2030.
Asia Pacific data book summary
| Market revenue in 2023 | USD 10,907.4 million |
| Market revenue in 2030 | USD 15,477.3 million |
| Growth rate | 5.1% (CAGR from 2023 to 2030) |
| Largest segment | Electric |
| Fastest growing segment | Gas |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Electric, Solar, Gas |
| Key market players worldwide | A.O. Smith Corp, Robert Bosch Engineering & Business Solutions, Rinnai Corp, Noritz Corp, Whirlpool Corp, WESCO International Inc, Haier, Lennox International Inc |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 37.3% of the global water heater market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 15,477.3 million by 2030.
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Water Heater Market Scope
Water Heater Market Companies
| Name | Profile | # Employees | HQ | Website |
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Asia Pacific water heater market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to water heater market will help companies and investors design strategic landscapes.
Electric was the largest segment with a revenue share of 47.95% in 2023. Horizon Databook has segmented the Asia Pacific water heater market based on electric, solar, gas covering the revenue growth of each sub-segment from 2018 to 2030.
Asia Pacific dominated the global water heater market and accounted for a 36.7% share, in terms of revenue, in 2020. This is attributed to various factors such as a low inflation rate, healthy manufacturing output, and balanced vaccine rollout.
Economic development across countries such as China and India, as well as the increasing availability of gas and electricity across the semi-urban areas in China, is expected to increase the demand for water heaters over the forecast period.
With developing economies such as China, India, and Vietnam looking to make an economic rebound post-pandemic, the demand for water heaters is expected to exponentially grow over the forecast period.
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Target buyers of Asia Pacific water heater market databook
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Our clientele includes a mix of water heater market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of continent-level data and insights on the Asia Pacific water heater market , including forecasts for subscribers. This continent databook contains high-level insights into Asia Pacific water heater market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Asia Pacific water heater market size, by country, 2018-2030 (US$M)
Asia Pacific Water Heater Market Outlook Share, 2023 & 2030 (US$M)
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