China Water Heater Market Size & Outlook, 2023-2030
China water heater market, 2018-2030 (US$M)
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China water heater market highlights
- The China water heater market generated a revenue of USD 4,224.8 million in 2023 and is expected to reach USD 6,162.2 million by 2030.
- The China market is expected to grow at a CAGR of 5.5% 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.
Water heater market data book summary
| Market revenue in 2023 | USD 4,224.8 million |
| Market revenue in 2030 | USD 6,162.2 million |
| Growth rate | 5.5% (CAGR from 2023 to 2030) |
| Largest segment | Electric |
| Fastest growing segment | Gas |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, China accounted for 14.4% of the global water heater market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China water heater market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 1,661.8 million by 2030.
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Water Heater Market Scope
Water Heater Market Companies
| Name | Profile | # Employees | HQ | Website |
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China 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 37.1% in 2023. Horizon Databook has segmented the China water heater market based on electric, solar, gas covering the revenue growth of each sub-segment from 2018 to 2030.
China was one of the few major economies in the world to register a growth rate of 2.3% in 2020, according to the Asian Development Bank (ADB). The ADB has projected China’s growth to be 8.1% in 2021 and 5.5% in 2022.
The country’s industrial production output was 14.1% higher in March 2021 compared to March 2020, according to the National Bureau of Statistics, China. The continued resilience is anticipated to result in increased investments, good economic recovery, and rising disposable income, thereby, impacting the water heater market growth positively.
According to the World Cement Association, China is the world’s largest cement producer accounting for 53% of the global cement production in 2018. China has pledged to be carbon neutral by 2060, owing to which the government is likely to encourage investment and innovation in the construction sector by supporting research & development and implementing obligatory CO2 emission reduction measures.
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Target buyers of China 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 country-level data and insights on the China water heater market , including forecasts for subscribers. This country databook contains high-level insights into China water heater market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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China water heater market size, by product, 2018-2030 (US$M)
China Water Heater Market Outlook Share, 2023 & 2030 (US$M)
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