India Water Heater Market Size & Outlook, 2023-2030
India water heater market, 2018-2030 (US$M)
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India water heater market highlights
- The India water heater market generated a revenue of USD 1,125.3 million in 2023 and is expected to reach USD 1,661.8 million by 2030.
- The India market is expected to grow at a CAGR of 5.7% from 2024 to 2030.
- In terms of segment, electric was the largest revenue generating product in 2023.
- Solar 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 1,125.3 million |
| Market revenue in 2030 | USD 1,661.8 million |
| Growth rate | 5.7% (CAGR from 2023 to 2030) |
| Largest segment | Electric |
| Fastest growing segment | Solar |
| 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, India accounted for 3.8% 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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India 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 61.81% in 2023. Horizon Databook has segmented the India water heater market based on electric, solar, gas covering the revenue growth of each sub-segment from 2018 to 2030.
According to the ADB, the GDP of India contracted by 8% in 2020 as the country was severely hit by the pandemic. According to the United Nations, India’s GDP is forecasted to grow by 7.5% in 2021. This looks unlikely as the country is facing a second wave of COVID-19, much more severe than the first.
Surging infections and inadequate vaccine deployment are hampering the economic revival. As the country rolls out its vaccine program amid the lockdown, it is expected that India will reach its pre-pandemic levels by 2022-2023, thus, signaling mild growth for the economy and thus the water heater market.
The market expansion is driven by the increasing number of new construction projects and rising per capita disposable income. The increasing demand for low-cost and efficient water heaters coupled with rising living standards is expected to drive the water heater market in India.
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Our clientele includes a mix of water heater market companies, investment firms, advisory firms & academic institutions.
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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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Horizon Databook provides a detailed overview of country-level data and insights on the India water heater market , including forecasts for subscribers. This country databook contains high-level insights into India water heater market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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India water heater market size, by product, 2018-2030 (US$M)
India Water Heater Market Outlook Share, 2023 & 2030 (US$M)
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