ASEAN: Electric Heating Equipment Market 2025

Electric Heating Equipment Market Size in ASEAN

The ASEAN electric heating equipment market stood at $X in 2022, almost unchanged from the previous year. The total consumption indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.7% against 2020 indices. Over the period under review, the market reached the peak level at $X in 2020; afterwards, it flattened through to 2022.

Electric Heating Equipment Production in ASEAN

In value terms, electric heating equipment production rose notably to $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 51% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Electric Heating Equipment Exports

Exports in ASEAN

In 2022, exports of electric space heating apparatus and soil heating apparatus in ASEAN contracted slightly to X units, declining by -3.3% on 2021 figures. Overall, exports, however, showed a buoyant expansion. The pace of growth appeared the most rapid in 2016 with an increase of 143% against the previous year. Over the period under review, the exports hit record highs at X units in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, electric heating equipment exports expanded significantly to $X in 2022. In general, exports, however, continue to indicate strong growth. The pace of growth was the most pronounced in 2017 with an increase of 56% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Malaysia was the major exporter of electric space heating apparatus and soil heating apparatus in ASEAN, with the volume of exports accounting for X units, which was approx. 51% of total exports in 2022. Thailand (X units) took a 31% share (based on physical terms) of total exports, which put it in second place, followed by Singapore (13%). The Philippines (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +93.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) remains the largest electric heating equipment supplier in ASEAN, comprising 83% of total exports. The second position in the ranking was held by Thailand ($X), with an 8.8% share of total exports. It was followed by Singapore, with a 4.5% share.

In Malaysia, electric heating equipment exports increased at an average annual rate of +14.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Thailand (+17.6% per year) and Singapore (+18.4% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per unit, growing by 10% against the previous year. In general, the export price, however, saw a mild contraction. The pace of growth was the most pronounced in 2018 when the export price increased by 116%. Over the period under review, the export prices hit record highs at $X per unit in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+3.3%), while the other leaders experienced a decline in the export price figures.

Electric Heating Equipment Imports

Imports in ASEAN

In 2022, the amount of electric space heating apparatus and soil heating apparatus imported in ASEAN reduced rapidly to X units, dropping by -27.3% against 2021. Overall, imports, however, enjoyed a strong expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 60%. As a result, imports attained the peak of X units, and then dropped remarkably in the following year.

In value terms, electric heating equipment imports fell to $X in 2022. In general, imports, however, continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2015 when imports increased by 56%. Over the period under review, imports reached the maximum at $X in 2021, and then contracted in the following year.

Imports by Country

Thailand was the major importer of electric space heating apparatus and soil heating apparatus in ASEAN, with the volume of imports resulting at X units, which was near 70% of total imports in 2022. Vietnam (X units) ranks second in terms of the total imports with a 17% share, followed by Malaysia (8.3%). Singapore (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to electric heating equipment imports into Thailand stood at +7.0%. At the same time, Malaysia (+17.3%) and Vietnam (+16.9%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +17.3% from 2012-2022. Singapore experienced a relatively flat trend pattern. Vietnam (+9.2 p.p.) and Malaysia (+4.5 p.p.) significantly strengthened its position in terms of the total imports, while Singapore and Thailand saw its share reduced by -2.4% and -10.3% from 2012 to 2022, respectively.

In value terms, the largest electric heating equipment importing markets in ASEAN were Vietnam ($X), Thailand ($X) and Singapore ($X), together accounting for 81% of total imports.

Vietnam, with a CAGR of +19.6%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2022, growing by 29% against the previous year. In general, the import price, however, continues to indicate a perceptible reduction. The most prominent rate of growth was recorded in 2015 an increase of 32% against the previous year. As a result, import price reached the peak level of $X per unit. From 2016 to 2022, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+10.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform