ASEAN: Electric Water Heater Market 2025

Electric Water Heater Market Size in ASEAN

The ASEAN electric water heater market reduced modestly to $X in 2022, remaining constant against the previous year. Over the period under review, consumption continues to indicate a strong increase. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Electric Water Heater Production in ASEAN

In value terms, electric water heater production fell to $X in 2022 estimated in export price. In general, production, however, continues to indicate a remarkable increase. The growth pace was the most rapid in 2015 when the production volume increased by 47% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Electric Water Heater Exports

Exports in ASEAN

In 2022, approx. X units of electric water heaters and immersion heaters were exported in ASEAN; waning by -17% against 2021 figures. In general, exports, however, continue to indicate a buoyant expansion. The growth pace was the most rapid in 2017 with an increase of 65% against the previous year. Over the period under review, the exports reached the maximum at X units in 2021, and then shrank dramatically in the following year.

In value terms, electric water heater exports fell to $X in 2022. Total exports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +17.6% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of 34% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2021, and then contracted in the following year.

Exports by Country

Malaysia (X units) and Singapore (X units) represented roughly 73% of total exports in 2022. It was distantly followed by Vietnam (X units) and Thailand (X units), together mixing up a 26% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +16.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Vietnam ($X) and Thailand ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 93% share of total exports.

In terms of the main exporting countries, Vietnam, with a CAGR of +16.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per unit, increasing by 13% against the previous year. Overall, the export price, however, continues to indicate a pronounced decline. The growth pace was the most rapid in 2020 an increase of 22% against the previous year. Over the period under review, the export prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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 Vietnam ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+2.7%), while the other leaders experienced a decline in the export price figures.

Electric Water Heater Imports

Imports in ASEAN

In 2022, approx. X units of electric water heaters and immersion heaters were imported in ASEAN; increasing by 7.3% against 2021 figures. Overall, imports enjoyed a prominent increase. The pace of growth was the most pronounced in 2017 with an increase of 28% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, electric water heater imports reached $X in 2022. Total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +74.5% against 2016 indices. The growth pace was the most rapid in 2018 with an increase of 27%. The level of import peaked in 2022 and is likely to see steady growth in the near future.

Imports by Country

The Philippines (X units) and Malaysia (X units) represented roughly 51% of total imports in 2022. Thailand (X units) took a 14% share (based on physical terms) of total imports, which put it in second place, followed by Singapore (13%), Vietnam (9.3%) and Indonesia (7.8%). Myanmar (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +26.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Singapore ($X) and Thailand ($X) constituted the countries with the highest levels of imports in 2022, with a combined 58% share of total imports. The Philippines, Vietnam, Malaysia and Myanmar lagged somewhat behind, together comprising a further 40%.

The Philippines, with a CAGR of +24.2%, recorded 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

In 2022, the import price in ASEAN amounted to $X per unit, falling by -4.7% against the previous year. Over the period under review, the import price continues to indicate a mild decrease. The most prominent rate of growth was recorded in 2016 an increase of 8%. The level of import peaked at $X per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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 Indonesia ($X per unit), while Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+9.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform