GCC: Electric Water Heater Market 2024

Electric Water Heater Market Size in GCC

The GCC electric water heater market expanded modestly to $X in 2022, surging by 3% against the previous year. Overall, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Electric Water Heater Production in GCC

In value terms, electric water heater production totaled $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the production volume increased by 68%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Electric Water Heater Exports

Exports in GCC

Electric water heater exports fell to X units in 2022, which is down by -6.7% compared with 2021. Overall, exports, however, recorded a slight expansion. The pace of growth appeared the most rapid in 2013 with an increase of 27%. Over the period under review, the exports hit record highs at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, electric water heater exports contracted to $X in 2022. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 20% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Saudi Arabia (X units) and the United Arab Emirates (X units) dominates exports structure, together generating 90% of total exports. It was distantly followed by Oman (X units), constituting an 8.4% share of total exports. Bahrain (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by the United Arab Emirates (with a CAGR of +3.3%), while the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X) were the countries with the highest levels of exports in 2022, together comprising 97% of total exports.

The United Arab Emirates, with a CAGR of +4.6%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in GCC stood at $X per unit in 2022, shrinking by -4% against the previous year. Overall, the export price saw a mild contraction. The growth pace was the most rapid in 2014 an increase of 15%. The level of export peaked at $X per unit in 2015; however, from 2016 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 Bahrain ($X per unit), while the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+7.0%), while the other leaders experienced mixed trends in the export price figures.

Electric Water Heater Imports

Imports in GCC

For the third consecutive year, GCC recorded decline in supplies from abroad of electric water heaters and immersion heaters, which decreased by -1.5% to X units in 2022. The total import volume increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when imports increased by 20% against the previous year. The volume of import peaked at X units in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, electric water heater imports contracted slightly to $X in 2022. The total import value increased at an average annual rate of +2.6% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2015 with an increase of 13% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then reduced slightly in the following year.

Imports by Country

The United Arab Emirates was the largest importer of electric water heaters and immersion heaters in GCC, with the volume of imports amounting to X units, which was near 47% of total imports in 2022. Saudi Arabia (X units) ranks second in terms of the total imports with a 21% share, followed by Kuwait (10%), Oman (8.8%) and Qatar (8%). Bahrain (X units) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to electric water heater imports into the United Arab Emirates stood at +3.3%. At the same time, Oman (+9.1%) and Qatar (+2.5%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +9.1% from 2012-2022. Kuwait and Bahrain experienced a relatively flat trend pattern. By contrast, Saudi Arabia (-3.4%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+8.8 p.p.) and Oman (+4.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Saudi Arabia (-12.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest electric water heater importing markets in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Kuwait ($X), with a combined 80% share of total imports. Qatar, Oman and Bahrain lagged somewhat behind, together comprising a further 20%.

Among the main importing countries, Oman, with a CAGR of +6.4%, saw the highest growth rate of the value of imports, 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 GCC amounted to $X per unit, leveling off at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2020 when the import price increased by 10%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Saudi Arabia ($X per unit) and Bahrain ($X per unit), while Oman ($X per unit) and Kuwait ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+5.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform