Greece: Electric Water Heater Market 2024

Electric Water Heater Market Size in Greece

The Greek electric water heater market skyrocketed to $X in 2022, increasing by 20% against the previous year. Overall, the total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +12.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +70.7% against 2020 indices. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in the near future.

Electric Water Heater Production in Greece

In value terms, electric water heater production skyrocketed to $X in 2022 estimated in export price. In general, production recorded a resilient expansion. The pace of growth was the most pronounced in 2013 when the production volume increased by 113% against the previous year. Over the period under review, production attained the peak level in 2022 and is expected to retain growth in years to come.

Electric Water Heater Exports

Exports from Greece

Electric water heater exports from Greece skyrocketed to X units in 2022, increasing by 72% on the year before. Over the period under review, exports continue to indicate a prominent expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, electric water heater exports skyrocketed to $X in 2022. Overall, exports enjoyed a noticeable expansion. The most prominent rate of growth was recorded in 2020 with an increase of 67% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

Cyprus (X units) was the main destination for electric water heater exports from Greece, accounting for a 44% share of total exports. Moreover, electric water heater exports to Cyprus exceeded the volume sent to the second major destination, Albania (X units), twofold. The Czech Republic (X units) ranked third in terms of total exports with a 17% share.

From 2012 to 2022, the average annual growth rate of volume to Cyprus stood at +12.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Albania (+13.5% per year) and the Czech Republic (+21.3% per year).

In value terms, the largest markets for electric water heater exported from Greece were Cyprus ($X), Albania ($X) and the Czech Republic ($X), with a combined 77% share of total exports. Bulgaria, Serbia, Romania, Germany and Hungary lagged somewhat behind, together accounting for a further 12%.

Hungary, with a CAGR of +130.6%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average electric water heater export price amounted to $X per unit, declining by -10.8% against the previous year. In general, the export price saw a pronounced decline. The growth pace was the most rapid in 2013 an increase of 24%. As a result, the export price attained the peak level of $X per unit. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Serbia ($X per unit), while the average price for exports to Hungary ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hungary (+32.5%), while the prices for the other major destinations experienced more modest paces of growth.

Electric Water Heater Imports

Imports into Greece

In 2022, electric water heater imports into Greece rose sharply to X units, growing by 5.3% on 2021 figures. Over the period under review, total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +8.3% 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 +73.2% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 64% against the previous year. Imports peaked at X units in 2017; afterwards, it flattened through to 2022.

In value terms, electric water heater imports soared to $X in 2022. In general, imports showed a strong expansion. The growth pace was the most rapid in 2013 with an increase of 84%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X units) constituted the largest electric water heater supplier to Greece, accounting for a 62% share of total imports. Moreover, electric water heater imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), threefold. The third position in this ranking was held by Bulgaria (X units), with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +13.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+6.3% per year) and Bulgaria (+40.2% per year).

In value terms, the largest electric water heater suppliers to Greece were Bulgaria ($X), China ($X) and North Macedonia ($X), together accounting for 77% of total imports.

Bulgaria, with a CAGR of +53.4%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average electric water heater import price amounted to $X per unit, increasing by 23% against the previous year. In general, import price indicated a prominent expansion from 2012 to 2022: its price increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, electric water heater import price decreased by -4.9% against 2018 indices. The pace of growth appeared the most rapid in 2018 an increase of 53% against the previous year. As a result, import price reached the peak level of $X per unit. From 2019 to 2022, the average import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+13.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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