Hungary: Electric Water Heater Market 2025

Electric Water Heater Market Size in Hungary

The Hungarian electric water heater market skyrocketed to $X in 2022, rising by 75% against the previous year. In general, consumption continues to indicate a modest increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Electric Water Heater Production in Hungary

In value terms, electric water heater production dropped significantly to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed pronounced growth. The most prominent rate of growth was recorded in 2015 with an increase of 381% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Electric Water Heater Exports

Exports from Hungary

In 2022, shipments abroad of electric water heaters and immersion heaters decreased by -28.3% to X units, falling for the fourth consecutive year after two years of growth. In general, exports continue to indicate a deep slump. The most prominent rate of growth was recorded in 2014 with an increase of 91% against the previous year. Over the period under review, the exports reached the maximum at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, electric water heater exports skyrocketed to $X in 2022. Overall, exports recorded a noticeable curtailment. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Germany (X units) was the main destination for electric water heater exports from Hungary, with a 39% share of total exports. Moreover, electric water heater exports to Germany exceeded the volume sent to the second major destination, Poland (X units), threefold. The Netherlands (X units) ranked third in terms of total exports with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Germany stood at +3.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (-17.1% per year) and the Netherlands (+46.1% per year).

In value terms, Russia ($X), Germany ($X) and the Netherlands ($X) appeared to be the largest markets for electric water heater exported from Hungary worldwide, with a combined 75% share of total exports. Romania, Slovakia, Poland, the Czech Republic, Serbia, Ukraine, Bulgaria, Lithuania and Latvia lagged somewhat behind, together comprising a further 12%.

Among the main countries of destination, Lithuania, with a CAGR of +191.5%, recorded the highest growth rate of 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 average electric water heater export price amounted to $X per unit, increasing by 73% against the previous year. Over the period under review, the export price showed a noticeable increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per unit), while the average price for exports to Poland ($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 Russia (+10.2%), while the prices for the other major destinations experienced mixed trend patterns.

Electric Water Heater Imports

Imports into Hungary

Electric water heater imports into Hungary surged to X units in 2022, jumping by 60% on the previous year. Overall, imports saw a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, electric water heater imports skyrocketed to $X in 2022. Over the period under review, imports posted a prominent increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest electric water heater supplier to Hungary, with a 50% share of total imports. Moreover, electric water heater imports from China exceeded the figures recorded by the second-largest supplier, Romania (X units), twofold. Italy (X units) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at -4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+80.1% per year) and Italy (+25.2% per year).

In value terms, the largest electric water heater suppliers to Hungary were China ($X), Romania ($X) and Italy ($X), together comprising 69% of total imports.

In terms of the main suppliers, Romania, with a CAGR of +65.8%, recorded 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

The average electric water heater import price stood at $X per unit in 2022, increasing by 14% against the previous year. Over the period under review, import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +8.4% 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 increased by +50.1% against 2019 indices. The growth pace was the most rapid in 2014 when the average import price increased by 52% against the previous year. The import price peaked at $X per unit in 2018; however, from 2019 to 2022, 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 Romania ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+9.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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