India: Electric Water Heater Market 2024

Electric Water Heater Market Size in India

In 2022, the Indian electric water heater market decreased by -0.4% to $X, falling for the second year in a row after nine years of growth. Over the period under review, consumption, however, continues to indicate a strong increase. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Electric Water Heater Production in India

In value terms, electric water heater production stood at $X in 2022 estimated in export price. In general, production continues to indicate a resilient expansion. The most prominent rate of growth was recorded in 2013 when the production volume increased by 43% against the previous year. Electric water heater production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Electric Water Heater Exports

Exports from India

In 2022, the amount of electric water heaters and immersion heaters exported from India soared to X units, rising by 37% on 2021 figures. Over the period under review, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 856% against the previous year. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, electric water heater exports stood at $X in 2022. Overall, exports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2014 with an increase of 2,149%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United States (X units), South Africa (X units) and Nepal (X units) were the main destinations of electric water heater exports from India, with a combined 62% share of total exports. The United Arab Emirates, Bhutan, Bangladesh, Nigeria and Senegal lagged somewhat behind, together accounting for a further 21%.

From 2012 to 2022, the biggest increases were recorded for Bhutan (with a CAGR of +98.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for electric water heater exported from India were Nepal ($X), the United States ($X) and Bhutan ($X), together comprising 46% of total exports. The United Arab Emirates, South Africa, Senegal, Bangladesh and Nigeria lagged somewhat behind, together accounting for a further 22%.

Among the main countries of destination, Senegal, with a CAGR of +103.3%, saw 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, dropping by -22.4% against the previous year. In general, the export price recorded a abrupt contraction. The pace of growth appeared the most rapid in 2014 an increase of 135% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bhutan ($X per unit), while the average price for exports to South Africa ($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 Senegal (+4.5%), while the prices for the other major destinations experienced mixed trend patterns.

Electric Water Heater Imports

Imports into India

For the third consecutive year, India recorded decline in overseas purchases of electric water heaters and immersion heaters, which decreased by -10.7% to X units in 2022. In general, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when imports increased by 46%. As a result, imports reached the peak of X units. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, electric water heater imports reached $X in 2022. Over the period under review, total imports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +2.8% 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 +15.5% against 2020 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 26% against the previous year. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest electric water heater supplier to India, with a 76% share of total imports. Moreover, electric water heater imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+177.7% per year) and Germany (+9.1% per year).

In value terms, China ($X) constituted the largest supplier of electric water heaters and immersion heaters to India, comprising 59% of total imports. The second position in the ranking was held by Vietnam ($X), with a 25% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China amounted to -1.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+176.3% per year) and Germany (+12.9% per year).

Import Prices by Country

In 2022, the average electric water heater import price amounted to $X per unit, with an increase of 15% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The pace of growth appeared the most rapid in 2017 when the average import price increased by 19%. The import price peaked in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per unit), while the price for China ($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 (+3.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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