Latin America and the Caribbean: Electric Water Heater Market 2025

Electric Water Heater Market Size in Latin America and the Caribbean

The Latin American electric water heater market declined to $X in 2022, which is down by -3.1% against the previous year. Overall, consumption, however, posted a strong expansion. As a result, consumption attained the peak level of $X, and then reduced in the following year.

Electric Water Heater Production in Latin America and the Caribbean

In value terms, electric water heater production reduced modestly to $X in 2022 estimated in export price. Overall, production, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2015 with an increase of 234% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Electric Water Heater Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of electric water heaters and immersion heaters decreased by -9.3% to X units, falling for the second year in a row after nine years of growth. Total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -18.0% against 2020 indices. The pace of growth was the most pronounced in 2015 when exports increased by 23% against the previous year. Over the period under review, the exports attained the maximum at X units in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, electric water heater exports skyrocketed to $X in 2022. In general, exports, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2014 when exports increased by 27%. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in years to come.

Exports by Country

In 2022, Mexico (X units) and Brazil (X units) was the main exporter of electric water heaters and immersion heaters in Latin America and the Caribbean, mixing up 99% of total export.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +7.7%).

In value terms, Mexico ($X) remains the largest electric water heater supplier in Latin America and the Caribbean, comprising 94% of total exports. The second position in the ranking was held by Brazil ($X), with a 5.7% share of total exports.

In Mexico, electric water heater exports expanded at an average annual rate of +10.2% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per unit, surging by 35% against the previous year. Export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +3.9% 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 export price increased by +73.3% against 2020 indices. 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 amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per unit), while Brazil stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+2.3%).

Electric Water Heater Imports

Imports in Latin America and the Caribbean

In 2022, after five years of growth, there was significant decline in overseas purchases of electric water heaters and immersion heaters, when their volume decreased by -9.1% to X units. Total imports indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +4.6% 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 +37.1% against 2016 indices. The most prominent rate of growth was recorded in 2014 with an increase of 35% against the previous year. Over the period under review, imports reached the maximum at X units in 2021, and then dropped in the following year.

In value terms, electric water heater imports shrank to $X in 2022. The total import value increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 21%. As a result, imports attained the peak of $X, and then declined in the following year.

Imports by Country

Mexico (X units) and Brazil (X units) represented roughly 64% of total imports in 2022. Peru (X units) ranks next in terms of the total imports with an 8.1% share, followed by Ecuador (7.5%) and Bolivia (5.4%). The following importers - Chile (X units) and Colombia (X units) - together made up 5.2% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Ecuador (with a CAGR of +29.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constitutes the largest market for imported electric water heaters and immersion heaters in Latin America and the Caribbean, comprising 29% of total imports. The second position in the ranking was held by Brazil ($X), with an 11% share of total imports. It was followed by Chile, with an 8.8% share.

In Mexico, electric water heater imports increased at an average annual rate of +2.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Brazil (+15.4% per year) and Chile (-5.8% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per unit, increasing by 1.9% against the previous year. In general, the import price, however, recorded a mild setback. The pace of growth appeared the most rapid in 2015 an increase of 19%. The level of import peaked at $X per unit in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Chile ($X per unit), while Brazil ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bolivia (+7.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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