Middle East: Electric Water Heater Market 2024

Electric Water Heater Market Size in the Middle East

The Middle Eastern electric water heater market fell to $X in 2022, reducing by -1.9% against the previous year. The total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.9% 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 +5.0% against 2020 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Electric Water Heater Production in the Middle East

In value terms, electric water heater production dropped to $X in 2022 estimated in export price. In general, production, however, saw a remarkable increase. The growth pace was the most rapid in 2017 when the production volume increased by 62%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Electric Water Heater Exports

Exports in the Middle East

For the third year in a row, the Middle East recorded growth in shipments abroad of electric water heaters and immersion heaters, which increased by 0.3% to X units in 2022. The total export volume increased at an average annual rate of +2.0% 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 2018 with an increase of 38% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in years to come.

In value terms, electric water heater exports reduced to $X in 2022. The total export value increased at an average annual rate of +1.0% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 13%. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Turkey was the largest exporter of electric water heaters and immersion heaters in the Middle East, with the volume of exports recording X units, which was near 47% of total exports in 2022. Saudi Arabia (X units) held the second position in the ranking, followed by the United Arab Emirates (X units). All these countries together took approx. 47% share of total exports. Oman (X units) held a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +4.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest electric water heater supplying countries in the Middle East were Saudi Arabia ($X), Turkey ($X) and the United Arab Emirates ($X), with a combined 90% share of total exports.

Turkey, with a CAGR of +5.4%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in the Middle East stood at $X per unit in 2022, flattening at the previous year. In general, the export price continues to indicate a mild slump. The most prominent rate of growth was recorded in 2014 when the export price increased by 13%. The level of export peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Oman ($X per unit), while Turkey ($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 more modest paces of growth.

Electric Water Heater Imports

Imports in the Middle East

In 2022, the amount of electric water heaters and immersion heaters imported in the Middle East was estimated at X units, approximately reflecting 2021 figures. The total import volume increased at an average annual rate of +2.8% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 when imports increased by 33%. As a result, imports reached the peak of X units. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, electric water heater imports reduced slightly to $X in 2022. The total import value increased at an average annual rate of +2.2% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 34% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, the United Arab Emirates (X units) and Turkey (X units) represented the major importers of electric water heaters and immersion heaters in the Middle East, together generating 53% of total imports. Saudi Arabia (X units) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by Iraq (7.2%), Kuwait (6.2%), Oman (5.3%) and Qatar (4.8%).

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +12.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Turkey ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising 63% of total imports. Kuwait, Qatar, Oman and Iraq lagged somewhat behind, together accounting for a further 23%.

Iraq, with a CAGR of +9.7%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in the Middle East stood at $X per unit in 2022, remaining constant against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 4.5%. The level of import peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Saudi Arabia ($X per unit), while Turkey ($X per unit) was 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 mixed trends in the import price figures.

Source: IndexBox Platform

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