New Zealand: Electric Water Heater Market 2024

Electric Water Heater Market Size in New Zealand

The New Zealand electric water heater market shrank slightly to $X in 2022, waning by -4.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption continues to indicate a noticeable descent. Electric water heater consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Electric Water Heater Exports

Exports from New Zealand

In 2022, exports of electric water heaters and immersion heaters from New Zealand surged to X units, picking up by 108% compared with 2021 figures. Overall, exports showed modest growth. The pace of growth was the most pronounced in 2018 when exports increased by 168% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the near future.

In value terms, electric water heater exports surged to $X in 2022. Over the period under review, exports saw resilient growth. The growth pace was the most rapid in 2018 with an increase of 399%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Australia (X units) was the main destination for electric water heater exports from New Zealand, with a 59% share of total exports. Moreover, electric water heater exports to Australia exceeded the volume sent to the second major destination, Fiji (X units), threefold. The third position in this ranking was held by Argentina (X units), with a 7.3% share.

From 2012 to 2022, the average annual growth rate of volume to Australia totaled -2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Fiji (+36.0% per year) and Argentina (+99.1% per year).

In value terms, Australia ($X) remains the key foreign market for electric water heaters and immersion heaters exports from New Zealand, comprising 78% of total exports. The second position in the ranking was taken by Fiji ($X), with a 7% share of total exports. It was followed by Argentina, with a 2.3% share.

From 2012 to 2022, the average annual growth rate of value to Australia amounted to +10.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Fiji (+28.6% per year) and Argentina (+156.6% per year).

Export Prices by Country

The average electric water heater export price stood at $X per unit in 2022, dropping by -18% against the previous year. In general, the export price, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2018 when the average export price increased by 86%. The export price peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per unit), while the average price for exports to Tonga ($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 Argentina (+28.9%), while the prices for the other major destinations experienced more modest paces of growth.

Electric Water Heater Imports

Imports into New Zealand

Electric water heater imports into New Zealand was estimated at X units in 2022, surging by 2.8% compared with 2021 figures. In general, imports, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2019 when imports increased by 36%. Over the period under review, imports reached the maximum at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, electric water heater imports rose markedly to $X in 2022. Overall, total imports indicated tangible growth 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 +51.9% against 2020 indices. The pace of growth was the most pronounced in 2014 when imports increased by 41% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, China (X units) constituted the largest electric water heater supplier to New Zealand, accounting for a 62% share of total imports. Moreover, electric water heater imports from China exceeded the figures recorded by the second-largest supplier, Australia (X units), fivefold. Germany (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+4.0% per year) and Germany (+10.4% per year).

In value terms, the largest electric water heater suppliers to New Zealand were China ($X), Australia ($X) and Germany ($X), with a combined 79% share of total imports. The United States, the UK and Vietnam lagged somewhat behind, together accounting for a further 15%.

Vietnam, with a CAGR of +42.6%, saw the highest rates of growth with regard to the value of imports, in terms of 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, rising by 12% against the previous year. Over the period under review, import price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +8.2% 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 +46.6% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the average import price increased by 102% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Australia ($X per unit), while the price for Germany ($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 (+12.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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