Southern Asia: Electric Water Heater Market 2024

Electric Water Heater Market Size in Southern Asia

In 2022, the South Asian electric water heater market decreased by -0.2% to $X, falling for the second consecutive year after two years of growth. In general, consumption, however, enjoyed prominent growth. The level of consumption peaked at $X in 2020; afterwards, it flattened through to 2022.

Electric Water Heater Production in Southern Asia

In value terms, electric water heater production totaled $X in 2022 estimated in export price. Overall, production continues to indicate a strong increase. The growth pace was the most rapid in 2015 with an increase of 50% against the previous year. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

Electric Water Heater Exports

Exports in Southern Asia

In 2022, approx. X units of electric water heaters and immersion heaters were exported in Southern Asia; picking up by 35% on the previous year. Over the period under review, exports posted a significant increase. The pace of growth was the most pronounced in 2014 with an increase of 780%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, electric water heater exports rose significantly to $X in 2022. In general, exports continue to indicate significant growth. The growth pace was the most rapid in 2014 when exports increased by 1,996%. 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

India dominates exports structure, recording X units, which was near 98% of total exports in 2022. Pakistan (X units) took a relatively small share of total exports.

India was also the fastest-growing in terms of the electric water heaters and immersion heaters exports, with a CAGR of +28.9% from 2012 to 2022. Pakistan experienced a relatively flat trend pattern. While the share of India (+18 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Pakistan (-17.6 p.p.) displayed negative dynamics.

In value terms, India ($X) remains the largest electric water heater supplier in Southern Asia, comprising 94% of total exports. The second position in the ranking was held by Pakistan ($X), with a 5.5% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in India stood at +21.2%.

Export Prices by Country

The export price in Southern Asia stood at $X per unit in 2022, falling by -21.2% against the previous year. In general, the export price continues to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2014 an increase of 138% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 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 Pakistan ($X per unit), while India stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+11.7%).

Electric Water Heater Imports

Imports in Southern Asia

In 2022, approx. X units of electric water heaters and immersion heaters were imported in Southern Asia; with a decrease of -15.7% against the previous year. Total imports indicated a slight increase from 2012 to 2022: its volume increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -36.0% against 2019 indices. The growth pace was the most rapid in 2019 when imports increased by 33%. As a result, imports reached the peak of X units. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, electric water heater imports contracted to $X in 2022. Total imports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.0% 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 +13.4% against 2020 indices. The growth pace was the most rapid in 2016 when imports increased by 44% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

India was the main importer of electric water heaters and immersion heaters in Southern Asia, with the volume of imports finishing at X units, which was near 68% of total imports in 2022. Bangladesh (X units) held the second position in the ranking, distantly followed by Nepal (X units) and Sri Lanka (X units). All these countries together held near 25% share of total imports. The following importers - Afghanistan (X units), Maldives (X units) and Bhutan (X units) - each accounted for a 6% share of total imports.

India experienced a relatively flat trend pattern with regard to volume of imports of electric water heaters and immersion heaters. At the same time, Nepal (+26.7%), Bangladesh (+13.5%), Maldives (+8.0%) and Sri Lanka (+2.2%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +26.7% from 2012-2022. By contrast, Bhutan (-5.7%) and Afghanistan (-12.4%) illustrated a downward trend over the same period. While the share of Bangladesh (+9.4 p.p.) and Nepal (+6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Bhutan (-1.9 p.p.), India (-6.4 p.p.) and Afghanistan (-7.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported electric water heaters and immersion heaters in Southern Asia, comprising 68% of total imports. The second position in the ranking was taken by Bangladesh ($X), with a 13% share of total imports. It was followed by Nepal, with a 5.4% share.

In India, electric water heater imports expanded at an average annual rate of +2.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Bangladesh (+19.8% per year) and Nepal (+26.6% per year).

Import Prices by Country

In 2022, the import price in Southern Asia amounted to $X per unit, with an increase of 8.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2016 an increase of 24% against the previous year. Over the period under review, import prices attained the maximum 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 Afghanistan ($X per unit), while Nepal ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bangladesh (+5.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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