Sri Lanka: Electric Heating Equipment Market 2025

Electric Heating Equipment Market Size in Sri Lanka

The Sri Lankan electric heating equipment market skyrocketed to $X in 2022, rising by 126% 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, however, recorded a deep slump. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Electric Heating Equipment Exports

Exports from Sri Lanka

In 2022, overseas shipments of electric space heating apparatus and soil heating apparatus decreased by -16.7% to X units, falling for the third year in a row after two years of growth. Overall, exports, however, recorded a noticeable expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 121% against the previous year. Over the period under review, the exports hit record highs at X units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, electric heating equipment exports dropped rapidly to $X in 2022. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 92%. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Maldives (X units) was the main destination for electric heating equipment exports from Sri Lanka, with a 61% share of total exports. Moreover, electric heating equipment exports to Maldives exceeded the volume sent to the second major destination, Qatar (X units), twofold. The third position in this ranking was held by Australia (X units), with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Maldives stood at +24.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (0.0% per year) and Australia (+18.5% per year).

In value terms, the largest markets for electric heating equipment exported from Sri Lanka were Qatar ($X), Maldives ($X) and Australia ($X), with a combined 72% share of total exports.

Australia, with a CAGR of +18.5%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination 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 heating equipment export price amounted to $X per unit, which is down by -43.7% against the previous year. Over the period under review, the export price continues to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2020 when the average export price increased by 27% against the previous year. The export price peaked at $X per unit in 2021, and then shrank markedly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Qatar ($X per unit), while the average price for exports to the UK ($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 Singapore (-1.8%), while the prices for the other major destinations experienced a decline.

Electric Heating Equipment Imports

Imports into Sri Lanka

Electric heating equipment imports into Sri Lanka soared to X units in 2022, rising by 98% on 2021 figures. Overall, imports, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2020 when imports increased by 428% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, electric heating equipment imports skyrocketed to $X in 2022. Over the period under review, imports, however, recorded a abrupt contraction. The growth pace was the most rapid in 2020 when imports increased by 423%. Imports peaked at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Malaysia (X units) constituted the largest electric heating equipment supplier to Sri Lanka, accounting for a 66% share of total imports. Moreover, electric heating equipment imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X units), fivefold. The third position in this ranking was taken by India (X units), with a 7.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia stood at -4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-14.2% per year) and India (+0.1% per year).

In value terms, Malaysia ($X) constituted the largest supplier of electric space heating apparatus and soil heating apparatus to Sri Lanka, comprising 71% of total imports. The second position in the ranking was held by the UK ($X), with an 11% share of total imports. It was followed by the United States, with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia amounted to -3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+22.9% per year) and the United States (-14.3% per year).

Import Prices by Country

In 2022, the average electric heating equipment import price amounted to $X per unit, surging by 29% against the previous year. Overall, the import price recorded a remarkable increase. The pace of growth was the most pronounced in 2013 an increase of 57% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+14.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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