Vietnam: Electric Water Heater Market 2024

Electric Water Heater Market Size in Vietnam

In 2022, the Vietnamese electric water heater market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption saw a prominent expansion. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Electric Water Heater Production in Vietnam

In value terms, electric water heater production dropped modestly to $X in 2022 estimated in export price. In general, production, however, recorded resilient growth. The most prominent rate of growth was recorded in 2015 when the production volume increased by 112%. Electric water heater production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Electric Water Heater Exports

Exports from Vietnam

In 2022, shipments abroad of electric water heaters and immersion heaters decreased by -18.8% to X units for the first time since 2014, thus ending a seven-year rising trend. In general, exports, however, saw a resilient expansion. The pace of growth appeared the most rapid in 2019 with an increase of 51%. The exports peaked at X units in 2021, and then reduced rapidly in the following year.

In value terms, electric water heater exports declined to $X in 2022. Over the period under review, exports, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 47% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2021, and then shrank in the following year.

Exports by Country

The Philippines (X units), India (X units) and the United States (X units) were the main destinations of electric water heater exports from Vietnam, with a combined 75% share of total exports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +185.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), India ($X) and the United States ($X) were the largest markets for electric water heater exported from Vietnam worldwide, with a combined 66% share of total exports.

Among the main countries of destination, India, with a CAGR of +186.7%, recorded the highest rates of growth with regard to the value of exports, 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 water heater export price amounted to $X per unit, picking up by 15% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. Over the period under review, the average export prices hit record highs 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 destination: amid the top suppliers, the country with the highest price was Australia ($X per unit), while the average price for exports to the Philippines ($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 Italy (+4.8%), while the prices for the other major destinations experienced more modest paces of growth.

Electric Water Heater Imports

Imports into Vietnam

In 2022, purchases abroad of electric water heaters and immersion heaters increased by 17% to X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, saw a mild reduction. The most prominent rate of growth was recorded in 2014 with an increase of 38%. Over the period under review, imports attained the maximum at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, electric water heater imports soared to $X in 2022. In general, total imports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +2.1% 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 -37.1% against 2019 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 30% against the previous year. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of electric water heater to Vietnam, with a 53% share of total imports. Moreover, electric water heater imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X units), fourfold. The third position in this ranking was held by Germany (X units), with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+42.2% per year) and Germany (+42.3% per year).

In value terms, China ($X) constituted the largest supplier of electric water heaters and immersion heaters to Vietnam, comprising 41% of total imports. The second position in the ranking was taken by Singapore ($X), with a 14% share of total imports. It was followed by Germany, with a 9.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+45.4% per year) and Germany (+39.7% per year).

Import Prices by Country

The average electric water heater import price stood at $X per unit in 2022, remaining constant against the previous year. In general, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +3.7% 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 decreased by -5.0% against 2020 indices. The pace of growth appeared the most rapid in 2016 an increase of 66%. The import price peaked at $X per unit in 2020; however, from 2021 to 2022, import prices remained at a 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 South Korea ($X per unit), while the price for the UK ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+11.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :