MARKET INTELLIGENCE . www.techsciresearch.comCONSULTING INDIA WATER HEATER MARKET FORECAST AND OPPORTUNITIES 2018 – 2028
2© TechSci Research 2 Table of Contents S. No. Contents 1. Product Overview 2. Research Methodology 3. Executive Summary 4. Impact of COVID-19 on India Water Heater Market 5. Voice of Customer 5.1. Brand Awareness 5.2. Factors Influencing Purchase Decision 5.3. Sources of Information 6. Different Sources of Water Heating 7. India Water Heater Market Outlook 7.1. Market Size & Forecast 7.1.1. By Value & Volume 7.2. Market Share & Forecast 7.2.1. By Type (Electric Water Heater, Gas Water Heater) 7.2.2. By Distribution Channel (Retail Sales, Industrial Sales/Project Sales and Online) 7.2.2.1. By Retail Sales (Local Electronic Stores, Multi Branded Electronic Stores, Exclusive Brand Outlets, Supermarkets/Hypermarkets and Others) 7.2.4. By Region (South, North, West and East) 7.2.5. By Company (2022) 7.3. Market Map (By Type, By Distribution Channel and By Region)
9.1. Market Size & Forecast
9.2.1.1. By Retail Sales
10.2. Market Share & Forecast
S. No. Contents
Table of Contents
10.1.1. By Value & Volume
10.2.1.1. By Retail Sales
8.2.1. By Type (Instant, Storage and Immersion)
9.1.1. By Value & Volume
8.1.1. By Value & Volume
10.1. Market Size & Forecast
9.2.1. By Distribution Channel
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8.2.2. By Distribution Channel
9.2. Market Share & Forecast
8.2.2.1. By Retail Sales
8. India Electric Water Heater Market Outlook
10.2.1. By Distribution Channel
9. India Storage Electric Water Heater Market Outlook
8.2. Market Share & Forecast
10. India Instant Electric Water Heater Market Outlook
8.1. Market Size & Forecast
12.2. Market Share & Forecast
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12.2.1. By Distribution Channel
Challenges 16. Market Trends and Developments 17. Policy and Regulatory Landscape
15.1. Market Drivers
11. India Immersion Electric Water Heater Market Outlook
11.1. Market Size & Forecast
11.2. Market Share & Forecast
11.2.1. By Distribution Channel
12. India Gas Water Heater Market Outlook
12.1. Market Size & Forecast
12.1.1. By Value & Volume
13. Supply Chain Analysis 14. Import and Export Analysis 15. Market Dynamics
S. No. Contents
15.2. Market
11.1.1. By Value & Volume
12.2.1.1. By Retail Sales
Table of Contents
11.2.1.1. By Retail Sales
18.1. Racold Thermo Private Limited
18.2. Havells India Limited
18.3. Bajaj Electricals Ltd.
18.8. Orient Electric Limited
19. Strategic Recommendation 20. About Us & Disclaimer
18.10. Ken Lifestyles Private Limited
18.6. Crompton Greaves Consumer Electricals Ltd
19. Competitive Landscape
of Contents S. No. Contents
18.4. V Guard Industries Ltd.
18.9. Usha International Limited
18.7. Venus Home Appliances (P) Ltd.
Table
18.5. AO Smith India Water Products Pvt. Ltd.
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18. India Economic Profile
List of Figures
Figure 10: India Electric Water Heater Market Size, By Value (USD Million) & By Volume (Thousand Units), 2018 2028F
Figure 12: India Electric Water Heater Market Share, By Type, By Volume, 2018-2028F
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Air Coolers
Figure 6: India Water Heater Market Share, By Company, By Value, 2022
Figure 7: India Water Heater Market Map, By Type, Market Size (Thousand Units) & Growth Rate (%), 2022
S. No. Title
Figure 5: India Water Heater Market Share, By Region, By Volume, 2018 2028F
Figure 11: Break up of Rural-Urban Internet Subscriber Base (In Million), By Leading State/Union Territory in India, 2021
Figure 16: India Total Internet Users (In Million), 2017-2021
Figure 17: India Storage Electric Water Heater Market Share, By Distribution Channel, By Volume, 2018 2028F
Figure 19: India Instant Electric Water Heater Market Size, By Value (USD Million) & By Volume (Thousand Units), 2018-2028F
Figure 2: India Water Heater Market Share, By Type, By Volume, 2018-2028F
Figure 13: India Electric Water Heater Market Share, By Distribution Channel, By Volume, 2018 2028F
Figure 8: India Water Heater Market Map, By Distribution Channel, Market Size (Thousand Units) & Growth Rate (%), 2022
Figure 18: India Storage Electric Water Heater Market Share, By Retail Sales, By Volume, 2018 2028F
Figure 1: India Water Heater Market Size, By Value (USD Million) & By Volume (Thousand Units), 2018-2028F
Figure 4: India Water Heater Market Share, By Retail Sales, By Volume, 2018-2028F
Figure 14: India Electric Water Heater Market Share, By Retail Sales, By Volume, 2018 2028F
Figure 15: India Storage Electric Water Heater Market Size, By Value (USD Million) & By Volume (Thousand Units), 2018-2028F
Figure 3: India Water Heater Market Share, By Distribution Channel, By Volume, 2018-2028F
Figure 9: India Water Heater Market Map, By Region, Market Size (Thousand Units) & Growth Rate (%), 2022
Figure 34: India Water Heater Exports, By Value (USD Million), 2018-2022 (HS Code: 841911)
Figure 29: India Gas Water Heater Market Share, By Distribution Channel, By Volume, 2018-2028F
Figure 32: India Water Heater Exports, By Value (USD Million), 2018-2022 (HS Code: 85161000)
Figure 25: India Immersion Electric Water Heater Market Share, By Distribution Channel, By Volume, 2018-2028F
Figure 33: India Water Heater Imports, By Value (USD Million), 2018 2022 (HS Code: 841911)
Figure 30: India Gas Water Heater Market Share, By Retail Sales, By Volume, 2018 2028F
Figure 21: India Instant Electric Water Heater Market Share, By Distribution Channel, By Volume, 2018 2028F
Figure 28: India Total Natural Gas Reserves (In Billion Cubic Meters (BCM)), 2017-2021
Figure 26: India Immersion Electric Water Heater Market Share, By Retail Sales, By Volume, 2018-2028F
Air Coolers
Figure 27: India Gas Water Heater Market Size, By Value (USD Million) & By Volume (Thousand Units), 2018 2028F
S. No. Title
Figure 22: India Instant Electric Water Heater Market Share, By Retail Sales, By Volume, 2018 2028F
Figure 23: India Immersion Electric Water Heater Market Size, By Value (USD Million) & By Volume (Thousand Units), 2018-2028F
Figure 24: India Urban Population (In Millions), 2017 2021
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Figure 20: India Gross National Income Per Capita (USD), 2017-2021
Figure 36: India Water Heater Exports, By Value (USD Million), 2018 2022 (HS Code: 841919)
Figure 35: India Water Heater Imports, By Value (USD Million), 2018-2022 (HS Code: 841919)
List of Figures
Figure 31: India Water Heater Imports, By Value (USD Million), 2018-2022 (HS Code: 85161000)
Table
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S.
Air Coolers No. Title India Water Heater Market HS Code Consideration
List of
Table 1:
ProductOverview
© TechSci Research 10© TechSci Research 10 Scope of Report Product of Interest (POI): Water Heater 2018 – 2021 Base Year 2022 Estimated Year 2023 Forecast Period 2024 – 2028 Year Range MarketSegmentation BY TYPE • Electric Water Heater • Gas Water Heater A water heater is a household appliance consisting of a gas or electric heating unit with or without a storage tank. Water heaters are devices that heat water and maintain it at a higher temperature for a prolonged period. They are also used to maintain a continuous and ample supply of water. • Retail Sales • Institutional Sales/Projects Sales • Online BY REGION • South • North • West • East BY DISTRIBUTION CHANNEL India Water Heater Market • Multi Branded Electronics Stores • Exclusive Brand Outlets • Local Electronic Stores • Supermarkets/Hypermarkets • Others BY RETAIL SALES
Scope of Report
Electric Water Heater
Product of Interest (POI): Water Heater
© TechSci Research 11© TechSci Research
Gas water heater heats water continuously and gives hot water. These type of heaters are ideal. Gas water heaters are compact and are suitable for small as well as large homes.
Electric storage water heaters heat a large quantity of water in an insulated cylinder. Such water heaters provide hot water at the mains pressure and deliver the stored amount of water immediately or when needed. These water heaters can supply water to many outlets at one time. When emptied, the electric heater takes time to reheat the water. However, it can heat water quickly due to powerful or twin elements.
Gas Water Heater
• Gas Water Heater
• Electric Water Heater
Scope of Report
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Product of Interest (POI): Water Heater
Immersion Water Heater
Electric Water Heater are of three types: Storage, Instant and Immersion water heaters.
Instant Water Heater
Gas water heater comes only in instant water heater type which are mainly going in residential sector. We have not captured large capacities storage gas water heaters whose demand is majorly driven by industrial sector.
Storage Water Heater
ResearchMethodology
CollectionData Data Filter & Analysis Research Intelligence& ActionableInsights BusinessSolution PrimaryResearch DeskResearch CompanyAnalysis ✓ RecentDevelopments ✓ Market Aspects/DynamicsChanging ✓ GovernmentPolicies ✓ FinalConclusion ✓ MarketParticipants ✓ KeyStrengths ✓ LinkedIn ✓ TechSci DatabaseInternal ✓ Factiva ✓ Hoovers Paid Sources ✓ Company Websites ✓ Company Annual Reports ✓ White Paper Study ✓ Financial Reports ✓ PresentationsInvestor ✓ Regulatory Body ✓ Associations, etc. SecondaryResearchPrimary Research
DevelopingList ofRespondents
QuestionnaireFormulating
In depthsecondary researchwasconductedto determinetopcompanies intheIndiawaterheater market,overallmarketsize andsegmentalmarketsize.
Listofindustry playersand specialistsindustrywas developed.
Inordertoconduct industryexperts’ interviews,TechSci formulatedadetailed discussionguide.
Dataobtainedasa resultofprimary and validatedresearchsecondarywasthroughrigoroustriangulation.
ProfilingMarket
ValidationData AnalysisData
CollectionData
14© TechSci Research 14 Research Methodology ✓ IdentifyingKeyOpinion Leaders ✓ QuestionnaireDesign ✓ In-depthInterviews
TechSci topindustryinterviewsconductedwithexpertsandcompaniesfordatacollectionandverification.
Thedatawasscrutinized usingMS Excel,statistical toolsandinternal proprietarydatabaseto obtainqualitativeand quantitativeinsightsabout theIndiawaterheater market.
Methodology Followed for Calculation of Market Size:
• Respondents were asked about the current and future market growth rates, market shares by type, by distribution channel, by retail sales, by region and by company. Removing the outlier responses, the geometric mean of growth estimates and supplier wise revenue shares generated across various segments were considered, to arrive at the final revenue shares.
Baseline Methodology
• Market Size by Value & Volume: Market size, in terms of value and volume, for the year 2022 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as water heater manufacturers and suppliers, channel partners, market influencers & end users, industry experts, and other industry participants.
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• The team interviewed more than 10 water heater manufacturers, suppliers and distributor companies, 300 end users and 10 industry experts and other value chain stakeholders in the India water heater market to obtain insights and market size data, which was further validated. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data during 2018-2028F.
Our dedicated team of industry experts has monitored and analyzed various aspects of the India water heater market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as increasing disposable income, rising demand for water heater and increasing innovation in existing offerings in the country. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in India water heater market. Please note that we have considered the organized water heater market only in the report’s scope.
Research Methodology
Methodology Followed for Calculation of Market Shares:
Note: (a) Sum of some shares may not be 100% due to round off till two decimal places.
Research Methodology
(b) The data given for any year represents the market during the period, i.e., 1st April of the previous year to 31st March of that year. eg: For 2022, the data represents the period, 1st April 2021 to 31st March 2022. Please note that all the macro economic indicators in the economic profiles and allied data are for Calendar year, only Internet Subscribers related data is in Fiscal year.
✓ Moving Average
• Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast India water heater market, TechSci Research used various forecast techniques such as:
Methodology Followed for Forecasting:
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Market shares by type, by distribution channel, by retail sales, by region, and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various segments of the India water heater market. The final shares were calculated by taking the geometric mean of the response gathered from key opinion leaders after eliminating the outliers.
✓ Regression Analysis
✓ Time Series Analysis
• TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results.
✓ Econometric and Judgmental Analysis
TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective countries. TechSci Research also used the impact analysis during short, medium and long term period to estimate the demand and to reach market currency used in the report is the United States Dollar (USD), with the market size indicated in USD million.
numbers. The
PartialListofCompaniesInterviewed KeySecondarySources • RacoldThermoPrivateLimited • V-GuardIndustriesLtd • BajajElectricalsLtd • A.O.SmithIndiaWaterProductsPvt.Ltd • CromptonGreavesConsumerElectricalsLtd • HavellsIndiaLimited • OrientElectricLimited • JaquarandCompanyPrivateLimited ▪ MinistryofCommerceandIndustry ▪ ConsumerElectronicsandAppliancesManufacturers Association ▪ WorldBank ▪ TechSciResearchProprietaryDatabase ▪ CompanyAnnualReports ▪ IndustryReports ▪ NewsDailies ▪ CrediblePaidDatabases Research Methodology
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accurate
According to TechSci Research report, “India Water Heater Market - By Region, Competition Forecast & Opportunities, 2028”, the India water heater market is expected to register significant growth and reach to a market value of USD 422.78 million by 2028. The proliferating demand for water heaters, particularly from the hilly regions such as Himachal Pradesh, Uttar Pradesh, seven sister states, which relies on the Northeast part of India, and other cities and states such as Delhi NCR, Tamil Nadu, and Kerala, Haryana, are expected to propel the India water heater market. Furthermore, the propelling demand for water heaters from both commercial and residential sectors during the winter season in the country is also providing a positive outlook to the market. Moreover, the rapidly growing construction industry in the country with the increasing number of residential buildings, development of healthcare facilities and previously constructed household units, are augmenting the installation of water heaters, hence, boosting the sales of water heaters throughout the country Moreover, the rising per capita income of the consumers and improvised standards of living, especially of the consumers living in tier I and tier II cities, are also significantly adding to the market growth. Additionally, with the growing tourism in the hilly regions of the country, several hotels and resorts are increasingly spending a lot on installing water heaters as the climate across the hilly regions of India is cold during most of the year. Besides this, the increasing preference for instant heating technologies is also providing lucrative opportunities to the market players. Compared to traditional storage units, instant heating water heaters offers limited standby losses and high supply output as they offer limited standby losses and high supply output. The surging e-commerce sector is further stimulating the demand for water heaters across the country. Online retail channels allow the customers to compare between a wide range of water heaters available on the website and make a wiser decision. Along with this, these online sales channels also offer several discounts and easy EMI options, thereby enabling the middleclass population to afford the product easily.
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India water heater market is segmented based on type, distribution channel, region, and company Based on type, the India water heater market is divided into electric water heater and gas water heater. Among these, the electric water heater segment is expected to dominate the market with the market share of 90.92% in terms of volume and is projected to grow at a CAGR of 7.25%. This is primarily because electric water heaters are more energy efficient as compared to gas water heaters and are easy to install. In terms of durability, electric water heaters have a longer life span. Moreover, several market players are introducing electric heaters, which are Wi Fi enabled and are connected with smartphones or Bluetooth to operate them even from a distant room Hence, electric water heaters are more suitable for households that require low to moderate hot water use. Additionally, companies are also launching water heaters that are compact and designed well to enhance the aesthetic appeal of the house. For instance, AO Smith launched horizontal water heaters in 2021 to meet the bathroom décor, requiring less spacing. By distribution channel, the India water heater market is bifurcated into retail sales, industrial sales/project sales, and online. Among these, the retail sales segment is expected to dominate the market with the market share of 72.24% in terms of volume and is anticipated to grow at a CAGR of 5.73%. However, online sales is growing at a fast pace, the offline retail stores will continue to dominate the market over the upcoming years, as several buyers still prefer in-store shopping experience where they can see and test products before actually purchasing the product.
Industry Brief
Introduction of energy-efficient water heaters along with rising disposable income of the consumers is expected to primarily drive the growth of India water heaters market during the forecast period.
Major market players operating in the India water heater market are Mando Corporation, DENSO CORPORATION, Samsung Electronics Co. Ltd., Delphi Technologies PLC, Robert Bosch GmbH, Harman International Industries, HELLA Group, Kufatec GmbH & Co. Kg, Continental AG, Texas Instruments “The introduction of solar water haters is fueling the growth of the India water heater market Solar water heaters are easy to install, require low maintenance, and are energy efficient. Moreover, with the support of government-provided subsidies, solar water heaters are gaining immense traction. Apart from this, several leading manufacturers are integrating the latest technologies such as auto-diagnosis, Auto-on & off, designer body, scheduling on-off, etc., which is making the water heater sector more competitive in India. For instance, Venus Home Appliances launched water heaters with the schedule on & off feature and smart indicator. New market players are advised to extensively invest in the R&D activities to come up with the latest technology and energy efficient variants in order to establish their brand in the highly competitive market”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
19© TechSci Research 19 Sample Data - Snapshot 2018 2019 2020 2021 2022 2023E 2024F 2025F 2026F 2027F 2028F Value (USD Million) Volume (Thousand Units) India Water Heater Market Size, By Value (USD Million) & By Volume (Thousand Units), 2018-2028F CAGR 2018-2022 By Value: xx% By Volume: xx% CAGR 2023E-2028F By Value: xx% By Volume: xx% India Electric Water Heater Market Share, By Type, By Volume, 2018-2028F 2018 2019 2020 2021 2022 2023E 2024F 2025F 2026F 2027F 2028F Storage 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% Instant 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% Immersion 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% India Water Heater Market Share, By Distribution Channel, By Volume, 2018-2028F 2018 2019 2020 2021 2022 2023E 2024F 2025F 2026F 2027F 2028F Retail Sales 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% Institutional Sales/Project Sales 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% Online 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
20© TechSci Research 20 Report Ordering Report Name: INDIA WATER HEATER MARKET FORECAST AND OPPORTUNITIES 2018 – 2028 To View Sample OR Purchase Report License Type Price Single User License $3500 Multi-User License $4500 Custom Research License $7500
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