India Electric Water Heater Market to Reach US$ 548.4 Million by 2032, Stimulated by Rising Demand for Convenient Products

May 24, 2023 | Retail

According to the latest report by IMARC Group, titled “India Electric Water Heater Market Report by Product Type (Tank, Tankless), Capacity (Less Than 100 Liters, 100 to 400 Liters, More Than 400 Liters), Distribution Channel (Online, Offline), End User (Residential, Commercial, Industrial), and Region 2024-2032,” the India electric water heater market size reached US$ 286.1 Million in 2023. An electric water heater refers to a tank that heats water through vertically positioned high-voltage electric heating rods. It is manufactured from various materials, such as copper, polymer, stainless steel, nichrome, brass, and aluminum. It is widely available in different sizes, shapes, colors, designs, and capacities. It is safe and cost-effective and has clean operation, easy installation, and a longer life span as compared to gas-powered water heaters. Besides this, as it assists in providing hot water in less time, requires less space, and reduces energy consumption, the demand for electric water heaters is rising in India.

India Electric Water Heater Market Trends:

At present, the increasing adoption of personal electric water heaters in residential areas represents one of the key factors contributing to the growth of the market in India. Moreover, the growing demand for electric water heaters due to the increasing awareness about maintaining hygiene among individuals is offering a positive market outlook. Apart from this, the rising employment of electric water heaters in hotel rooms and resorts to provide convenient bathing solutions to consumers is providing lucrative growth opportunities to industry investors in the country. In addition, there is a rise in the demand for premium quality, energy-efficient, and time-saving homeware products due to inflating income levels of individuals. This, coupled with the increasing adoption of electric water heaters, as they are safe for use, is strengthening the growth of the market in India. Besides this, the growing demand for convenient electric water heaters on account of the busy and hectic lifestyles of individuals is positively influencing the market. Additionally, the increasing adoption of environment-friendly electrical solutions to reduce carbon footprint is propelling the growth of the market in India. In line with this, the wide availability of electric water heaters through online and offline distribution channels in the country is impelling the growth of the market. Furthermore, key players are introducing electric water heaters with enhanced safety and auto shut-off options, which is supporting the growth of the market in India. Looking forward, the market value is projected to reach US$ 548.4 Million by 2032, expanding at a CAGR of 7.5% during 2024-2032.

Market Summary:

Based on the product type, the tank exhibits a clear dominance in the market, followed by the tankless.
On the basis of the capacity, the market has been classified into less than 100 liters, 100 to 400 liters, and more than 400 liters.
Based on the distribution channel, the market has been bifurcated into online and offline.
On the basis of the end-user, the market has been segregated into residential, commercial, and industrial. At present, the residential sector accounts for the majority of the total market share.
Region-wise, the market has been segmented into North India, West and Central India, South India, and East India.
The competitive landscape of the market has been examined in the report, with detailed profiles of the key players operating in the industry.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Million
Segment Coverage	Product Type, Capacity, Distribution Channel, End User, Region
Region Covered	North India, West and Central India, South India, East India
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2699 Five User License: US$ 3699 Corporate License: US$ 4699
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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India Electric Water Heater Market to Reach US$ 548.4 Million by 2032, Stimulated by Rising Demand for Convenient Products

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