India Electric Water Heater Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

India Electric Water Heater Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A6220
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Market Overview:

The India electric water heater market size reached US$ 264.0 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 432.2 Million by 2028, exhibiting a growth rate (CAGR) of 8.4% during 2023-2028.

An electric water heater is a tank that heats water using vertically positioned and high-voltage electric heating rods. It relies on a dip tube through which cold water is supplied to the bottom of the heater tank and then heated by electrical resistors. It is made using stainless steel and has a glass-based coating, glass-based liner, or enamel that protects the interior surface and provides long shelf life. It is easy to install and highly cost-effective compared to gas-powered water heaters. As a result, there is a rise in the usage of electric water heaters in kitchen sinks, bathroom showers, and other residential and commercial places across India.

India Electric Water Heater Market Trends:

Due to a stoppage in the centrally supplied hot water, there is a rise in the adoption of personal electric water heaters in different states of India. This, along with the growing usage of hot water in the residential sector for hygiene purposes, represents one of the key factors driving the market. Moreover, changing architectural designs of residential buildings, coupled with rapid urbanization in the country, is strengthening the market growth. In addition, there is a rise in the demand for premium homeware products among the masses. In line with this, the burgeoning solar water heating industry in India is contributing to the growth of the market. Besides this, the rapid transition from conventional water heating equipment, such as boilers and burners, to electric water heaters is positively influencing the market. Apart from this, the rising awareness among the masses about the benefits of electric water heaters is offering lucrative growth opportunities to industry investors operating in the country. Additionally, the wide availability of electric water heaters through online and offline distribution channels is bolstering the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the India electric water heater market report, along with forecasts at the country and regional level from 2023-2028. Our report has categorized the market based on product type, capacity, distribution channel and end user.

Breakup by Product Type:

  • Tank
  • Tankless

Breakup by Capacity:

  • Less Than 100 Liters
  • 100 to 400 Liters
  • More Than 400 Liters

Breakup by Distribution Channel:

  • Online
  • Offline

Breakup by End User:

  • Residential
  • Commercial
  • Industrial

Breakup by Region:

  • North India
  • West and Central India
  • South India
  • East India

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
 Historical Period 2017-2022
Forecast Period 2023-2028
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$ 2299
Five User License: US$ 3399
Corporate License: US$ 4499
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)

Key Questions Answered in This Report

The India electric water heater market was valued at US$ 264.0 Million in 2022.

We expect the India electric water heater market to exhibit a CAGR of 8.4% during 2023-2028.

The rising demand for premium quality, energy-efficient, and time-saving homeware products, such as electric water heaters, to reduce carbon footprint is primarily driving the India electric water heater market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across the nation, resulting in the temporary halt in numerous installation activities for electric water heaters.

Based on the product type, the India electric water heater market has been segmented into tank and tankless, where tank currently holds the majority of the total market share.

Based on the end user, the India electric water heater market can be divided into residential, commercial, and industrial. Currently, residential exhibits a clear dominance in the market.

On a regional level, the market has been classified into North India, West and Central India, South India, and East India.

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India Electric Water Heater Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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