India Water Heater Market Size, Share, Growth, Trend & Forecast 2023

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Rising disposable income, growing construction sector along with introduction of technologically advanced water heaters to drive India water heater market through 2023

According to a report released by TechSci Research, ‘India Water Heater Market By Type, By Instant Vs. Storage, By Distribution Channel, Competition Forecast & Opportunities, 2013–2023’, India water heater market is projected to cross $ 600 million by 2023. Demand for water heaters is expected to grow in the country on account of rising disposable income, expanding middle class population, rising number of nuclear families and construction of new housing units. Additionally, technological advancements in products like water heaters with in-built programmable timer, coupled with rising demand for low-cost and efficient water heaters is likely to propel the demand for water heaters across the country in the coming years. Furthermore, changing consumer preference for high-quality, energy efficient products and tankless water heaters may offer new avenues for the market players in the coming years.

V-Guard Industries Limited is the market leader in India water heater market, followed by Racold Thermo Private Limited, Bajaj Electricals Ltd., A. O. Smith India Water Products Pvt. Ltd., etc. Among different water heater types, electric water heater has the largest share and is projected to remain the largest selling water heater category through 2023. The advent of e-commerce in India has created new routes for manufacturers to reach their customers. Online sales channel is enabling companies to widen their distribution reach and serve their customers even in the farthest of the regions. This is leading to a shift towards modern shopping format, i.e., e-commerce, from traditional sales formats in India. Nevertheless, multi-branded electronic stores are expected to continue dominating India water heater market until 2023.

“Growing trend of nuclear families in tier II and tier III cities, coupled with launch of advanced technology-based products such as eco-friendly and energy efficient water heaters is expected to continue fueling demand for water heaters across India in the coming years. Moreover, government initiatives such as ‘Make in India’ that are aimed to transform India into a manufacturing hub, would have a positive impact on the country’s water heaters market in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Browse 37 market data Figures and Tables spread through 82 Pages and an in-depth TOC on "India Water Heater Market"

https://www.techsciresearch.com/report/india-water-heater-market/3040.html

India water heater market projected to surpass $ 600 million by 2023. Growth in the market is led by increasing number of new residential units and other construction activities coupled with rising per capita disposable income. Moreover, improving standard of living, technological advancements, and rising demand for low-cost and efficient water heaters is further expected to propel growth in India electric water heaters market over the next five years.

Years considered for this report:

Historical Years: 2013-2016

Base Year: 2017

Estimated Year: 2018

Forecast Period: 2019-2023

Objective of the Study:

To analyze and forecast market size of India water heater market.
To define, classify and forecast India water heater market based on type, distribution channel and regional distribution.
To scrutinize the detailed market segmentation and forecast the market size, in terms of volume, based on region by segmenting India water heater market into four regions, namely, North, East, West and South.
To identify tailwinds and headwinds for India water heater market.
To strategically profile the leading players, who are involved in the supply of water heaters in India.

TechSci Research performed primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of water heater manufacturers, importers and suppliers in India. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research was able to include manufacturers that could not be identified due to the limitations of secondary research. TechSci Research analyzed type, distribution channel and regional presence of all major water heater suppliers across India.

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TechSci Research calculated the market size for India water heater market using a bottom-up approach, where manufacturers’ value data for different types of (Electric Water Heater, Solar Water Heater & Gas Water Heater) was recorded as well as forecast for the future years was made. TechSci Research sourced these values from industry experts and company representatives, and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company annual reports, white papers, investor presentations and financial reports were also studied by TechSci Research.

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