World - Electric Water Heaters And Immersion Heaters - Market Analysis, Forecast, Size, Trends and Insights
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The article discusses the expected growth of the global market for electric water heaters and immersion heaters from 2022 to 2030. Despite a slight decrease in consumption in 2022, the overall trend has been positive over the past decade. China, the United States, and India are the top consumers of electric water heaters, while China leads in production. The market value is forecasted to reach $20.7B by 2030, with steady growth in imports and exports projected in the coming years.
Market Forecast
Driven by increasing demand for electric water heaters and immersion heaters worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.3% for the period from 2022 to 2030, which is projected to bring the market volume to 376M units by the end of 2030.
In value terms, the market is forecast to increase with an anticipated CAGR of +5.6% for the period from 2022 to 2030, which is projected to bring the market value to $20.7B (in nominal prices) by the end of 2030.
Consumption
World Consumption of Electric Water Heaters And Immersion Heaters
In 2022, consumption of electric water heaters and immersion heaters decreased by -1% to 290M units for the first time since 2011, thus ending a ten-year rising trend. Over the period under review, the total consumption indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +78.7% against 2012 indices. Global consumption peaked at 292M units in 2021, and then contracted modestly in the following year.
The global electric water heater market size reached $13.5B in 2022, approximately reflecting the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +14.2% against 2020 indices. Global consumption peaked in 2022 and is expected to retain growth in the near future.
Consumption By Country
China (65M units) remains the largest electric water heater consuming country worldwide, accounting for 23% of total volume. Moreover, electric water heater consumption in China exceeded the figures recorded by the second-largest consumer, the United States (25M units), threefold. The third position in this ranking was taken by India (22M units), with a 7.6% share.
From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +4.8%. In the other countries, the average annual rates were as follows: the United States (+4.3% per year) and India (+7.1% per year).
In value terms, China ($2.8B), Mexico ($1.5B) and the United States ($1.3B) appeared to be the countries with the highest levels of market value in 2022, together comprising 42% of the global market. India, Pakistan, Vietnam, South Korea, Germany, the UK, Russia, Poland, Brazil and Egypt lagged somewhat behind, together accounting for a further 22%.
Poland, with a CAGR of +20.2%, recorded the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.
The countries with the highest levels of electric water heater per capita consumption in 2022 were Poland (229 units per 1000 persons), the UK (123 units per 1000 persons) and Germany (109 units per 1000 persons).
From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +16.9%), while consumption for the other global leaders experienced more modest paces of growth.
Production
World Production of Electric Water Heaters And Immersion Heaters
In 2022, after ten years of growth, there was decline in production of electric water heaters and immersion heaters, when its volume decreased by -1.1% to 237M units. Over the period under review, the total production indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +75.1% against 2012 indices. The growth pace was the most rapid in 2017 when the production volume increased by 16%. Over the period under review, global production attained the peak volume at 240M units in 2021, and then dropped slightly in the following year.
In value terms, electric water heater production expanded modestly to $12.4B in 2022 estimated in export price. In general, the total production indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +5.3% against 2020 indices. The pace of growth was the most pronounced in 2015 with an increase of 20% against the previous year. Global production peaked at $13B in 2019; however, from 2020 to 2022, production failed to regain momentum.
Production By Country
China (76M units) constituted the country with the largest volume of electric water heater production, accounting for 32% of total volume. Moreover, electric water heater production in China exceeded the figures recorded by the second-largest producer, India (22M units), fourfold. Pakistan (15M units) ranked third in terms of total production with a 6.2% share.
In China, electric water heater production increased at an average annual rate of +5.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+7.7% per year) and Pakistan (+11.1% per year).
Imports
World Imports of Electric Water Heaters And Immersion Heaters
In 2022, after six years of growth, there was decline in purchases abroad of electric water heaters and immersion heaters, when their volume decreased by -3.7% to 124M units. In general, total imports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +98.9% against 2012 indices. The growth pace was the most rapid in 2013 with an increase of 26% against the previous year. Over the period under review, global imports attained the peak figure at 129M units in 2021, and then fell modestly in the following year.
In value terms, electric water heater imports rose sharply to $4.2B in 2022. Overall, total imports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +64.0% against 2016 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 23%. Over the period under review, global imports hit record highs in 2022 and are likely to continue growth in years to come.
Imports By Country
In 2022, Germany (20M units) and the United States (15M units) were the key importers of electric water heaters and immersion heatersaround the world, together committing 28% of total imports. The UK (7.8M units) ranks next in terms of the total imports with a 6.2% share, followed by Poland (6%). The Netherlands (5.5M units), Mexico (4.7M units), Russia (3.9M units), Italy (3.7M units), France (3.5M units), Spain (3.5M units), the Czech Republic (3.4M units), Brazil (3M units) and Hungary (2.9M units) held a minor share of total imports.
From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Brazil (with a CAGR of +21.7%), while imports for the other global leaders experienced more modest paces of growth.
In value terms, the United States ($783M) constitutes the largest market for imported electric water heaters and immersion heaters worldwide, comprising 19% of global imports. The second position in the ranking was taken by Germany ($327M), with a 7.8% share of global imports. It was followed by France, with a 5.4% share.
In the United States, electric water heater imports increased at an average annual rate of +9.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+5.3% per year) and France (+7.9% per year).
Import Prices By Country
In 2022, the average electric water heater import price amounted to $34 per unit, increasing by 11% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. Over the period under review, average import prices reached the peak figure at $36 per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.
Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($64 per unit), while Brazil ($5.9 per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+8.3%), while the other global leaders experienced more modest paces of growth.
Exports
World Exports of Electric Water Heaters And Immersion Heaters
In 2022, overseas shipments of electric water heaters and immersion heaters decreased by -6.1% to 72M units for the first time since 2016, thus ending a five-year rising trend. In general, total exports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +7.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +40.9% against 2016 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 33% against the previous year. Over the period under review, the global exports attained the maximum at 77M units in 2021, and then reduced in the following year.
In value terms, electric water heater exports expanded markedly to $3.5B in 2022. Overall, total exports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +68.3% against 2016 indices. The most prominent rate of growth was recorded in 2021 with an increase of 19% against the previous year. The global exports peaked in 2022 and are likely to continue growth in the near future.
Exports By Country
In 2022, Germany (17M units), distantly followed by China (11M units), Italy (7.5M units), the Netherlands (4M units), Mexico (3.9M units) and Brazil (3.7M units) were the main exporters of electric water heaters and immersion heaters, together mixing up 64% of total exports. The following exporters - Poland (2.2M units), the Czech Republic (1.9M units), Egypt (1.6M units), Belgium (1.6M units), the United States (1.6M units), Singapore (1.5M units) and Malaysia (1.5M units) - together made up 16% of total exports.
From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +18.9%), while shipments for the other global leaders experienced more modest paces of growth.
In value terms, the largest electric water heater supplying countries worldwide were China ($533M), Mexico ($503M) and Germany ($311M), with a combined 38% share of global exports.
Mexico, with a CAGR of +10.2%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.
Export Prices By Country
The average electric water heater export price stood at $49 per unit in 2022, with an increase of 16% against the previous year. Over the period under review, the export price, however, recorded a mild decline. The global export price peaked at $55 per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.
There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($175 per unit), while Singapore ($6.3 per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+4.4%), while the other global leaders experienced more modest paces of growth.
This report provides an in-depth analysis of the global electric water heater market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 27512530 - Electric instantaneous water heaters
- Prodcom 27512550 -
- Prodcom 27512570 -
- Prodcom 27512560 - Electric water heaters and immersion heaters (excluding instantaneous water heaters)
Country coverage:
Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:
- USA
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
+ the largest producing countries
Data coverage:
- Global market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Global production, split by region and country
- Global trade (exports and imports)
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Company coverage:
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
11. COUNTRY PROFILES
The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO- United States
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
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LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption, By Country, 2018–2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Destination, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Origin, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Consumption, By Country, 2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Production, By Country, 2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, 2012–2023
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