Press release
India Electric Water Heater Market Research Report 2023-2028
India Electric Water Heater Market Report 2023
Report Highlights
How big is the Indian electric water heater market?
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.
What is an electric water heater?
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.
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What are the growth prospects and trends in the Indian electric water heater industry?
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$ 432.2 Million by 2028, expanding at a CAGR of 8.4% during 2023-2028.
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What is included in market segmentation?
The report has segmented the market into the following categories:
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
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If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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