Asia-Pacific Water Heater Market Outlook, 2028

Asia Pacific is home to a significant portion of the world's population, including densely populated countries like China and India. Rapid urbanization in the region has led to increased demand for residential and commercial water heaters. Strong economic growth in countries like China, India, and Southeast Asian nations has boosted disposable incomes, allowing consumers to invest in appliances like water heaters for improved living standards. The Asia Pacific region spans various climate zones, from tropical to temperate. In colder regions, water heaters are essential for space heating, whereas in hotter climates, they are still necessary for domestic use. This diversity drives demand for a wide range of water heating solutions. The availability and cost of energy sources vary across Asia Pacific. In countries with abundant natural gas resources, gas-powered water heaters are prevalent, while electric and heat pump models are used in areas with reliable electricity supply. Many countries in Asia Pacific have implemented energy efficiency standards and regulations for appliances, including water heaters. Manufacturers have responded by producing energy-efficient models to comply with these standards. Increasing awareness of climate change and the need to reduce carbon emissions has prompted consumers and businesses to seek energy-efficient and sustainable water heating options. In many Asian cultures, hot water is preferred for washing dishes and cleaning, as it is associated with improved hygiene. This cultural preference drives demand for water heaters in both residential and commercial settings. Asia Pacific is a popular tourist destination. Hotels, resorts, and other hospitality businesses rely on water heaters to provide hot water to guests, contributing to higher demand for commercial water heaters. Wellness trends, such as spa-like experiences at home, have led to increased demand for larger and more luxurious water heaters capable of supplying hot water for showers, bathtubs, and hydrotherapy. In some parts of Asia Pacific, aging infrastructure has necessitated the replacement of outdated water heating systems with more modern and efficient units, driving market growth. Changes in lifestyle patterns, such as an increase in single-person households and apartment living, have led to a demand for compact and space-saving water heaters. According to the research report, "Asia-Pacific Water Heater Market Outlook, 2028," published by Bonafide Research, the market is anticipated to grow at more than 7% CAGR by 2023–28. Heat pump water heaters are gaining significant popularity in the Asia-Pacific region. These systems are highly energy-efficient as they extract heat from the air or ground, making them suitable for a wide range of climates. The adoption of smart technology in water heaters is growing. Consumers can control and monitor their water heaters remotely through smartphone apps, optimizing energy use and convenience. With the growing demand for water heaters in the Asia-Pacific region, companies are increasingly launching a wide range of products of different price ranges, shapes, and technologies. Xiaomi, for instance, recently launched the MIJIA Smart Kitchen Treasure 7L S1, a water storage electric water heater, in China, with a dense polyurethane insulation layer that prevents water leakage. The water heater brands are also adding advanced technologies such as IoT sensors, remote control through mobile apps, Wi-Fi connect, and Eco Function, to gain a competitive edge. These launches are expected to provide lucrative growth opportunities to the Asia-Pacific water heater market during the forecast period. Given the limited space in some Asian homes and apartments, manufacturers are designing compact water heaters that can be easily installed in tight spaces, such as under sinks or in small utility closets. As part of sustainability efforts, consumers are retrofitting their older water heaters with energy-efficient components, reducing energy consumption and prolonging the lifespan of their appliances. Load management systems can control water heater operation to avoid peak energy demand, contributing to grid stability and reducing energy costs. Advances in materials science are leading to the development of more durable and corrosion-resistant water heater components, extending product lifespans. Collaboration between the water heater industry, utilities, home builders, and HVAC professionals is fostering the development of integrated home energy solutions that optimize water heating along with other energy demands.

Based on country the market is divided into China, Japan, India, Australia and South Korea. Among them china is leading the market. Water heaters have a long history in China, dating back to ancient times. Traditional Chinese homes often had heated water storage vessels known as "kangs" or "stoves." These were used for both heating living spaces and providing hot water for bathing and cooking. Hot water plays a significant role in Chinese culture, where it is seen as essential for health and well-being. Drinking hot water is a common practice in China and is believed to aid digestion and promote good health. Additionally, hot water is used for various purposes, including tea preparation and foot baths. Bathing is an important daily ritual in Chinese culture, and the availability of hot water is crucial for a comfortable bathing experience. Many households in China have adopted water heaters to ensure a constant supply of hot water for bathing. China has experienced rapid urbanization over the past few decades, with millions of people moving from rural areas to cities. In urban areas, water heaters are considered a standard feature in modern homes and apartments, providing residents with hot water for their daily needs. Solar water heaters offer significant energy cost savings to consumers and businesses. By using sunlight to heat water, they reduce reliance on conventional energy sources, such as electricity or gas, which can be expensive in some parts of the Asia Pacific region. Many countries in the Asia Pacific region, such as India, China, Australia, and Southeast Asian nations, receive abundant sunlight throughout the year. This solar abundance makes solar water heaters a practical and cost-effective choice for harnessing renewable energy for water heating. Solar water heaters offer a degree of energy independence to users. They are not reliant on external energy sources and can provide hot water even during power outages or in remote areas with limited access to electricity or gas infrastructure. Some countries in the Asia Pacific region have experienced rising energy costs, which has motivated consumers and businesses to seek alternative, cost-effective energy solutions like solar water heaters. The Asia Pacific region has a large residential market, with a growing number of households. Solar water heaters are well-suited for residential applications, as they can meet the hot water needs of families while reducing energy expenses. While the upfront cost of solar water heaters may be higher than conventional water heaters, they offer long-term savings due to reduced energy bills and minimal maintenance requirements. In addition based on technology, Storage water heaters, also known as tank-type water heaters, have been in use for many years and are widely recognized by consumers in the Asia Pacific region. This familiarity and trust in the technology have contributed to its continued popularity. Storage water heaters are generally more affordable upfront compared to some other types of water heaters, such as tankless or solar models. This affordability makes them accessible to a wide range of consumers, including those with limited budgets. Storage water heaters store and heat a large volume of water in a tank, ensuring a readily available supply of hot water. This is especially appealing to consumers who prioritize a consistent and reliable hot water source. Storage water heaters are relatively easy to install and typically do not require complex venting systems, which can reduce installation costs and make them suitable for various settings, including residential and small commercial spaces. The Asia Pacific region is home to a significant portion of the world's population, and it continues to experience population growth. With more people living in this region, there is a growing number of households, leading to increased demand for residential water heaters. The demand for affordable housing in the Asia Pacific region has driven the construction of residential complexes and affordable homes. These housing units typically include water heating systems to provide comfort and sanitation for residents. As economies in the Asia Pacific region grow, living standards are improving. Many households are upgrading from basic living conditions to homes with modern amenities, including hot water systems. In some Asian countries, hot water is an integral part of daily life and cultural practices, such as bathing and tea preparation. This cultural significance has led to a high demand for residential water heaters. Rising energy costs and environmental awareness have prompted consumers to seek energy-efficient solutions, which includes the adoption of energy-efficient water heaters in their homes. Residential water heaters come in various sizes, capacities, and types (e.g., tankless, storage) to match the specific hot water requirements of different households. This customization ensures that residential water heaters can accommodate a variety of user needs. In addition based on capacity, The 250-400 litres capacity range is well-suited for meeting the hot water demands of commercial and industrial applications, including hotels, restaurants, hospitals, manufacturing facilities, and larger residential complexes. These sectors often require a substantial volume of hot water for various purposes, such as bathing, laundry, cooking, and industrial processes. Hotels and resorts in the Asia Pacific region frequently require large-capacity water heaters to provide hot water for guest rooms, restaurants, swimming pools, and spa facilities. As tourism continues to grow in the region, so does the demand for water heaters in this capacity range. Hospitals and healthcare facilities rely on hot water for patient care, sanitation, and sterilization purposes. The 250-400 litres capacity segment is ideal for meeting the high hot water demands of these institutions. Restaurants and commercial kitchens require a significant amount of hot water for dishwashing, food preparation, and sanitation. Water heaters in this capacity range can provide the necessary hot water supply. Companies Covered in this report: Robert Bosch GmbH, A. O. Smith, Ariston Holding N.V. , Rheem Manufacturing Company, Rinnai Corporation, Bradford White Corporation, Noritz Corporation, Whirlpool Corporation, Bajaj Electricals Ltd, Haier Group Corporation, Havells India Ltd, Ferroli S.p.A., V-Guard Industries Ltd , Stiebel Eltron, Inc., Crompton Greaves Consumer Electricals Limited , Electrolux AB, Midea Group Considered in this report

• Geography: Asia Pacific • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Asia Pacific Water Heater market Outlook with its value and forecast along with its segments • Country-wise Water Heater market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Country covered in the report: • China • Japan • India • Australia • South Korea By Product • Electric • Solar • Gas By Technology • Tankless • Storage • Hybrid By Capacity • Below 30 Litres • 30-100 Litres • 100-250 Litres • 250-400 Litres • Above 400 Litres By Application • Residential • Commercial The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organisations related to the Water Heater industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.