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India Water Heater Market, Forecast 2028

India water heater market is expected to reach USD422.78 million by 2028, growing at a CAGR of 7.16% during the forecast period. The India water heater market is mainly driven by increasing demand from the residential sector, growing per capita income, rising GDP, the increase in sales through online channels, etc. https://bit.ly/3DtyMMM

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India Water Heater Market, Forecast 2028

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  1. 2018 – 2028 INDIA WATER HEATER MARKET FORECAST AND OPPORTUNITIES www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING

  2. Table of Contents S. No. Contents 1. Product Overview 2. Research Methodology 3. Executive Summary 4. Impact of COVID-19 on India Water Heater Market 5. Voice of Customer 5.1. Brand Awareness 5.2. Factors Influencing Purchase Decision 5.3. Sources of Information 6. Different Sources of Water Heating 7. India Water Heater Market Outlook 7.1. Market Size & Forecast 7.1.1. By Value & Volume 7.2. Market Share & Forecast 7.2.1. By Type (Electric Water Heater, Gas Water Heater) 7.2.2. By Distribution Channel (Retail Sales, Industrial Sales/Project Sales and Online) By Retail Exclusive Brand Outlets, Supermarkets/Hypermarkets and Others) Sales (Local Electronic Stores, Multi Branded Electronic Stores, 7.2.2.1. 7.2.4. By Region (South, North, West and East) 7.2.5. By Company (2022) 7.3. Market Map (By Type, By Distribution Channel and By Region) 2 2 © TechSci Research

  3. Table of Contents S. No. Contents 8. India Electric Water Heater Market Outlook 8.1. Market Size & Forecast 8.1.1. By Value & Volume 8.2. Market Share & Forecast 8.2.1. By Type (Instant, Storage and Immersion) 8.2.2. By Distribution Channel 8.2.2.1. By Retail Sales 9. India Storage Electric Water Heater Market Outlook 9.1. Market Size & Forecast 9.1.1. By Value & Volume 9.2. Market Share & Forecast 9.2.1. By Distribution Channel 9.2.1.1. By Retail Sales 10. India Instant Electric Water Heater Market Outlook 10.1. Market Size & Forecast 10.1.1. By Value & Volume 10.2. Market Share & Forecast 10.2.1. By Distribution Channel 10.2.1.1. By Retail Sales 3 3 © TechSci Research

  4. Table of Contents S. No. Contents 11. India Immersion Electric Water Heater Market Outlook 11.1. Market Size & Forecast 11.1.1. By Value & Volume 11.2. Market Share & Forecast 11.2.1. By Distribution Channel 11.2.1.1. By Retail Sales 12. India Gas Water Heater Market Outlook 12.1. Market Size & Forecast 12.1.1. By Value & Volume 12.2. Market Share & Forecast 12.2.1. By Distribution Channel 12.2.1.1. By Retail Sales 13. Supply Chain Analysis 14. Import and Export Analysis 15. Market Dynamics 15.1. Market Drivers 15.2. Market Challenges 16. Market Trends and Developments 17. Policy and Regulatory Landscape 4 4 © TechSci Research

  5. Table of Contents S. No. Contents 18. India Economic Profile 19. Competitive Landscape 18.1. Racold Thermo Private Limited 18.2. Havells India Limited 18.3. Bajaj Electricals Ltd. 18.4. V-Guard Industries Ltd. 18.5. AO Smith India Water Products Pvt. Ltd. 18.6. Crompton Greaves Consumer Electricals Ltd 18.7. Venus Home Appliances (P) Ltd. 18.8. Orient Electric Limited 18.9. Usha International Limited 18.10. Ken Lifestyles Private Limited 19. Strategic Recommendation 20. About Us & Disclaimer 5 5 © TechSci Research

  6. List of Figures S. No. Title Air Coolers Figure 1: India Water Heater Market Size, By Value (USD Million) & By Volume (Thousand Units), 2018-2028F Figure 2: India Water Heater Market Share, By Type, By Volume, 2018-2028F Figure 3: India Water Heater Market Share, By Distribution Channel, By Volume, 2018-2028F Figure 4: India Water Heater Market Share, By Retail Sales, By Volume, 2018-2028F Figure 5: India Water Heater Market Share, By Region, By Volume, 2018-2028F Figure 6: India Water Heater Market Share, By Company, By Value, 2022 Figure 7: India Water Heater Market Map, By Type, Market Size (Thousand Units) & Growth Rate (%), 2022 India Water Heater Market Map, By Distribution Channel, Market Size (Thousand Units) & Growth Rate (%), 2022 Figure 8: Figure 9: India Water Heater Market Map, By Region, Market Size (Thousand Units) & Growth Rate (%), 2022 Figure 10: India Electric Water Heater Market Size, By Value (USD Million) & By Volume (Thousand Units), 2018-2028F Break up of Rural-Urban Internet Subscriber Base (In Million), By Leading State/Union Territory in India, 2021 Figure 11: Figure 12: India Electric Water Heater Market Share, By Type, By Volume, 2018-2028F Figure 13: India Electric Water Heater Market Share, By Distribution Channel, By Volume, 2018-2028F Figure 14: India Electric Water Heater Market Share, By Retail Sales, By Volume, 2018-2028F India Storage Electric Water Heater Market Size, By Value (USD Million) & By Volume (Thousand Units), 2018-2028F Figure 15: Figure 16: India Total Internet Users (In Million), 2017-2021 Figure 17: India Storage Electric Water Heater Market Share, By Distribution Channel, By Volume, 2018-2028F Figure 18: India Storage Electric Water Heater Market Share, By Retail Sales, By Volume, 2018-2028F India Instant Electric Water Heater Market Size, By Value (USD Million) & By Volume (Thousand Units), 2018-2028F Figure 19: 6 6 6 © TechSci Research

  7. List of Figures S. No. Title Air Coolers Figure 20: India Gross National Income Per Capita (USD), 2017-2021 Figure 21: India Instant Electric Water Heater Market Share, By Distribution Channel, By Volume, 2018-2028F Figure 22: India Instant Electric Water Heater Market Share, By Retail Sales, By Volume, 2018-2028F India Immersion Electric Water Heater Market Size, By Value (USD Million) & By Volume (Thousand Units), 2018-2028F Figure 23: Figure 24: India Urban Population (In Millions), 2017-2021 Figure 25: India Immersion Electric Water Heater Market Share, By Distribution Channel, By Volume, 2018-2028F Figure 26: India Immersion Electric Water Heater Market Share, By Retail Sales, By Volume, 2018-2028F Figure 27: India Gas Water Heater Market Size, By Value (USD Million) & By Volume (Thousand Units), 2018-2028F Figure 28: India Total Natural Gas Reserves (In Billion Cubic Meters (BCM)), 2017-2021 Figure 29: India Gas Water Heater Market Share, By Distribution Channel, By Volume, 2018-2028F Figure 30: India Gas Water Heater Market Share, By Retail Sales, By Volume, 2018-2028F Figure 31: India Water Heater Imports, By Value (USD Million), 2018-2022 (HS Code: 85161000) Figure 32: India Water Heater Exports, By Value (USD Million), 2018-2022 (HS Code: 85161000) Figure 33: India Water Heater Imports, By Value (USD Million), 2018-2022 (HS Code: 841911) Figure 34: India Water Heater Exports, By Value (USD Million), 2018-2022 (HS Code: 841911) Figure 35: India Water Heater Imports, By Value (USD Million), 2018-2022 (HS Code: 841919) Figure 36: India Water Heater Exports, By Value (USD Million), 2018-2022 (HS Code: 841919) 7 7 7 © TechSci Research

  8. List of Table S. No. Title Air Coolers Table 1: India Water Heater Market HS Code Consideration 8 8 8 © TechSci Research

  9. Product Overview

  10. Scope of Report Product of Interest (POI): Water Heater A water heater is a household appliance consisting of a gas or electric heating unit with or without a storage tank. Water heaters are devices that heat water and maintain it at a higher temperature for a prolonged period. They are also used to maintain a continuous and ample supply of water. India Water Heater Market Market Segmentation BY TYPE BY REGION Electric Water Heater • South • Gas Water Heater Year Range • North • BY DISTRIBUTION CHANNEL West • Retail Sales • East • Institutional Sales/Projects Sales 2018 – 2021 • Online • Base Year BY RETAIL SALES 2022 Multi Branded Electronics Stores • Estimated Year Exclusive Brand Outlets • 2023 Local Electronic Stores • Forecast Period Supermarkets/Hypermarkets • 2024 – 2028 Others • 10 10 © TechSci Research © TechSci Research

  11. Scope of Report Product of Interest (POI): Water Heater Electric Water Heater Electric storage water heaters heat a large quantity of water in an insulated cylinder. Such water heaters provide hot water at the mains pressure and deliver the stored amount of water immediately or when needed. These water heaters can supply water to many outlets at one time. When emptied, the electric heater takes time to reheat the water. However, it can heat water quickly due to powerful or twin elements. Gas Water Heater Gas water heater heats water continuously and gives hot water. These type of heaters are ideal. Gas water heaters are compact and are suitable for small as well as large homes. 11 11 © TechSci Research © TechSci Research

  12. Scope of Report Product of Interest (POI): Water Heater Electric Water Heater • Electric Water Heater are of three types: Storage, Instant and Immersion water heaters. Immersion Water Heater Storage Water Heater Instant Water Heater • Gas Water Heater Gas water heater comes only in instant water heater type which are mainly going in residential sector. We have not captured large capacities storage gas water heaters whose demand is majorly driven by industrial sector. 12 12 © TechSci Research © TechSci Research

  13. Research Methodology

  14. Research Methodology Market Profiling Data Analysis Data Data Developing List of Respondents Formulating Questionnaire Collection Validation In-depth secondary research was conducted to determine top companies in the India water heater market, overall market size and segmental market size. The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about the India water heater market. Data obtained as a result of primary and secondary research was validated through rigorous triangulation. TechSci conducted interviews with industry experts and top companies for data collection and verification. In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide. List of industry players and industry specialists was developed. Primary Research Desk Research Company Analysis ✓ ✓ Recent Developments Market Changing Aspects/Dynamics Government Policies Final Conclusion ✓ ✓ Market Participants Key Strengths ✓ Identifying Key Opinion Leaders Questionnaire Design In-depth Interviews Actionable Insights Data Filter & Analysis Business Solution Research & Intelligence Data Collection ✓ ✓ ✓ ✓ Primary Research Secondary Research Paid Sources LinkedIn TechSci Internal Database Company Websites Company Annual Reports White Paper Study Financial Reports Investor Presentations Regulatory Body Associations, etc. Factiva Hoovers ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 14 14 © TechSci Research

  15. Research Methodology Baseline Methodology Our dedicated team of industry experts has monitored and analyzed various aspects of the India water heater market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as increasing disposable income, rising demand for water heater and increasing innovation in existing offerings in the country. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in India water heater market. Please note that we have considered the organized water heater market only in the report’s scope. Methodology Followed for Calculation of Market Size: Market Size by Value & Volume: Market size, in terms of value and volume, for the year 2022 was calculated based on • information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as water heater manufacturers and suppliers, channel partners, market influencers & end users, industry experts, and other industry participants. The team interviewed more than 10 water heater manufacturers, suppliers and distributor companies, 300 end users and 10 • industry experts and other value chain stakeholders in the India water heater market to obtain insights and market size data, which was further validated. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data during 2018-2028F. Respondents were asked about the current and future market growth rates, market shares by type, by distribution channel, by • retail sales, by region and by company. Removing the outlier responses, the geometric mean of growth estimates and supplier wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. 15 15 © TechSci Research

  16. Research Methodology Methodology Followed for Calculation of Market Shares: Market shares by type, by distribution channel, by retail sales, by region, and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various segments of the India water heater market. The final shares were calculated by taking the geometric mean of the response gathered from key opinion leaders after eliminating the outliers. Methodology Followed for Forecasting: TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey • results. Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast • India water heater market, TechSci Research used various forecast techniques such as: Moving Average ✓ Time Series Analysis ✓ Regression Analysis ✓ Econometric and Judgmental Analysis ✓ Note: (a) Sum of some shares may not be 100% due to round off till two decimal places. (b) The data given for any year represents the market during the period, i.e., 1st April of the previous year to 31st March of that year. eg: For 2022, the data represents the period, 1st April 2021 to 31st March 2022. Please note that all the macro economic indicators in the economic profiles and allied data are for Calendar year, only Internet Subscribers related data is in Fiscal year. 16 16 © TechSci Research

  17. Research Methodology TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective countries. TechSci Research also used the impact analysis during short, medium and long term period to estimate the demand and to reach accurate market numbers. The currency used in the report is the United States Dollar (USD), with the market size indicated in USD million. Partial List of Companies Interviewed Key Secondary Sources • Racold Thermo Private Limited ▪ Ministry of Commerce and Industry • V-Guard Industries Ltd ▪ Consumer Electronics and Appliances Manufacturers • Bajaj Electricals Ltd Association • ▪ World Bank A. O. Smith India Water Products Pvt. Ltd • Crompton Greaves Consumer Electricals Ltd ▪ TechSci Research Proprietary Database • Havells India Limited ▪ Company Annual Reports • Orient Electric Limited ▪ Industry Reports • Jaquar and Company Private Limited ▪ News Dailies ▪ Credible Paid Databases 17 17 © TechSci Research

  18. Industry Brief Introduction of energy-efficient water heaters along with rising disposable income of the consumers is expected to primarily drive the growth of India water heaters market during the forecast period. According to TechSci Research report, “India Water Heater Market - By Region, Competition Forecast & Opportunities, 2028”, the India water heater market is expected to register significant growth and reach to a market value of USD 422.78 million by 2028. The proliferating demand for water heaters, particularly from the hilly regions such as Himachal Pradesh, Uttar Pradesh, seven sister states, which relies on the Northeast part of India, and other cities and states such as Delhi NCR, Tamil Nadu, and Kerala, Haryana, are expected to propel the India water heater market. Furthermore, the propelling demand for water heaters from both commercial and residential sectors during the winter season in the country is also providing a positive outlook to the market. Moreover, the rapidly growing construction industry in the country with the increasing number of residential buildings, development of healthcare facilities and previously constructed household units, are augmenting the installation of water heaters, hence, boosting the sales of water heaters throughout the country. Moreover, the rising per capita income of the consumers and improvised standards of living, especially of the consumers living in tier I and tier II cities, are also significantly adding to the market growth. Additionally, with the growing tourism in the hilly regions of the country, several hotels and resorts are increasingly spending a lot on installing water heaters as the climate across the hilly regions of India is cold during most of the year. Besides this, the increasing preference for instant heating technologies is also providing lucrative opportunities to the market players. Compared to traditional storage units, instant heating water heaters offers limited standby losses and high supply output as they offer limited standby losses and high supply output. The surging e-commerce sector is further stimulating the demand for water heaters across the country. Online retail channels allow the customers to compare between a wide range of water heaters available on the website and make a wiser decision. Along with this, these online sales channels also offer several discounts and easy EMI options, thereby enabling the middle- class population to afford the product easily. India water heater market is segmented based on type, distribution channel, region, and company. Based on type, the India water heater market is divided into electric water heater and gas water heater. Among these, the electric water heater segment is expected to dominate the market with the market share of 90.92% in terms of volume and is projected to grow at a CAGR of 7.25%. This is primarily because electric water heaters are more energy efficient as compared to gas water heaters and are easy to install. In terms of durability, electric water heaters have a longer life span. Moreover, several market players are introducing electric heaters, which are Wi-Fi enabled and are connected with smartphones or Bluetooth to operate them even from a distant room. Hence, electric water heaters are more suitable for households that require low to moderate hot water use. Additionally, companies are also launching water heaters that are compact and designed well to enhance the aesthetic appeal of the house. For instance, AO Smith launched horizontal water heaters in 2021 to meet the bathroom décor, requiring less spacing. By distribution channel, the India water heater market is bifurcated into retail sales, industrial sales/project sales, and online. Among these, the retail sales segment is expected to dominate the market with the market share of 72.24% in terms of volume and is anticipated to grow at a CAGR of 5.73%. However, online sales is growing at a fast pace, the offline retail stores will continue to dominate the market over the upcoming years, as several buyers still prefer in-store shopping experience where they can see and test products before actually purchasing the product. Major market players operating in the India water heater market are Mando Corporation, DENSO CORPORATION, Samsung Electronics Co. Ltd., Delphi Technologies PLC, Robert Bosch GmbH, Harman International Industries, HELLA Group, Kufatec GmbH & Co. Kg, Continental AG, Texas Instruments “The introduction of solar water haters is fueling the growth of the India water heater market. Solar water heaters are easy to install, require low maintenance, and are energy efficient. Moreover, with the support of government-provided subsidies, solar water heaters are gaining immense traction. Apart from this, several leading manufacturers are integrating the latest technologies such as auto-diagnosis, Auto-on & off, designer body, scheduling on-off, etc., which is making the water heater sector more competitive in India. For instance, Venus Home Appliances launched water heaters with the schedule on & off feature and smart indicator. New market players are advised to extensively invest in the R&D activities to come up with the latest technology and energy-efficient variants in order to establish their brand in the highly competitive market”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. 18 18 © TechSci Research

  19. Sample Data - Snapshot India Water Heater Market Size, By Value (USD Million) & By Volume (Thousand Units), 2018-2028F CAGR 2018-2022 By Value: xx% By Volume: xx% CAGR 2023E-2028F By Value: xx% By Volume: xx% 2018 2019 2020 2021 2022 2023E 2024F 2025F 2026F 2027F 2028F Value (USD Million) Volume (Thousand Units) India Electric Water Heater Market Share, By Type, By Volume, 2018-2028F 2018 20.00% 30.00% 50.00% 2019 20.00% 30.00% 50.00% 2020 20.00% 30.00% 50.00% 2021 20.00% 30.00% 50.00% 2022 20.00% 30.00% 50.00% 2023E 20.00% 30.00% 50.00% 2024F 20.00% 30.00% 50.00% 2025F 20.00% 30.00% 50.00% 2026F 20.00% 30.00% 50.00% 2027F 20.00% 30.00% 50.00% 2028F 20.00% 30.00% 50.00% Storage Instant Immersion India Water Heater Market Share, By Distribution Channel, By Volume, 2018-2028F 2018 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% Institutional Sales/Project Sales 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% Online 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 2019 2020 2021 2022 2023E 2024F 2025F 2026F 2027F 2028F Retail Sales 19 19 © TechSci Research

  20. Report Ordering Report Name: INDIA WATER HEATER MARKET FORECAST AND OPPORTUNITIES 2018 – 2028 License Type Single User License Price $3500 Multi-User License Custom Research License $4500 $7500 To View Sample OR Purchase Report 20 20 © TechSci Research

  21. About Us & Disclaimer TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas to organizations. The company uses innovative business models that focus on improving By Productivity, while ensuring creation of high-quality reports. The proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market. Related Reports Global Air Conditioners Market, By Product Type (Chillers, VRFs, Ductable Splits, Light Commercial Air Conditioners and Others), By Light Commercial Air Conditioners (High Wall Splits, Window Air Conditioners, Cassettes and Concealed Ductable Splits), By Region, Competition, Forecast Opportunities, 2026 • India Air Conditioner Market, By Product Type (Splits, Windows, VRF, Chillers, and Other includes Cassette, Ductable Splits, etc.), By End Use Sector (Residential, Commercial, and Industrial), By Region, Competition, Forecast & Opportunities, 2017 – 2027 • TechSci Research – North America 3040 Post Oak, 18th Floor, Houston, Texas 77506 United States Tel:+1 3322586602 Email: sales@techsciresearch.com www.techsciresearch.com TechSci Research – Asia-Pacific B – 44, Sector – 57, Noida, National Capital Region, U.P. - India Tel: +91-120-4523900 Email: sales@techsciresearch.com www.techsciresearch.com TechSci Research – Asia-Pacific 501-A, Pinnacle Corporate Park Bandra Kurla Complex, Bandra-East, Mumbai 400052, India Tel: +91-120-4523900 Email: sales@techsciresearch.com www.techsciresearch.com Disclaimer The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.

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