asia pacific electric water heater Market

The electric water heater market in Asia-Pacific is expected to grow from US$ 6,407.1 Mn in 2018 to US$ 10,967.8 Mn by the year 2027 at a CAGR of 6.2% during the forecast period.

The building construction investment by respective state government authorities would positively optimize the business outlook; the rising demand for electric water heaters, both storage as well as non-storage, would also augment the industry landscape. The swift economic development in the APAC region, together with substantial enhancement in living standards, would fuel the region's electric water heater market share during the forecast period. The booming tourism industry has brought substantial investment for the construction & development of commercial facilities, including hotels, hospitals, and resorts. According to the World Economic Forum (WEF), in the coming years, China would top the destination for tourists, and the country is set to overtake France as the leading destination by 2030. Thus, the tourism sector witnessed a surge in revenue of electric water heater due to a rise in the number of foreign arrivals, which leads to an increase in the number of commercial buildings such as hotels, which would further increase the demand for installation of electric water heater products. Therefore, growing construction industry in the region is expected to support the growth of electric water heater market in the region.

On the basis of product, the Asia-Pacific electric water heater market was led by a storage segment in 2018 with a decent share and is expected to continue its dominance during the forecast period by 2027. However, the non-storage segmented in electric water heater market is expected to grow at a high rate. A storage water heater contains an insulated storage tank, usually cylindrical, where the hot water is kept ready to be used. The water in the storage equipment is stored at a pre-set temperature, usually 60-80?C. The water is heated in the storage tank by one or more electric resistance elements. There are certain rules and regulations while installing the electric storage water heater in domestic or commercial areas. For instance, the Minimum Energy Performance Standards (MEPS) for electric storage water heaters have been in place since 1999 in Australia and 2002 in New Zealand that regulate heat loss from water tanks for these storage water heater systems. The low cost of electricity in the emerging countries is expected to support the growth of electric water heater market in the region.

The overall Asia-Pacific electric water heater market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Asia-Pacific electric water heater market. It also provides an overview and forecast for the electric water heater based on all the segmentation provided with respect to the Asia-Pacific region. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the electric water heater industry. Some of the players present in the Asia-Pacific electric water heater market are AO Smith Corporation, Ariston Thermo S.p.A, Bajaj Electricals Ltd., Bradford White Corp., Whirlpool Corporation, Haier Inc., Midea Group, Bosch Thermotechnology, Siemens AG, and Viesmann Group.