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Asia Pacific Residential Water Heater Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2025-2034

Publisher Global Market Insights
Published Aug 06, 2025
Length 165 Pages
SKU # GMI20336988

Description

Asia Pacific Residential Water Heater Market was valued at USD 4.83 billion in 2024 and is estimated to grow at a CAGR of 5.2%, to reach USD 8.04 billion by 2034.

Growth in this market is being driven by rapid urbanization, rising household incomes, and increasing demand for energy-efficient water heating solutions. With expanding middle-class populations and a surge in modern housing construction across countries such as China, India, and Japan, the need for advanced residential water heating systems is growing significantly. Government initiatives promoting energy conservation and the integration of smart technologies in home appliances are also contributing to stronger adoption across the region.

The market expansion is further supported by rising consumer awareness of sustainable living practices and a growing preference for appliances that reduce electricity consumption. Manufacturers are increasingly focusing on launching eco-friendly and smart water heaters equipped with IoT features, remote controls, and energy monitoring capabilities. These innovations not only enhance convenience and efficiency but also align with global and regional climate goals, making them highly attractive to environmentally conscious consumers. Moreover, favorable regulatory policies encouraging the use of renewable and hybrid water heating technologies are reinforcing market growth momentum.

By product type, electric water heaters dominated in 2024, generating USD 3.07 billion. Their popularity stems from affordability, ease of installation, and widespread availability across both urban and semi-urban households. As electricity access continues to expand across Asia Pacific, electric water heaters are increasingly becoming the preferred choice for residential consumers. Manufacturers are also enhancing efficiency and durability by introducing advanced insulation technologies and faster-heating elements, further solidifying the dominance of this product segment.

In terms of capacity, the 30–100 liters segment held the largest share in 2024, generating USD 2.21 billion. This segment is particularly favored by nuclear families and urban households that require compact, efficient water heating solutions. The balance between affordability, adequate storage, and suitability for modern apartments has established this category as the leading choice in Asia Pacific. As urban apartment living continues to rise, demand for medium-capacity water heaters is expected to strengthen further.

China Residential Water Heater Market held notable share in 2024 driven by its vast population, rapid urban development, and rising disposable incomes. Continuous government emphasis on energy efficiency and the increasing penetration of smart appliances are boosting market demand in the country. India is also emerging as a high-growth market due to strong housing development projects, electrification initiatives, and rising consumer preference for modern home appliances.

Key players in the Asia Pacific Residential Water Heater Market include A.O. Smith Corporation, Haier Group, Ariston Thermo Group, Rinnai Corporation, and Racold, among others. These companies are investing heavily in R&D to introduce energy-efficient, smart, and hybrid water heating systems tailored to consumer preferences in the region. Strategic initiatives such as partnerships with real estate developers, expanding distribution networks, and offering after-sales services are enabling them to strengthen their market footprint. Furthermore, manufacturers are increasingly focusing on integrating renewable energy sources, such as solar-assisted water heaters, into their product portfolios to align with evolving sustainability demands.

Table of Contents

165 Pages
Chapter 1 Methodology
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.1.3 Base estimates and calculations
1.1.4 Market estimates & forecast parameters
1.1.5 Key trends for market estimates
1.2 Market definitions
1.3 Forecast model
1.4 Primary research and validation
1.5 Some of the primary sources (but not limited to)
1.6 Data mining sources
1.6.1 Secondary
1.6.1.1 Paid sources
1.6.1.2 Source, by region
Chapter 2 Industry Insights
2.1 Industry ecosystem analysis
2.2 Regulatory landscape
2.2.1 Taiwan
2.2.1.1 Bureau of Standards, Metrology, and Inspection (BSMI)
2.2.2 Indonesia
2.2.2.1 Institutional framework related to energy efficiency
2.2.2.2 National Energy Conservation Master Plan
2.2.2.3 Electric Regulations
2.2.3 South Korea
2.2.3.1 Energy Efficiency Label and Standard Program
2.2.4 Malaysia
2.2.4.1 Energy Efficiency and Conservation Act
2.2.4.2 SIRIM QAS International
2.2.4.3 Malaysian Standard MS 1979:2015 - Code of Practice for Electrical Installations
2.2.4.4 Guidelines for the Design, Installation, Inspection, Testing, Operation, and Maintenance of Water Heater Systems in Malaysia
2.2.4.5 Energy Efficiency and Conservation Policy
2.2.4.6 Regulation and Types of Conformity Assessment Regimes
2.2.5 Singapore
2.2.5.1 Energy Conservation (Amendment) Act 2024
2.2.5.2 Mandatory Energy Labelling Scheme (MELS) and Minimum Energy Performance Standards (MEPS) for water heaters and commercial storage refrigerators
2.2.5.3 Mandatory Energy Labelling Scheme (MELS)
2.2.5.4 Public Utilities Act, 2002
2.2.5.5 Consumer Protection Regulation
2.2.6 Thailand
2.2.6.1 Energy Conservation Promotion Act, Thailand
2.2.6.2 Thai Industrial Standards Institute (TISI)
2.2.6.3 Minimum Energy Performance Standard (MEPS)
2.2.7 Philippines
2.2.7.1 The Philippine Green Building Code
2.2.7.2 Philippines Electrical Code
2.2.8 Vietnam
2.2.8.1 TCVN 13255:2021
2.2.8.2 Legal Framework on Energy Conservation
2.2.8.3 ASEAN sectoral MRA on electrical and electronic equipment
2.3 Household adoption patterns
2.3.1 First-time home buyer preferences
2.3.2 Replacement purchase behavior
2.3.3 Upgrade and renovation trends
2.4 Market size of leading economies, 2024
2.5 Average price trend analysis
2.5.1 By country
2.5.1.1 Taiwan
2.5.1.2 South Korea
2.5.1.3 Singapore
2.5.1.4 Malaysia
2.5.1.5 Thailand
2.5.1.6 Indonesia
2.5.1.7 Philippines
2.5.1.8 Vietnam
2.5.1.9 Cambodia
2.5.2 By capacity
2.5.2.1 Small (<30 Liters)
2.5.2.2 Medium (30-100 Liters)
2.5.2.3 Large (100-250 Liters)
2.6 Urban vs rural household analysis
2.7 Income level household analysis
2.8 Industry impact forces
2.8.1 Market growth drivers
2.8.1.1 Rapid urbanization and government mandates on GHG emissions
2.8.1.2 Growing demand for energy efficient water heaters
2.8.1.3 Expansion of smart homes and home automation
2.8.2 Industry pitfalls & challenges
2.8.2.1 High upfront cost
2.9 Growth potential analysis
2.10 Porter’s analysis
2.11 PESTEL analysis
2.12 Number of operational household water heaters by country, 2024
2.13 Residential water heater penetration rate, by country, 2024
Chapter 3 Competitive Landscape, 2025
3.1 Introduction
3.2 Company market share analysis, 2024
3.2.1 Taiwan
3.2.2 South Korea
3.2.3 Singapore
3.2.4 Malaysia
3.2.5 Thailand
3.2.6 Indonesia
3.2.7 Philippines
3.2.8 Vietnam
3.2.9 Cambodia
3.3 Strategic initiatives
3.4 Company benchmarking
3.5 Strategy dashboard
3.5.1 Bradford White Corporation
3.5.1.1 Acquisition
3.5.1.2 Business expansion
3.5.1.3 Launch
3.5.2 Robert Bosch
3.5.2.1 Investment
3.5.3 Viessmann
3.5.3.1 Acquisition
3.5.3.2 Business expansion
3.5.4 Midea
3.5.4.1 Memorandum of Understanding (MoU)
3.5.5 Panasonic Philippines
3.5.5.1 Launch
3.5.6 Rheem Manufacturing Company
3.5.6.1 Launch
3.5.7 STIEBEL ELTRON GmbH & Co. KG
3.5.7.1 Business expansion
3.5.8 A.O. Smith
3.5.8.1 Acquisition
3.5.9 Others
3.6 Innovation & technology landscape
3.6.1 Bradford White Corporation
3.6.2 Noritz
3.6.3 Rinnai Corporation
3.6.4 STIEBEL ELTRON GmbH & Co. KG
3.6.5 Midea
3.6.6 Ariston
Chapter 4 Market Size and Forecast, By Product, 2021 – 2034 (‘000 Units & USD Million)
4.1 Key trends
4.2 Electric
4.3 Gas
Chapter 5 Market Size and Forecast, By Capacity, 2021 – 2034 (‘000 Units & USD Million)
5.1 Key trends
5.2 Small (<30 Liters)
5.3 Medium (30-100 Liters)
5.4 Large (100-250 Liters)
Chapter 6 Market Size and Forecast, By Housing Type, 2021 – 2034 (‘000 Units & USD Million)
6.1 Key trends
6.2 Single family
6.3 Multi family
6.4 Apartments and condominiums
6.5 Townhouses and row houses
6.6 Public/social housing
Chapter 7 Market Size and Forecast, By Country, 2021 – 2034 (‘000 Units & USD Million)
7.1 Key trends
7.2 Taiwan
7.3 South Korea
7.4 Singapore
7.5 Malaysia
7.6 Thailand
7.7 Indonesia
7.8 Philippines
7.9 Vietnam
7.10 Cambodia
Chapter 8 Company Profiles
8.1 Global
8.1.1 A.O. Smith
8.1.1.1 Financial data
8.1.1.2 Product landscape
8.1.1.3 Strategic outlook
8.1.1.4 SWOT analysis
8.1.2 Ariston Holding
8.1.2.1 Financial data
8.1.2.2 Product landscape
8.1.2.3 Strategic outlook
8.1.2.4 SWOT analysis
8.1.3 Robert Bosch
8.1.3.1 Financial data
8.1.3.2.1 Product landscape
8.1.3.3 Strategic outlook
8.1.3.4 SWOT analysis
8.1.4 Bradford White Corporation
8.1.4.1 Financial data
8.1.4.2 Product landscape
8.1.4.3 SWOT analysis
8.1.5 Haier Inc.
8.1.5.1 Financial data
8.1.5.2 Product landscape
8.1.5.3 SWOT analysis
8.1.6 NORITZ Corporation
8.1.6.1 Financial data
8.1.6.2 Product landscape
8.1.6.3 Strategic outlook
8.1.6.4 SWOT analysis
8.1.7 PURPOSE CO., LTD. (Takagi)
8.1.7.1 Financial data
8.1.7.2 Product landscape
8.1.7.3 SWOT analysis
8.1.8 Rheem Manufacturing Company
8.1.8.1 Financial data
8.1.8.2 Product landscape
8.1.8.3 Strategic outlook
8.1.8.4 SWOT analysis
8.1.9 Rinnai Taiwan Corporation
8.1.9.1 Financial data
8.1.9.2 Product landscape
8.1.9.3 SWOT analysis
8.1.10 STIEBEL ELTRON GmbH & Co. KG ......................................................................................................................
8.1.10.1 Financial data
8.1.10.2 Product landscape
8.1.10.3 Strategic outlook
8.1.10.4 SWOT analysis
8.1.11 Viessmann
8.1.11.1 Financial data
8.1.11.2 Product landscape
8.1.11.3 Strategic outlook
8.1.11.4 SWOT analysis
8.2 Regional
8.2.1 Cheong Hock Guan Water Heater Centre Pte Ltd
8.2.1.1 Financial data
8.2.1.2 Product landscape
8.2.1.3 SWOT analysis
8.2.2 Midea
8.2.2.1 Financial data
8.2.2.2 Product landscape
8.2.2.3 Strategic outlook
8.2.2.4 SWOT analysis
8.2.3 Panasonic Philippines
8.2.3.1 Financial data
8.2.3.2 Product landscape
8.2.3.3 SWOT analysis
8.2.4 Toshiba Lifestyle Products and Services Corporation
8.2.4.1 Financial data
8.2.4.2 Product landscape
8.2.4.3 SWOT analysis
8.2.5 Guangdong Vanward New Electric Co., Ltd.
8.2.5.1 Financial data
8.2.5.2 Product landscape
8.2.5.3 SWOT analysis
8.3 Emerging
8.3.1 Electrolux Indonesia
8.3.1.1 Financial data
8.3.1.2 Product landscape
8.3.1.3 SWOT analysis
8.3.2 Fiamma Trading Sdn Bhd (Rubine)
8.3.2.1 Financial data
8.3.2.2 Product landscape
8.3.2.3 SWOT analysis
8.3.3 Jaquar Thailand
8.3.3.1 Financial data
8.3.3.2 Product landscape
8.3.3.3 SWOT analysis
8.3.4 JOVEN Electric Co. Sdn. Bhd
8.3.4.1 Financial data
8.3.4.2 Product landscape
8.3.4.3 SWOT analysis

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