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

Publisher Global Market Insights
Published May 31, 2025
Length 230 Pages
SKU # GMI20156898

Description

Asia Pacific Water Heater Market was valued at USD 44.1 billion in 2024 and is projected to grow at a CAGR of 5.9% to reach USD 78.1 billion by 2034. The market is driven by rapid urbanization, infrastructure development, and increasing consumer demand for energy-efficient, smart home appliances. Rising disposable incomes and growing awareness of sustainability are further accelerating the adoption of advanced water heating systems across the region. Additionally, government initiatives promoting electrification and low-emission technologies are fostering innovation in hybrid and electric water heater segments, catering to both residential and commercial markets.

Electric water heaters dominated the market in 2024, generating USD 43.1 billion. Their widespread popularity is attributed to the expanding electricity infrastructure in emerging economies and their ease of installation, affordability, and compatibility with space-constrained urban residences. Countries like China, India, and Vietnam have seen significant grid expansion, making electric heaters a practical solution. Moreover, advancements in digital controls, IoT-based energy monitoring, and smart temperature regulation are increasingly attracting tech-savvy consumers across Southeast Asia.

By product type, the storage water heaters segment generated USD 39.4 billion in 2024. These systems are highly preferred for their ability to provide consistent hot water supply across multiple outlets, especially in larger households and colder climates. The segment is further benefiting from the construction boom in high-rise apartments and commercial facilities. Manufacturers are responding by offering models with energy-saving insulation, leak detection features, and sleek, wall-mounted designs. Storage systems continue to appeal to consumers seeking affordability and reliability over long-term use, particularly in developing countries.

In terms of application, the residential segment held the largest share in 2024, with USD 67.28 billion. This dominance is fueled by rising middle-class populations, increased construction of urban housing, and consumer inclination toward modern comforts. Demand is especially strong for compact and energy-efficient models suited to small apartments and independent homes. Additionally, government-led electrification initiatives and green building standards are encouraging adoption of electric and solar-powered systems in both new developments and retrofit projects.

China Water Heater Market generated USD 44.1 billion in 2024. This is driven by the country’s vast population, rapid urbanization, and the increasing standard of living, particularly in urban and peri-urban areas. Demand is further boosted by cold climate regions in the north and modern residential developments in southern cities like Shanghai and Guangzhou. China’s leadership in smart home technology also supports widespread integration of intelligent, app-connected water heaters, meeting consumer expectations for convenience, safety, and energy efficiency.

Leading players such as A.O. Smith, Rinnai Corporation, Ariston Holding, Midea, Haier, and Panasonic are driving innovation through product launches, smart integrations, and geographic expansion. With consumer demand shifting toward durable, connected, and eco-friendly solutions, companies are investing heavily in R&D, forming strategic alliances, and ramping up localized production to remain competitive in this rapidly evolving market landscape.

Table of Contents

230 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 country
Chapter 2 Industry Insights
2.1 Industry ecosystem analysis
2.1.1 Raw material procurement and challenges
2.1.2 Manufacturing and assembly optimization
2.1.3 Distribution channels and logistics
2.2 Regulatory landscape
2.2.1 China
2.2.1.1 Minimum Energy Performance Standards (MEPS)
2.2.1.2 Mandatory labels
2.2.1.3 Import Regulations
2.2.1.4 China Compulsory Certificate
2.2.1.5 China Energy Label (CEL)
2.2.1.6 China RoHS
2.2.2 Japan
2.2.2.1 Energy Efficiency Standards for Electric Water Heaters (Japan)
2.2.2.2 Japanese Energy Saving Label Program
2.2.3 South Korea
2.2.3.1 Korean Agency for Technology and Standards (KATS)
2.2.3.2 Energy Efficiency Label and Standard Program
2.2.4 Taiwan
2.2.4.1 Bureau of Standards, Metrology, and Inspection (BSMI)
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
2.2.6 Malaysia
2.2.6.1 Energy Efficiency and Conservation Act
2.2.6.2 SIRIM QAS International
2.2.6.3 Malaysian Standard MS 1979:2015 - Code of Practice for Electrical Installations
2.2.6.4 Guidelines for the Design, Installation, Inspection, Testing, Operation, and Maintenance of Water Heater Systems in Malaysia
2.2.7 Thailand
2.2.7.1 Energy Conservation Promotion Act, Thailand
2.2.7.2 Thai Industrial Standards Institute (TISI)
2.2.8 Vietnam
2.2.8.1 TCVN 13255:2021
2.2.8.2 ASEAN sectoral MRA on electrical and electronic equipment
2.2.9 Philippines
2.2.9.1 The Philippine Green Building Code
2.2.10 India
2.2.10.1 Energy Conservation Building Codes (ECBC), 2017
2.2.10.2 IS 302-2-21: 2011 - Safety of Household and Similar Electrical Appliances: Part 2 Particular Requirements .
2.2.10.3 BIS Certification
2.2.10.4 BEE Star Label, India
2.2.11 Australia and New Zealand
2.2.11.1 Australia's National Construction Code (NCC) and the New Zealand Building Code
2.2.11.2 Water Heater Installation Requirements
2.2.11.3 Green Building Features and Standards
2.2.11.4 South Australian Residential Water Heater Requirements
2.2.11.5 Safety and public health requirements for plumbing products - Water heaters and hot water storage tanks (AS 3498:2020)
2.3 Energy efficiency standards and regulations
2.3.1 Global energy efficiency regulations
2.3.1.1 European Union
2.3.1.1.1 Ecodesign and Energy Labelling Regulations for Water Heaters
2.3.1.2 United States
2.3.1.3 DOE Finalized Energy Efficiency Standards for Residential Water Heaters
2.3.1.4 Canada
2.3.1.5 Proposed Amendments to Energy Efficiency Regulations for Heat Pump Water Heaters
2.3.1.6 South Africa
2.3.1.7 SANS 151 - Energy Efficiency Requirements for Electric Storage Water Heaters
2.3.1.8 United Arab Emirates
2.3.1.9 ESMA Energy Efficiency Labeling for Water Heaters
2.3.1.10 New Zealand
2.3.1.11 Building Code Compliance for Heat Pump Water Heaters
2.3.2 Regional certification programs
2.3.2.1 China
2.3.2.1.1 China Compulsory Certification (CCC)
2.3.2.1.2 China Quality Certification Center (CQC)
2.3.2.2 Japan
2.3.2.2.1 PSE Mark under the Act on Product Safety of Electrical Appliances and Materials (DENAN Law)
2.3.2.2.2 JET Certification for Water Supply Apparatus
2.3.2.3 South Korea
2.3.2.3.1 KC Certification
2.3.2.4 Taiwan
2.3.2.4.1 BSMI Certification
2.3.2.5 Singapore
2.3.2.5.1 Safety Mark under the Consumer Protection (Safety Requirements) Regulations
2.3.2.6 Malaysia
2.3.2.6.1 Suruhanjaya Tenaga (Energy Commission) Certification
2.3.2.7 Vietnam
2.3.2.7.1 CR Certification
2.3.2.8 India
2.3.2.8.1 BIS ISI Certification
2.3.2.8.2 Quality Control Orders (QCOs)
2.3.2.8.3 Ecomark Certification
2.3.2.9 Vietnam
2.3.2.9.1 TCVN 13255:2021
2.3.3 Impact on product development and pricing
2.3.3.1 Higher R&D Expenditure
2.3.3.2 Increased Manufacturing Costs
2.3.3.3 Elevated Product Pricing
2.3.3.4 Delayed Time-to-Market
2.3.3.5 Barrier for Small and Mid-Sized Enterprises (SMEs)
2.3.3.6 Incentivized Product Differentiation
2.3.3.7 Cross-Border Certification Complexities
2.3.3.8 Improved Product Quality and Consumer Trust
2.4 Trump administration tariff analysis
2.4.1 Impact on trade
2.4.1.1 Trade volume disruptions
2.4.1.2 Retaliatory measures
2.4.2 Impact on the industry
2.4.2.1 Supply-side impact (raw materials)
2.4.2.1.1 Price volatility in key materials
2.4.2.1.2 Supply chain restructuring
2.4.2.1.3 Production cost implications
2.4.2.2 Demand-side impact (selling price)
2.4.2.2.1 Price transmission to end markets
2.4.2.2.2 Market share dynamics
2.4.2.2.3 Consumer response patterns
2.4.3 Key companies impacted
2.4.4 Strategic industry responses
2.4.4.1 Supply chain reconfiguration
2.4.4.2 Pricing and product strategies
2.4.4.3 Policy engagement
2.4.5 Outlook and future considerations
2.5 Industry impact forces
2.5.1 Market growth drivers
2.5.1.1 Rapid urbanization & advancing product customization
2.5.1.2 Increasing demand for water heating systems
2.5.1.3 Government mandates pertaining to greenhouse gas emissions
2.5.2 Industry pitfalls & challenges
2.5.2.1 High upfront cost
2.6 Growth potential analysis
2.7 Porter's analysis
2.8 PESTEL analysis
2.9 Technological advancement in water heating
2.9.1 Smart water heater innovations
2.9.2 IoT integration and connected solutions
2.9.3 Energy recovery systems
2.10 Sustainability Initiatives
2.10.1 Carbon footprint reduction strategies
2.10.2 Eco-friendly materials and manufacturing
2.10.3 End-of-life management and recycling programs
2.11 Consumer behavior analysis
2.11.1 Shifting preferences in water heating solutions
2.11.2 Price sensitivity and purchase drivers
2.11.3 Country variations in consumer needs
2.12 Cost structure analysis
2.12.1 Component cost breakdown
2.12.2 Manufacturing cost trends
2.12.3 Impact of automation and digitalization
Chapter 3 Competitive Landscape, 2025
3.1 Introduction
3.2 Company market share, by country
3.2.1 China
3.2.2 Japan
3.2.3 South Korea
3.2.4 Taiwan
3.2.5 Singapore
3.2.6 Malaysia
3.2.7 Thailand
3.2.8 Philippines
3.2.9 Vietnam
3.2.10 India
3.3 Company market share, by product
3.3.1 Instant
3.3.2 Storage
3.4 Strategic dashboard
3.4.1 A. O. Smith
3.4.1.1 Award
3.4.1.2 Acquisition
3.4.2 Toshiba Corporation
3.4.2.1 Supply order
3.4.3 Rheem Manufacturing Company
3.4.3.1 Launch
3.4.4 Viessmann
3.4.4.1 Business expansion
3.4.4.2 Partnership
3.4.5 Stiebel Eltron
3.4.5.1 Business expansion
3.4.6 Rinnai Corporation
3.4.6.1 Business expansion
3.4.7 Bradford White Corporation
3.4.7.1 Launch
3.5 Innovation & technology landscape
3.5.1 Viessmann
3.5.2 Rheem Manufacturing Company
3.5.3 A.O. Smith
3.5.4 Toshiba Corporation
3.5.5 Racold
3.5.6 Rinnai Corporation
3.5.7 Bradford White Corporation
3.6 Strategic initiatives
3.7 Company benchmarking
3.8 Competitive positioning matrix
3.8.1 Market leaders:
3.8.2 Emerging players:
3.8.3 Niche specialists:
3.8.4 Challengers:
3.9 Business model comparison
3.9.1 Manufacturing-focused players
3.9.2 Service-oriented companies
3.9.3 Integrated solution providers
3.10 Marketing and distribution strategies
3.10.1 Channel partner programs
3.10.2 Channel partner programs
3.10.3 Customer engagement initiatives
3.11 Pricing strategy analysis
3.11.1 Premium vs. value positioning
3.11.2 Regional pricing variations
3.11.3 Promotional and discount patterns
3.12 After-sales service comparison
3.12.1 Warranty offerings
3.12.2 Maintenance programs
3.12.3 Customer support infrastructure
3.13 Sustainability performance benchmarking
3.13.1 Environmental impact metrics
3.13.2 Energy efficiency ratings
3.13.3 Corporate sustainability initiatives
Chapter 4 Market Size and Forecast, By Energy Type, 2018 - 2034 (USD Million and '000 Units)
4.1 Key trends
4.2 Gas
4.3 Electric
4.4 Hybrid
Chapter 5 Market Size and Forecast, By Product, 2018 - 2034 (USD Million and '000 Units)
5.1 Key trends P a g e | 11 Asia Pacific Water Heater Market Report, 2025_2034 Copyright © Global Market Insights Inc. 2025. All Rights Reserved
5.2 Instant
5.3 Storage
Chapter 6 Market Size and Forecast, By Capacity, 2018 - 2034 (USD Million and '000 Units)
6.1 Key trends
6.2 400 Liters
Chapter 7 Market Size and Forecast, By Application, 2018 - 2034 (USD Million and '000 Units)
7.1 Key trends
7.2 Residential
7.3 Commercial
7.4 Industrial
7.5 Healthcare
7.6 Education
Chapter 8 Market Size and Forecast, By Country, 2018 - 2034 (USD Million and '000 Units)
8.1 Key trends
8.2 China
8.3 Japan
8.4 South Korea
8.5 Taiwan
8.6 Singapore
8.7 Malaysia
8.8 Thailand
8.9 Philippines
8.10 Vietnam
8.11 India
Chapter 9 Company Profiles
9.1 A.O. Smith
9.1.1 Financial data
9.1.2 Product landscape
9.1.3 Strategic outlook
9.1.4 SWOT analysis
9.2 Ariston Holding P a g e | 12 Asia Pacific Water Heater Market Report, 2025_2034 Copyright © Global Market Insights Inc. 2025. All Rights Reserved
9.2.1 Financial data
9.2.2 Product landscape
9.2.3 Strategic outlook
9.2.4 SWOT analysis
9.3 Bosch Home Comfort Group
9.3.1 Financial data
9.3.2 Product landscape
9.3.3 Strategic outlook
9.3.4 SWOT analysis
9.4 GE Appliances
9.4.1 Financial data
9.4.2 Product landscape
9.4.3 Strategic outlook
9.4.4 SWOT analysis
9.5 Groupe Atlantic
9.5.1 Financial data
9.5.2 Product landscape
9.5.3 Strategic outlook
9.5.4 SWOT analysis
9.6 Haier
9.6.1 Financial data
9.6.2 Product landscape
9.6.3 Strategic outlook
9.6.4 SWOT analysis
9.7 Havells India
9.7.1 Financial data
9.7.2 Product landscape
9.7.3 Strategic outlook
9.7.4 SWOT analysis
9.8 Jaguar India
9.8.1 Financial data
9.8.2 Product landscape
9.8.3 SWOT analysis
9.9 JOVEN Electric
9.9.1 Financial data
9.9.2 Product landscape
9.9.3 SWOT analysis
9.10 Orbital Horizon
9.10.1 Financial data
9.10.2 Product landscape
9.10.3 SWOT analysis
9.11 Panasonic
9.11.1 Financial data
9.11.2 Product landscape
9.11.3 SWOT analysis
9.12 Racold
9.12.1 Financial data
9.12.2 Product landscape
9.12.3 SWOT analysis
9.13 Rheem Manufacturing Company
9.13.1 Financial data
9.13.2 Product landscape
9.13.3 Strategic outlook
9.13.4 SWOT analysis
9.14 Rinnai Corporation
9.14.1 Financial data
9.14.2 Product landscape
9.14.3 Strategic outlook
9.14.4 SWOT analysis
9.15 Stiebel Eltron
9.15.1 Financial data
9.15.2 Product landscape
9.15.3 Strategic outlook
9.15.4 SWOT analysis
9.16 Thermex Corporation
9.16.1 Financial data
9.16.2 Product landscape
9.16.3 SWOT analysis
9.17 Thermann
9.17.1 Financial data
9.17.2 Product landscape
9.17.3 SWOT analysis
9.18 Toshiba
9.18.1 Financial data
9.18.2 Product landscape
9.18.3 Strategic outlook
9.18.4 SWOT analysis
9.19 Vaillant Group International
9.19.1 Financial data
9.19.2 Product landscape
9.19.3 SWOT analysis
9.20 Viessmann
9.20.1 Financial data
9.20.2 Product landscape
9.20.3 SWOT analysis
9.20.4 Strategic outlook
9.20.5 SWOT analysis

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