India Water Heaters Market to Grow with a CAGR of 7.31% through 2030F
The India Water Heaters
Market is expanding due to rising urbanization, increasing disposable incomes,
growing demand for energy-efficient solutions, and the need for consistent hot
water in both residential and commercial spaces.
According
to TechSci Research report, “India Water Heaters Market – By Region, Competition Forecast & Opportunities, 2020-2030F”, India Water Heaters Market was valued at
USD 308.18 Million in 2024 and is expected to reach USD 468.98 Million by 2030
with a CAGR of 7.31% during the forecast period. The India Water Heaters Market is
witnessing substantial growth, driven by increasing urbanization, rising
disposable incomes, and changing lifestyles. Over the past decade, the demand
for water heaters has surged due to the growing number of nuclear families, the
increasing preference for modern household appliances, and the desire for more
convenient and energy-efficient solutions. As urbanization continues at a rapid
pace, especially in tier 2 and tier 3 cities, there is a noticeable shift
towards adopting household appliances that provide greater comfort and ease.
Furthermore, rising disposable incomes across the country are enabling
consumers to invest in advanced water heating systems, including
energy-efficient and smart water heaters. The market is also seeing the growing
popularity of water heaters that cater to specific regional needs, with gas,
electric, and solar water heaters offering consumers more choices to suit their
preferences and the local climate.
As awareness about energy conservation
grows, more consumers are leaning towards water heaters with higher energy
efficiency ratings. Electric water heaters are popular among consumers for
their convenience and reliability. At the same time, there is a rising demand
for solar water heaters, driven by the government’s push for renewable energy
and the growing awareness of their long-term cost-saving benefits. The Indian
government provides subsidies and incentives for solar water heaters to promote
sustainability and reduce carbon footprints, which has further boosted their
adoption. In addition to the benefits of energy efficiency, solar water heaters
are seen as a cost-effective solution for the long term, as they reduce
reliance on conventional energy sources, helping consumers save on utility
bills.
Along with energy efficiency, the rise
of smart home technology is also influencing the water heater market in India.
Consumers are increasingly looking for appliances that can be integrated into
their smart home systems, which offer more convenience, control, and energy
savings. Smart water heaters, equipped with Wi-Fi connectivity, app-based
controls, and programmable settings, allow users to monitor and adjust their
water temperature remotely. These features cater to the growing preference for
automation and ease of use, particularly among tech-savvy and urban consumers.
As the IoT (Internet of Things) ecosystem expands, the adoption of smart water
heaters is expected to rise, offering more personalized and efficient
solutions. This trend is particularly noticeable in metropolitan areas, where
consumers are more likely to invest in advanced technologies that offer
convenience, energy savings, and improved functionality.
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"India Water Heaters Market”
The India Water
Heaters Market is segmented into product type, sales channel and
region.
Based
on sales channel, online sales channel is the
fastest-growing segment in the India Water Heaters Market, driven by the
increasing penetration of e-commerce and changing consumer shopping habits. As
more consumers embrace online shopping for convenience and better price comparisons,
water heaters are becoming an increasingly popular product in the digital
space. E-commerce platforms offer a wide range of products, detailed
specifications, customer reviews, and attractive discounts, which influence
buying decisions. Moreover, online retailers provide the convenience of
doorstep delivery and easy return policies, making it easier for consumers,
especially in tier 2 and tier 3 cities, to purchase water heaters.
The
North region of India is rapidly emerging as the fastest-growing market in the
water heaters sector, driven by factors such as colder climates, increasing
urbanization, and rising disposable incomes. Key cities like Delhi, Chandigarh,
and Jaipur are witnessing strong demand for water heaters due to harsh winters,
where a consistent hot water supply is essential. Additionally, the growing
number of residential buildings, commercial establishments, and an expanding
middle class in the North are contributing to the increased adoption of both
electric and solar water heaters. With an increasing focus on energy-efficient
solutions, the North region is poised for continued market growth.
Major companies
operating in India Water Heaters Market are:
- Racold
Thermo Private Limited
- Havells India Limited
- Bajaj Electricals Ltd.
- V-Guard Industries Ltd.
- A.O. Smith India Water Products Pvt.
Ltd.
- Crompton Greaves Consumer Electricals
Ltd
- Venus Home Appliances (P) Ltd.
- Orient Electric Limited
- Usha International Limited
- Ken Lifestyles Private Limited
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“The India Water Heaters Market is
expanding rapidly, driven by urbanization, rising disposable incomes, and an
increasing focus on energy efficiency and sustainability. The demand for
energy-efficient water heaters, smart home technology integration, and solar-powered
solutions is expected to continue driving growth in the market. However,
challenges such as high initial costs, the need for greater consumer awareness,
and issues related to maintenance must be addressed to further enhance market
growth. As the market continues to evolve, technological advancements and
government incentives will play a key role in shaping the future of water
heaters in India. The ongoing shift toward energy-efficient and environmentally
friendly solutions is set to lead the market into a more sustainable and
tech-driven future.” said Mr. Karan Chechi, Research Director of TechSci
Research, a research-based management consulting firm.
“India Water Heaters
Market, By Product Type (Electric Water Heater, Gas Water Heater), By Sales Channel (Supermarkets/Hypermarkets, Multi-Branded Stores, Convenience Stores,
Online, Others), By Region, Competition Forecast & Opportunities,
2020-2030F”,
has evaluated the future growth potential of India Water Heaters Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the India Water Heaters Market.
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