Vietnam Water Heater Market By Product Type (Electric Water Heater, Gas Water Heater, Solar Water Heater, Heat Pump Water Heater), By Application (Residential, Commercial/Industrial), By Region, Competition Forecast & Opportunities, 2027F

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Report Description

Report Description

Vietnam water heater market is anticipated to grow at a CAGR of around 10% during the forecast period to reach over USD359 million by 2027 on account of growing requirement for energy-efficient heating products and changing consumer preferences. Furthermore, technological advancements, as well as the rising disposable income of consumers, are projected to fuel the Vietnam water heater market growth in the next five years.

 

Water heating is a heat transfer technique that raises the temperature of water from its starting point. Water heaters available these days are simple, economical, and secure to handle. Water heater can be turned on for heating water. In Vietnam, storage water heaters dominate the water heater market. However, instantaneous water heaters are gaining wide popularity due to several benefits offered by these products since they are efficient, and occupy less . They heat water only when needed at any desired temperature. 

 

Technologically Advanced Products to Drive the Market Growth

Consumer interest in energy-efficient items is growing. This factor encourages businesses to concentrate on manufacturing energy efficient products. For example, Panasonic provides cutting-edge maintenance-free storage water heaters with characteristics like increased safety, energy efficiency, and compact design. The technique eliminates the usual risk of corrosion. The threat of water pollution is growing in Asian nations such as Vietnam, where the water quality has a tendency to be more acidic, leading enamel coating to disintegrate more quickly and rust. As a result, the water heater resists corrosion and aids in the storage of clean, hygienic water because it is made of the best grade of stainless steel. Additionally, Supergreen’s water heaters use infrared heating technology using quartz tubes to kill up to 80% of bacteria, in addition to heating water, thereby aiding in providing clean water.


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Rising Demand for Solar Water Heaters to Fuel the Market Growth

Since solar water heaters require low maintenance, are simple to install, are environment friendly as they reduce carbon footprints, and are energy-efficient, the market for water heaters in Vietnam has seen an increase in demand for these products. Additionally, considering solar water heaters generate heat and heat water using energy from sunshine rather than electricity, they help to significantly save monthly electricity costs. Also, in order to meet the growing demand from consumers for solar water heaters, businesses are emphasizing on introducing new products and broadening their product portfolio. For instance, at the Vietbuild 2021 show in Ho Chi Minh City in 2021, 'Solahart,' a brand of the Rheem Group unveiled the Sunheat solar water heater range. The water heater is made out of a ceramic-glazed tank, a corrosion-resistant anode rod, and a sturdy, weatherproof heat-collecting panel. Hence, this factor is anticipated to further expand the market growth of solar water heaters in Vietnam during the forecast period.

Increasing Online Channels of Water Heaters Aids Market Growth

Due to COVID-19, manufacturers of water heaters have increased their internet presence in an effort to reach more consumers. The shift in the water heater market from traditional retail to e-retail platforms has benefited consumers significantly since it enables them to evaluate the features and costs of several models . Additionally, due to COVID-19, online sales platforms are preferred. Significant manufacturers of water heaters, including Ariston, Electrolux, Ferroli, etc., sell their products online. Due to the availability of special offers and significant discounts on e-commerce platforms, customers all around the country are also choosing to buy these products online. Additionally, a number of companies are selling their products on e-commerce sites like Shopee, Lazada, etc., which has helped to broaden consumer access and the availability of water heaters in the nation. Therefore, the sales of water heaters on online platforms are projected to rise at a significant rate during the forecast period.

Market Segmentation

The Vietnam water heater market is segmented based on product type, application, region, and competitional landscape. Based on product type, the market is fragmented into the electric water heater, gas water heater, solar water heater, and heat pump water heater. Based on application, the market is segmented into residential and commercial/industrial. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among Northern Vietnam, Southern Vietnam, and Central Vietnam.

Company Profiles

Ariston Thermo Vietnam Co., Ltd., Rheem Vietnam Co., Ltd., Ferroli Asean Co., Ltd., Tan A Dai Thanh Group, Groupe Atlantic Vietnam, Panasonic Vietnam Co., Ltd., Electrolux Vietnam Co. Ltd, Kangaroo Group, AO Smith Vietnam Co., Ltd., Picenza Vietnam Trading and Production Co., Ltd., Solar Bach Khoa Group are among the major market players in the Vietnam water heater market.

Attribute

Details

Market size value in 2021

USD197.98 Million

Revenue Forecast in 2027

USD359.09 Million

Growth Rate

10.61%

Base Year

2021

Historical Years

2017 – 2020

Estimated Year

2022

Forecast Period

2023 – 2027

Quantitative Units

Revenue in Value (USD Million), in Volume (Thousand Units) and CAGR for 2017-2021 and 2022E-2027F

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Product Type

Application

Region

Company

Regional Scope

Northern Vietnam, Southern Vietnam and Central Vietnam

Key Companies Profiled

Ariston Thermo Vietnam Co., Ltd., Rheem Vietnam Co., Ltd., Ferroli Asean Co., Ltd., Tan A Dai Thanh Group, Groupe Atlantic Vietnam, Panasonic Vietnam Co., Ltd., Electrolux Vietnam Co. Ltd, Kangaroo Group, AO Smith Vietnam Co., Ltd., Picenza Vietnam Trading and Production Co., Ltd., Solar Bach Khoa Group

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 Report Scope:

In this report, Vietnam water heater market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • Vietnam Water Heater Market, By Product Type:
    • Electric Water Heater
    • Solar Water Heater
    • Gas Water Heater
    • Heat Pump Water Heater
  • Vietnam Water Heater Market, By Application:

o    Residential

o    Commercial/Industrial

  • Vietnam Water Heater Market, By Region:
    • Northern Vietnam
    • Southern Vietnam
    • Central Vietnam 

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Vietnam water heater market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

It is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

Table of content

1.     Product Overview

2.     Research Methodology

3.     Executive Summary

4.     Different Sources of Water Heating

5.     Impact of COVID-19 on Vietnam Water Heater Market

6.     Voice of Customer

6.1.   Respondent Demographics (By Age, By Gender, By Occupation)

6.2.   Factors Influencing Purchase Decision

6.3.   Sources of Information

6.4.   Challenges Faced Post Purchase

6.5.   Satisfaction Level

7.     Vietnam Water Heater Market Outlook, 2017-2027

7.1.   Market Size & Forecast

7.1.1.  By Value & Volume

7.2.   Market Share & Forecast

7.2.1.  By Product Type (Electric Water Heater, Gas Water Heater, Solar Water Heater, Heat Pump Water Heater)

7.2.2.  By Application (Residential, Commercial/Industrial)

7.2.3. By Region

7.2.4. By Company (2021)

7.3.   Market Map (By Product Type, By Application, By Region)

8.     Vietnam Electric Water Heater Market Outlook, 2017-2027

8.1.   Market Size & Forecast

8.1.1.  By Value & Volume

8.2.   Market Share & Forecast

8.2.1. By Type (Electric Momentary Ignition, Electric Storage Water Heater)

8.2.2. By Storage Capacity (Zero L-30L, 30L-50L, Above 50L)

8.2.3. By Application (Residential, Commercial/Industrial)

8.2.4. By Distribution Channel (Multi-Branded Stores, Supermarket/Hypermarket, Exclusive Stores, E-Commerce, Plumbers /Dealers/Agents, Others (Direct Sales, Wholesales, Distributors, etc.))

8.3.   Product Benchmarking

9.     Vietnam Solar Water Heater Market Outlook, 2017-2027

9.1.   Market Size & Forecast

9.1.1. By Value & Volume

9.2.   Market Share & Forecast

9.2.1. By Storage Capacity (Below 150L, 150L-300L, Above 300L)

9.2.2. By Application (Residential, Commercial/Industrial)

9.2.3. By Distribution Channel (Dealers/Agents, Contractors, Plumbers, Others (Direct Sales, E-commerce, Retailers, etc.)

9.3.   Product Benchmarking

10.  Vietnam Gas Water Heater Market Outlook, 2017-2027

10.1.              Market Size & Forecast

10.1.1.   By Value & Volume

10.2.              Market Share & Forecast

10.2.1.   By Type (Gas Momentary Ignition, Gas Storage Water Heater)

10.2.2.   By Storage Capacity (Zero L, 1L-100L, Above 100L)

10.2.3.   By Application (Residential, Commercial/Industrial)

10.2.4.   By Distribution Channel (Plumbers /Dealers/Agents, Wholesales/Distributors, Supermarket/Hypermarket, E-Commerce, Multi-Branded Stores, Others (Direct Sales, Exclusive Stores, Contractors, etc.))

10.3.              Product Benchmarking

11.  Vietnam Heat Pump Water Heater Market Outlook, 2017-2027

11.1.              Market Size & Forecast

11.1.1.   By Value & Volume

11.2.              Market Share & Forecast

11.2.1.   By Storage Capacity (Below 200L, 200L-300L, Above 300L)

11.2.2.   By Application (Residential, Commercial/Industrial)

11.2.3.   By Distribution Channel (Dealers/Agents, Contractors, Plumbers, Others (Direct Sales, E-commerce, Retailers, etc.)

11.3.              Product Benchmarking

11.4.              Future Heat-pump Demand and Subsidy for Introduction of Heat Pump Water Heater

12.  Market Dynamics

12.1. Drivers

12.2. Challenges

13.  Market Trends and Developments

14.  Import & Export Analysis

15.  PORTER’s Five Forces Analysis

16.  SWOT Analysis

17.  Policy and Regulatory Landscape

18.  Vietnam Economic Profile

19.  Competitive Landscape

19.1. Ariston Thermo Vietnam Co., Ltd.

19.2. Rheem Vietnam Co., Ltd.

19.3. Ferroli Asean Co., Ltd.

19.4. Tan A Dai Thanh Group

19.5. Groupe Atlantic Vietnam

19.6. Panasonic Vietnam Co., Ltd.

19.7. Electrolux Vietnam Co. Ltd

19.8. Kangaroo Group

19.9. AO Smith Vietnam Co., Ltd.

19.10.  Picenza Vietnam Trading and Production Co., Ltd.

19.11.  Solar Bach Khoa Group

20.  Strategic Recommendations

21.  About Us & Disclaimer

Figures and Tables

Figure 1: Vietnam Water Heater Market Size, By Value (USD Million), & By Volume (Thousand Units), 2017-2027F

Figure 2: Vietnam Water Heater Market Share, By Product Type, By Volume, 2017–2027F

Figure 3: Vietnam Water Heater Market Share, By Application, By Volume, 2017–2027F

Figure 4: Vietnam Water Heater Market Share, By Region, By Volume, 2017–2027F

Figure 5: Vietnam Water Heater Market Share, By Company, By Value, 2021

Figure 6: Vietnam Water Heater Market Map, By Product Type, By Volume, Market Size (Thousand Units) & Growth Rate (%), 2021

Figure 7: Vietnam Water Heater Market Map, By Application, By Volume, Market Size (Thousand Units) & Growth Rate (%), 2021

Figure 8: Vietnam Water Heater Market Map, By Region, By Volume, Market Size (Thousand Units) & Growth Rate (%), 2021

Figure 9: Vietnam Electric Water Heater Market Size, By Value (USD Million), & By Volume (Thousand Units), 2017-2027F

Figure 10: Vietnam Power Sales by Customer Type (2020)

Figure 11: Vietnam Electric Water Heater Market Share, By Type, By Volume, 2017–2027F

Figure 12: Vietnam Electric Water Heater Market Share, By Storage Capacity, By Volume, 2017–2027F

Figure 13: Vietnam Electric Water Heater Market Share, By Application, By Volume, 2017–2027F

Figure 14: Vietnam Electric Water Heater Market Share, By Distribution Channel, By Volume, 2017–2027F

Figure 15: Vietnam Solar Water Heater Market Size, By Value (USD Million), & By Volume (Thousand Units), 2017-2027F

Figure 16: Vietnam energy consumption by source, 2021

Figure 17: Vietnam Solar Water Heater Market Share, By Storage Capacity, By Volume, 2017–2027F

Figure 18: Vietnam Solar Water Heater Market Share, By Application, By Volume, 2017–2027F

Figure 19: Vietnam Solar Water Heater Market Share, By Distribution Channel, By Volume, 2017–2027F

Figure 20: Vietnam Gas Water Heater Market Size, By Value (USD Million), & By Volume (Thousand Units), 2017-2027F

Figure 21: International Tourist Arrival in Vietnam (in Million), 2015-2020

Figure 22: Vietnam Gas Water Heater Market Share, By Type, By Volume, 2017–2027F

Figure 23: Vietnam Gas Water Heater Market Share, By Storage Capacity, By Volume, 2017–2027F

Figure 24: Vietnam Gas Water Heater Market Share, By Application, By Volume, 2017–2027F

Figure 25: Vietnam Gas Water Heater Market Share, By Distribution Channel, By Volume, 2017–2027F

Figure 26: Vietnam Heat Pump Water Heater Market Size, By Value (USD Million), & By Volume (Thousand Units), 2017-2027F

Figure 27: International Tourism Expenditure in Vietnam, 2016-2020

Figure 28: Vietnam Heat Pump Water Heater Market Share, By Storage Capacity, By Volume, 2017–2027F

Figure 29: Vietnam Heat Pump Water Heater Market Share, By Application, By Volume, 2017–2027F

Figure 30: Vietnam Heat Pump Water Heater Market Share, By Distribution Channel, By Volume, 2017–2027F

Figure 31: Vietnam Imports of Heaters; electric, instantaneous or storage water and immersion heaters, By Value (USD Million), 2017-2021

Figure 32: Vietnam Imports of Heaters; electric, instantaneous or storage water and immersion heaters, By Volume (Million Units), 2017-2021

Figure 33: Vietnam Exports of Heaters; electric, instantaneous or storage water and immersion heaters, By Value (USD Million), 2017-2021

Figure 34: Vietnam Exports of Heaters; electric, instantaneous or storage water and immersion heaters, By Volume (Million Units), 2017-2021

List of Tables:

Table 1: Vietnam Electric Water Heater Market, Product Benchmarking, 2021

Table 2: Vietnam Solar Water Heater Market, Product Benchmarking, 2021

Table 3: Vietnam Gas Water Heater Market, Product Benchmarking, 2021

Table 4: Vietnam Heat Pump Water Heater Market, Product Benchmarking, 2021
Frequently asked questions

Frequently asked questions

In terms of product type, the Vietnam water heater is segmented into electric water heater, gas water heater, solar water heater, heat pump water heater. Among which, the electric water heater has dominated the market with a market share of around 84.54% in terms of volume in 2021 and will continue to dominate the market in the forecast period on account of their efficiency and cost effectiveness.

The most frequent problem with a water heater is certainly water leakage. Any water heater will eventually begin to leak because water will corrode the tank over time and cause microscopic cracks or fractures. However, this does not necessarily mean that the leak is coming from the tank.

The top 10 players in the Vietnam water heater market are Ariston Thermo Vietnam Co., Ltd., Rheem Vietnam Co., Ltd., Ferroli Asean Co., Ltd., Tan A Dai Thanh Group, Groupe Atlantic Vietnam, Panasonic Vietnam Co., Ltd., Electrolux Vietnam Co. Ltd, Kangaroo Group, AO Smith Vietnam Co., Ltd., Picenza Vietnam Trading and Production Co., Ltd., Solar Bach Khoa Group.

Launch of new technologies in water heaters, rapid construction growth rate, are some of the main trends in the Vietnam water heater market.

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