The primary methods of water heating include boiling, using immersion rods, and Electric, Solar and Gas water heaters. In terms of the organized water heating, electric water heaters is dominating the market with the penetration close to 11 to 12%, solar water heating is also gaining significance in the recent times. The water heater industry is currently in the stage of growth after being freed from government restrictions of the “small scale industries” tag. Given the lower penetration in the country large players are eyeing to capture the lion share in the market. The construction sector is the one of the major market driver as many water heaters are installed in new homes. The replacement and refurbishment market is still small due to longer product replacement cycle.
The Indian water heater market has shown immense potential of growth riding upon the rising disposable income, better standard of living along with the boost in the housing industry in the country. The modern day water heaters brings in the added safety features coupled with high technological features and aesthetic looks that suits the modern styled bathrooms. Gone are the days when water heaters used to be a boring tank mounted on the wall. The innovation in the industry has given the slickest designs of the water heaters commonly known as “Size Zero”. Such innovations in the segment are elevating the demand for the water heaters. The water heaters now can also be controlled with the smart phones which add ease and comfort of use; many such innovations are on the line which will fuel the demand of water heaters in the coming times. The consumer reigns supreme with the manufacturers engaging actively with the consumer in order to meet expectations. The product offerings are getting more superior, sophisticated and consumer centric.
According to recently published report of Bonafide Research “India Water Heater Market Overview”, water heater market is estimated to grow with a CAGR of 14.05% till 2021. The major share of the water market is captured by big multinationals as Racold, A.O.Smith, Venus, Bajaj electrical etc. The water heater market is throwing opportunities as people are willing to spend more on the well equipped and designed bathrooms, resulting into majors like Hindware and Ferroli entering the water heater segment. Given the low penetration in the country with increasing disposable income, the penetration level will certainly rise but the industry faces the major constraints in the face of electricity shortage and frequent outages especially in Tier 2 and 3 towns.
Major companies covered in the report include Havells India Ltd., Racold Thermo Pvt. Ltd., Bajaj Electricals Ltd., Venus Home Appliances (P) Ltd. and A. O. Smith Corporation.
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