熱水器的印度市場評估:貯開水，不同動力來源，各容量，各終端用戶，各銷售管道，各地區，機會，預測(2019年度～2033年度)

印度熱水器市場預計將從 2025 財年的 3.2752 億美元成長至 2033 財年的 5.8138 億美元，2026 財年至 2033 財年的複合年增長率為 7.44%。這主要得益於可支配收入的提高、城鎮化進程的推進以及對住宅和商業空間便利性需求的不斷增長。城鎮化進程的加快和日益壯大的中產階級可支配收入的提高正在推動熱水器市場需求，消費者越來越多地選擇家用電器來追求便利性和舒適性。季節性因素，尤其是印度北部和中部地區嚴酷的冬季，也推動了主要市場的熱水器銷售。印度政府推出的 "蘇裡亞蓋爾計畫" （Surya Ghar Yojana）等計畫透過補貼推廣太陽能熱水器的應用，以及印度能源效率局（BEE）的節能電器星級評定系統，也在消費者選擇中發揮重要作用。

此外，飯店和房地產行業的成長也在推動需求，公寓和辦公空間越來越多地將熱水器作為增值設施。技術進步也是一個主要驅動因素，支援Wi-Fi的智慧熱水器、即熱式無水箱熱水器和安全功能越來越受到城市消費者的歡迎。能源效率是一個重要的考慮因素，推動了對獲得BEE五星級認證的熱水器、太陽能熱水器和熱泵的需求，尤其是在具有環保意識的消費者中。透過 "薩巴加" （Saubhagya）等計畫進行的農村電氣化正在向三、四線城市打開市場，而線上管道也進一步提高了這些產品的可及性。生活方式的改變，例如新冠疫情後的衛生問題以及核心家庭和在職人士對快速供暖解決方案的需求，正在推動市場成長。儲水式熱水器的高功耗、太陽能和熱泵熱水器的初始成本以及季節性因素構成了瓶頸。然而，技術創新、政府措施以及不斷變化的消費者需求正推動著更創新、更有效率和環保的熱水解決方案的出現，從而推動市場持續成長。

例如，在2024年4月於德里舉行的2023年Acetech展覽會上，現代生活電氣解決方案製造商GM Modular Pvt. Ltd.推出了其首款儲水式熱水器R1X，進一步豐富了其產品線。

本報告對印度熱水器市場進行了全面分析，提供了市場規模及預測、市場動態以及主要公司的現狀。

目錄

第1章 計劃的範圍和定義

第2章 調查手法

第3章 美國關稅的影響

第4章 摘要整理

第5章 客戶的迴響

• 受訪者的人口統計
• 品牌認知度
• 決定是否購買時考慮的要素
• 購買後面臨的課題
• 購買頻率

第6章 印度的熱水器市場預測(2019年度～2033年度)

• 市場規模的分析與預測
  • 金額
  • 數量
• 市場佔有率的分析與預測
  • 按貯開水
    • 坦克貯開水
    • 坦克無
    • 混合/熱泵
  • 不同動力來源
    • 電力
    • 太陽光
    • 天然氣(氣體)
    • 其他
  • 各容量
    • 不滿50升
    • 50升～150升
    • 150升～300升
    • 300升多
  • 各終端用戶
    • 家庭/住宅
    • 商業
    • 工業
  • 各銷售管道
    • 線上
    • 離線
  • 各流通管道
    • OEM
    • 銷售商，經銷商
    • 批發商，零售業者
  • 各地區
    • 北部
    • 南部
    • 東部
    • 西部·中部
  • 市場佔有率分析:各企業(前五名公司和其他)(金額)(2025年度)
• 市場地圖分析(2025年度)
  • 按貯開水
  • 不同動力來源
  • 各容量
  • 各終端用戶
  • 各銷售管道
  • 各流通管道
  • 各地區

第7章 供需的分析

第8章 進口和出口的分析

第9章 價值鏈分析

第10章 波特的五力分析

第11章 大環境分析

第12章 價格分析

第13章 市場動態

• 推動市場要素
• 市場課題

第14章 市場趨勢與發展

第15章 政策和法規形勢

第16章 案例研究

第17章 競爭情形

• 前五名市場領導公司的競爭矩陣
• 前五名公司的SWOT分析
• 前十大主要企業的形勢
  • Havells India Limited
  • Usha International Limited
  • Crompton Greaves Consumer Electricals Limited
  • V-Guard Industries Limited
  • A. O. Smith India Water Products Private Limited
  • Orient Electric Limited
  • Ken Lifestyles Private Limited
  • Venus Home Appliances Private Limited
  • Ariston Group India Private Limited (Racold)
  • Bajaj Electricals Limited

第18章 策略性建議

第19章 關於調查公司·免責聲明

India water heater market is projected to witness a CAGR of 7.44% during the forecast period, FY2026-FY2033, growing from USD 327.52 million in FY2025 to USD 581.38 million in FY2033, driven by rising disposable incomes, urbanization, and increasing demand for convenience in households and commercial spaces. The growth in urbanization and rising disposable incomes of the expanding middle class have driven demand aggressively, with an increasing number of consumers relying on home appliances for convenience and comfort. Seasonal patterns, particularly the harsh winters in North and Central India, also fuel sales being key markets. Government schemes, such as the PM Surya Ghar Yojana, which promotes the use of solar water heaters through subsidies, and the Bureau of Energy Efficiency (BEE) star-rating scheme for energy-efficient appliances, also play a significant role in consumer choice.

Furthermore, growth in the hotel and real estate industries has driven demand, with residential condominiums and office spaces increasingly incorporating water heaters as value-added amenities. Technology advances are another major driver, with Wi-Fi-enabled smart water heaters, instant tankless water heaters, and safety features being the trend among urban consumers. Energy efficiency is a significant consideration, driving demand for 5-star BEE-rated heaters, solar heaters, and heat pumps, particularly among environmentally conscious consumers. Rural electrification, through programs such as Saubhagya, has opened up the market to Tier 3 and Tier 4 cities, and online channels have further enhanced accessibility. Shifting lifestyles, including post-COVID hygiene concerns and the demand for rapid-heating solutions among nuclear families and working professionals, drive market growth. Factors such as the high power consumption of storage heaters, the upfront cost of solar and heat pump variants, and seasonality remain bottlenecks. Yet, the market is poised for sustained growth, driven by innovation, government initiatives, and changing consumer needs, with a clear trend toward more innovative, more efficient, and environmentally friendly water heating solutions.

For instance, in April 2024, at the Acetech Exhibition 2023 in Delhi, GM Modular Pvt. Ltd., a manufacturer of electrical solutions for contemporary living, unveiled its first storage water heater, the R1X, adding to its line of products.

Extreme Seasonal Demand Awareness Drives the India Water Heater Market Demand

The India water heater market is strongly influenced by the intense seasonal demand, particularly in the severe winter months that grip northern and central states. Delhi, Punjab, Haryana, Uttar Pradesh, and Jammu & Kashmir are the states that experience severe cold waves, and accordingly, households and establishments demand a large quantity of water heaters as a source of hot water supply. This seasonal demand is also influenced by a greater awareness among consumers of the importance of comfort during winter, and accordingly, sales of both storage and instant water heaters increase. During the off-season, states with longer monsoon seasons, including those with coastal and hilly regions, also influence this demand, as consumers greatly prefer hot water for their health and hygiene needs. Suppliers and retailers capitalise on this trend by launching pre-festive season promotions, offering attractive discounts, EMI schemes, and energy-saving models to attract eager buyers. As consumer awareness of seasonal needs increases, the market is poised for further growth, with designs in place to address both peak winter demand and off-peak sustainability.

For instance, in September 2022, the Midea Group announced the launch of its newest energy-efficient water heaters in India. The sophisticated VD Series, featuring a new, convenient, and compact square design, blends seamlessly with the decor of the kitchen and/or bathroom, and fits nicely into an existing space.

Growth in Real Estate and Hospitality Sectors Expands the India Water Heater Market Size

India's rapid growth in the real estate and hospitality sectors is playing a key role in driving the growth of the water heater market. With growing urbanisation and increasing disposable incomes, residential developments in metro and tier-2 cities are increasingly adopting water heaters as an amenity, driving demand for both storage and instant types. Developers are collaborating with prominent brands of water heaters to provide pre-installed solutions for apartments and villas, thereby adding value to the properties and attracting customers seeking modern amenities. In contrast, the thriving hospitality sector, covering hotels, resorts, hospitals, and spas, is driving voluminous demand for water heating solutions for commercial applications. The focus on comfort and hygiene levels has prompted hotels to invest in high-capacity, energy-efficient water heaters, and healthcare centres aim for a 24/7 hot water supply for sanitation. To leverage this opportunity, companies are launching customised offerings, such as heat pumps for large hotels and small instant heaters for economy hotels. Growth in smart buildings and green certifications is also driving demand for solar and energy-efficient models, aligning with sustainability objectives.

For instance, in October 2023, with the launch of the Voltas Water Heaters, Voltas Limited, a well-known brand in the home appliances sector and the top air conditioner in India, announced its entry into the water heater market.

Tank Storage Dominates the India Water Heater Market

Tank storage water heaters still hold a formidable position in India's water heater industry, their dominance rooted in affordability, reliability, and the strong familiarity consumers have with them. The traditional units remain the first choice of middle-class families across the country, particularly in the North and Central regions, where prolonged winters generate high demand. Their ability to store and retain large volumes of hot water makes them suitable for family use, despite using relatively more energy compared to modern alternatives. The dominance of the segment is due to a variety of key factors, including strong trust in legacy brands, significantly lower initial costs compared to instant or solar variants, and simpler installation processes that make them accessible even in semi-urban and rural regions. The industry is responding to market trends by introducing upgraded variants with improved insulation, BEE 5-star energy ratings, and enhanced safety features. However, as sustainability concerns grow and smart home technology adoption increases, the industry is gradually shifting toward tankless and hybrid models in the higher-end segment. However, if the future seems, tank storage water heaters are likely to be the mainstream choice in India, achieving a perfect balance between cost and functionality in this price-sensitive market.

For instance, in October 2023, Racold, operated by Ariston Thermo India Private Limited, expanded its product portfolio with the launch of the premium range of water heaters.

Impact of the U.S. Tariff on India Water Heater Market

The U.S. government's recent imposition of higher import tariffs on water heaters, including those from India, could have mixed consequences for the domestic market. While the direct impact may be limited, since India's water heater industry primarily serves local demand, the tariffs could influence manufacturing strategies, export opportunities, and pricing dynamics.

Component suppliers exporting water heater parts to American manufacturers may face higher costs, indirectly affecting production.

If Indian water heater makers face reduced export competitiveness due to tariffs, they may shift focus to the growing Indian market, accelerating innovation.

The "Make in India" initiative could gain momentum, with companies investing more in localized production to avoid tariff risks.

Key Players Landscape and Outlook

The Indian water heater market has a fast-paced and competitive landscape, with traditional domestic brands and international brands competing for supremacy. Leaders such as Bajaj Electricals Limited and Havells India Limited continue to lead the mass market with economy storage heaters at affordable prices, while also investing in smart technologies. Meanwhile, international premium brands like AO Smith India Water Products Private Limited are spearheading the development of energy-saving and IoT-based solutions. New entrants, such as Usha International Limited and Hindware Home Innovation Limited, are gaining momentum in the instant water heater segment, particularly in urban areas. The sector is undergoing a strategic transition towards sustainability, with Racold (Ariston Thermo India Private Limited) and other brands focused on solar energy receiving government incentives for renewable energy solutions. In the future, the market is expected to grow strongly, driven by growth in urbanisation, rising disposable incomes, and the real estate boom. There are still challenges in balancing price sensitivity with the implementation of new-age technologies, especially in tier 2-3 cities. The competitive advantage would go to manufacturers that can effectively combine affordability with energy efficiency and expand their service networks.

Table of Contents

1. Project Scope and Definitions

2. Research Methodology

3. Impact of U.S. Tariffs

4. Executive Summary

5. Voice of Customers

• 5.1. Respondent Demographics
• 5.2. Brand Awareness
• 5.3. Factors Considered in Purchase Decisions
• 5.4. Challenges Faced Post Purchase
• 5.5. Frequency of Purchase

6. India Water Heater Market Outlook, FY2019-FY2033F

• 6.1. Market Size Analysis & Forecast
  • 6.1.1. By Value
  • 6.1.2. By Volume
• 6.2. Market Share Analysis & Forecast
  • 6.2.1. By Storage
    • 6.2.1.1. Tank Storage
    • 6.2.1.2. Tankless
    • 6.2.1.3. Hybrid/Heat Pump
  • 6.2.2. By Power Source
    • 6.2.2.1. Electric
    • 6.2.2.2. Solar
    • 6.2.2.3. Gas
    • 6.2.2.4. Others
  • 6.2.3. By Capacity
    • 6.2.3.1. Less Than 50 Litres
    • 6.2.3.2. 50 Litres to 150 Litres
    • 6.2.3.3. 150 Litres to 300 Litres
    • 6.2.3.4. More than 300 Litres
  • 6.2.4. By End User
    • 6.2.4.1. Domestic/Residential
    • 6.2.4.2. Commercial
      • 6.2.4.2.1. Hotels and Restaurants
      • 6.2.4.2.2. Hospital and Clinics
      • 6.2.4.2.3. Hostels, Dormitories and Guest Houses
      • 6.2.4.2.4. Salon and Spa Services
      • 6.2.4.2.5. Health Clubs and Sports Complex
      • 6.2.4.2.6. Others
    • 6.2.4.3. Industrial
  • 6.2.5. By Sales Channel
    • 6.2.5.1. Online
    • 6.2.5.2. Offline
      • 6.2.5.2.1. Multi-Brand Stores
      • 6.2.5.2.2. Brand Stores/ Kiosks
      • 6.2.5.2.3. Others
  • 6.2.6. By Distribution Channel
    • 6.2.6.1. Original Equipment Manufacturers (OEMs)
    • 6.2.6.2. Distributors and Dealers
    • 6.2.6.3. Wholesalers and Retailers
  • 6.2.7. By Region
    • 6.2.7.1. North
    • 6.2.7.2. South
    • 6.2.7.3. East
    • 6.2.7.4. West and Central
  • 6.2.8. By Company Market Share Analysis (Top 5 Companies and Others - By Value, FY2025)
• 6.3. Market Map Analysis, FY2025
  • 6.3.1. By Storage
  • 6.3.2. By Power Source
  • 6.3.3. By Capacity
  • 6.3.4. By End User
  • 6.3.5. By Sales Channel
  • 6.3.6. By Distribution Channel
  • 6.3.7. By Region

7. Demand Supply Analysis

8. Import and Export Analysis

9. Value Chain Analysis

10. Porter's Five Forces Analysis

11. PESTLE Analysis

12. Pricing Analysis

13. Market Dynamics

• 13.1. Market Drivers
• 13.2. Market Challenges

14. Market Trends and Developments

15. Policy and Regulatory Landscape

16. Case Studies

17. Competitive Landscape

• 17.1. Competition Matrix of Top 5 Market Leaders
• 17.2. SWOT Analysis for Top 5 Players
• 17.3. Key Players Landscape for Top 10 Market Players
  • 17.3.1. Havells India Limited
    • 17.3.1.1. Company Details
    • 17.3.1.2. Key Management Personnel
    • 17.3.1.3. Key Products Offered
    • 17.3.1.4. Key Financials (As Reported)
    • 17.3.1.5. Key Market Focus and Geographical Presence
    • 17.3.1.6. Recent Developments/Collaborations/Partnerships/Mergers and Acquisition
  • 17.3.2. Usha International Limited
  • 17.3.3. Crompton Greaves Consumer Electricals Limited
  • 17.3.4. V-Guard Industries Limited
  • 17.3.5. A. O. Smith India Water Products Private Limited
  • 17.3.6. Orient Electric Limited
  • 17.3.7. Ken Lifestyles Private Limited
  • 17.3.8. Venus Home Appliances Private Limited
  • 17.3.9. Ariston Group India Private Limited (Racold)
  • 17.3.10. Bajaj Electricals Limited

Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.

18. Strategic Recommendations

19. About Us and Disclaimer

List of Tables

• Table 1. Competition Matrix of Top 5 Market Leaders
• Table 2. Mergers & Acquisitions/ Joint Ventures (If Applicable)
• Table 3. About Us - Regions and Countries Where We Have Executed Client Projects

List of Figures

• Figure 1. India Water Heater Market, By Value, In USD Million, FY2019-FY2033F
• Figure 2. India Water Heater Market, By Volume, In Thousand Units, FY2019-FY2033F
• Figure 3. India Water Heater Market Share (%), By Storage, FY2019-FY2033F
• Figure 4. India Water Heater Market Share (%), By Power Source, FY2019-FY2033F
• Figure 5. India Water Heater Market Share (%), By Capacity, FY2019-FY2033F
• Figure 6. India Water Heater Market Share (%), By End User, FY2019-FY2033F
• Figure 7. India Water Heater Market Share (%), By Sales Channel, FY2019-FY2033F
• Figure 8. India Water Heater Market Share (%), By Distribution Channel, FY2019-FY2033F
• Figure 9. India Water Heater Market Share (%), By Region, FY2019-FY2033F
• Figure 10. By Storage Map-Market Size (USD Million) & Growth Rate (%), FY2025
• Figure 11. By Power Source Map-Market Size (USD Million) & Growth Rate (%), FY2025
• Figure 12. By Capacity Map-Market Size (USD Million) & Growth Rate (%), FY2025
• Figure 13. By End User Map-Market Size (USD Million) & Growth Rate (%), FY2025
• Figure 14. By Sales Channel Map-Market Size (USD Million) & Growth Rate (%), FY2025
• Figure 15. By Distribution Channel Map-Market Size (USD Million) & Growth Rate (%), FY2025
• Figure 16. By Region Map-Market Size (USD Million) & Growth Rate (%), FY2025