BURNABY, Canada, March 18, 2015 /PRNewswire/ --
Increasing disposable income, growth in construction sector and increased adoption in commercial and residential spaces to drive water heaters market in India
According to a recently published TechSci Research report "India Water Heaters Market Forecast & Opportunities, 2020", water heaters market in India is expected to cross USD330 million in 2015. Major factors driving water heater sales in India include increase in disposable income, improved standard of living and rising awareness among consumers regarding benefits of branded water heaters. Residential sector is currently the largest revenue contributor in India water heater market. The high contribution of residential sector can be accredited to the increase in housing projects in the country. However, water heater use in India is not limited to residential sector as they are increasingly being adopted in industrial and commercial sector as well.
Water heaters in India are emerging as technologically upgraded and innovative products. Electric water heaters are currently the most popular among consumers. Although electric water heater market is moving towards maturity, continuous innovations on the part of manufacturers are driving growth in the market. In addition, solar water heaters are anticipated to gain prominence in India water heater market over the next five years. Growth in solar water heater market is being propelled by government efforts and demand among consumers for energy efficient and eco-friendly products. Gas water heater market in the country is still at a nascent stage, but is expected to pick pace on the back of government plans to extend piped gas network.
Major players in India water heaters market are Racold, Bajaj, Venus, V-Guard and AO Smith among others. The market is currently dominated by Racold followed by Bajaj and Venus. Moreover, foreign companies like Ferroli are entering the market with innovative products. Ferroli started its operations in India in 2013 by bringing in a premium range of first of their kind Wi-Fi enabled water heaters in the country. Other small and medium sized companies also hold a significant share of around 25% in the market.
"Water heater manufacturers in the country are facing stiff competition from unorganized sector and Chinese imports, which provide cheaper products. Indian consumers have limited awareness of technology and consider water heater an ordinary electrical appliance, giving not much importance to its specifications. However, this trend is changing with increasing awareness regarding safety risks that these cheap alternatives pose. Over the next five years, changing consumer preference, along with energy efficiency and quality standards, is expected to increase opportunities for market players in the organized sector." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Water Heaters Market Forecast & Opportunities, 2020" has evaluated the future growth potential of water heaters market in India and provides statistics and information on the market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with the essential drivers, challenges and opportunities present in India water heater market.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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