Vietnam Water Heater Market to Grow at 9.27% CAGR by 2030 | MarkNtel Advisors
Market Overview:
MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Vietnam Water Heater Market, The Vietnam Water Heater Market size is estimated to grow at a CAGR of around 9.27% during the forecast period, i.e., 2024–30. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Vietnam Water Heater Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.
Industry Outlook & Forecasts:
- Forecast Period: 2024-2030
- CAGR (2024-2030): 9.27%
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Vietnam Water Heater Market Segmentation Breakdown:
The Vietnam Water Heater Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Product Type
- Electric- Market Size & Forecast 2019-2030 (Thousand Units)
- Solar- Market Size & Forecast 2019-2030 (Thousand Units)
- Gas- Market Size & Forecast 2019-2030 (Thousand Units)
- Others (Oil, Heat Pump, Hybrid, etc.) – Market Size & Forecast 2019-2030 (Thousand Units)
Out of them all, the electric segment is anticipated to hold a major market share in the forecast period, owing to the rising consumer inclination towards sustainable and instant water heaters.
- By Storage Capacity
- Below 30 Liters- Market Size & Forecast 2019-2030 (Thousand Units)
- 31-50 Liters- Market Size & Forecast 2019-2030 (Thousand Units)
- 51-150 Liters – Market Size & Forecast 2019-2030 (Thousand Units)
- 151-250 Liters- Market Size & Forecast 2019-2030 (Thousand Units)
- 251-400 Liters- Market Size & Forecast 2019-2030 (Thousand Units)
- Above 400 Liters- Market Size & Forecast 2019-2030 (Thousand Units)
- By Distribution Channel
- Direct Sales- Market Size & Forecast 2019-2030 (Thousand Units)
- Supermarket/Hypermarket- Market Size & Forecast 2019-2030 (Thousand Units)
- Online- Market Size & Forecast 2019-2030 (Thousand Units)
- Others (Exclusive Stores, Wholesales, etc.)- Market Size & Forecast 2019-2030 (Thousand Units)
- By End User
- Residential- Market Size & Forecast 2019-2030 (Thousand Units)
- Commercial- Market Size & Forecast 2019-2030 (Thousand Units)
- Industrial- Market Size & Forecast 2019-2030 (Thousand Units)
Rapid urbanization and commercial development have led to a surge in demand for water heaters in hotels, restaurants, hospitals, office buildings, and other commercial establishments in Vietnam.
- By Storage Type
- Tankless- Market Size & Forecast 2019-2030 (Thousand Units)
- Storage Tank- Market Size & Forecast 2019-2030 (Thousand Units)
- Hybrid- Market Size & Forecast 2019-2030 (Thousand Units)
Geographical Growth Insights:
- By Region
- North
- South
- Central
MarkNtel Advisors Highlights Key Market Drivers for Vietnam Water Heater Market:
Growing Demand for Water Heaters in Healthcare Facilities to Drive Market Growth – Increasing investments in healthcare infrastructure, coupled with government initiatives to improve access to quality healthcare services, are fueling the sector’s expansion. The rising middle-class population with higher disposable incomes is demanding better healthcare facilities and services, driving private sector investment in hospitals, clinics, and specialized treatment centers. Moreover, advancements in medical technology and pharmaceuticals are enhancing the quality of healthcare delivery, attracting both domestic and international patients seeking advanced treatments. Government policies aimed at strengthening the healthcare workforce through training programs and incentives are addressing staffing shortages and improving the overall quality of care. Additionally, the aging population and changing disease profiles, including the rising prevalence of non-communicable diseases, are driving demand for healthcare services. For Instance,
- In 2022, according to the WHO, non-communicable diseases (NCDs) are an increased mortality and morbidity burden that accounts for approximately 74% of total deaths in Vietnam.
As healthcare facilities expand to accommodate the increasing demand for medical services, there is a parallel rise in the need for hot water for sterilization, sanitation, and patient care purposes. Hospitals, clinics, and other healthcare institutions require reliable water heaters to ensure cleanliness and hygiene standards are maintained, driving the demand for water heaters in this sector and propelling market growth & development.
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A Comprehensive Analysis of Leading Companies in Vietnam Water Heater Market
- Rheem Manufacturing Company
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- A. O. Smith Corporation
- Electrolux Vietnam Co. Ltd.
- Ariston Thermo Group
- Rinnai Vietnam Co., Ltd
- Noritz Corporation
- Ferroli S.P.A.
- Bosch Thermotechnology
- Picenza Vietnam Production And Trading Company Ltd.
- Eemax Inc.
- Others
What are the growth Opportunity driving the Vietnam Water Heater Market?
Burgeoning Establishments in the Manufacturing Sector to Offer Lucrative Opportunities – Vietnam’s strategic geographical location and its position as a hub for manufacturing and trade in Southeast Asia are attracting foreign investments and fostering industrial development. The government’s proactive policies, including tax incentives, streamlined regulations, and infrastructure investments, have further incentivized manufacturing companies to establish operations in the country. Industries such as electronics, garments and textiles, footwear, and automotive manufacturing are experiencing robust growth, driven by Vietnam’s skilled and relatively low-cost labor force. For Instance,
- In 2023, Hana Micron Vina Co., Ltd. inaugurated a semiconductor plant in Bac Giang province, the first of its kind in Northern Vietnam.
Additionally, the country’s participation in free trade agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the European Union-Vietnam Free Trade Agreement (EVFTA), has opened up new market opportunities for exporters, further stimulating manufacturing activities. With the surging manufacturing units in the country, there is a growing demand for reliable and efficient water-heating solutions to support production processes. Industrial water heaters play a crucial role in applications such as parts cleaning, equipment sterilization, and temperature control, ensuring optimal operational efficiency and product quality, surging their adoption, and propelling their market demand. Thus, the burgeoning investments and growth in the manufacturing sector are expected to create opportunities in the Vietnam Water Heater Market in the upcoming years.
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