温水器のインド市場の評価：貯湯別、動力源別、容量別、エンドユーザー別、販売チャネル別、地域別、機会、予測（2019年度～2033年度）

インドの温水器の市場規模は、可処分所得の増加、都市化、家庭や商業空間における利便性への需要の増加により、2025年度の3億2,752万米ドルから2033年度に5億8,138万米ドルに達すると予測され、予測期間の2026年度～2033年度にCAGRで7.44%の成長が見込まれます。都市化の進行と拡大する中間層の可処分所得の増加が需要を積極的に促進しており、利便性と快適性を求めて家電に頼る消費者が増加しています。季節柄、特に北インドと中央インドの厳しい冬も、主要市場での売上に拍車をかけています。補助金を通じて太陽熱温水器の使用を促進するPM Surya Ghar Yojanaや、Bureau of Energy Efficiency（BEE）によるエネルギー効率の高い家電の星評価制度などの政府制度も、消費者の選択において大きな役割を果たしています。

さらに、ホテルや不動産業界の成長も需要を後押ししており、コンドミニアム住宅やオフィススペースでは、付加価値の高い設備として温水器を取り入れるケースが増えています。技術の進歩も大きな促進要因となっており、Wi-Fi対応のスマート温水器、瞬間式タンクレス温水器、安全機能などが都市部の消費者の間で流行しています。エネルギー効率は重要な検討事項であり、特に環境意識の高い消費者の間では、5つ星BEE規格のヒーター、ソーラーヒーター、ヒートポンプの需要を促進しています。Saubhagyaのようなプログラムによる農村部の電化は、Tier 3およびTier 4の都市に市場を開放し、オンラインチャネルはアクセス性をさらに高めています。COVID後の衛生上への懸念や、核家族と勤労者の急速暖房ソリューションへの需要など、ライフスタイルの変化が市場成長の促進要因となっています。貯湯式ヒーターの高い消費電力、ソーラー式やヒートポンプ式の初期費用、季節性などがボトルネックとなっています。しかし、技術革新、政府の取り組み、消費者ニーズの変化により、より革新的で、より効率的で、環境にやさしい温水ソリューションへの明確な動向が見られることから、市場は持続的に成長する見通しです。

例えば2024年4月、デリーで開催されたAcetech Exhibition 2023で、現代生活向け電気ソリューションのメーカーであるGM Modular Pvt.Ltd.は、同社初の貯湯式温水器R1Xを発表し、同社の製品ラインに追加しました。

当レポートでは、インドの温水器市場について調査分析し、市場規模と予測、市場力学、主要企業の情勢などを提供しています。

目次

第1章 プロジェクトの範囲と定義

第2章 調査手法

第3章 米国関税の影響

第4章 エグゼクティブサマリー

第5章 顧客の声

• 回答者の人口統計
• ブランド認知度
• 購入決定において考慮される要素
• 購入後に直面する課題
• 購入頻度

第6章 インドの温水器市場の見通し（2019年度～2033年度）

• 市場規模の分析と予測
  • 金額
  • 数量
• 市場シェアの分析と予測
  • 貯湯別
    • タンク貯湯
    • タンクレス
    • ハイブリッド/ヒートポンプ
  • 動力源別
    • 電気
    • 太陽光
    • ガス
    • その他
  • 容量別
    • 50リットル未満
    • 50リットル～150リットル
    • 150リットル～300リットル
    • 300リットル超
  • エンドユーザー別
    • 家庭/住宅
    • 商業
    • 工業
  • 販売チャネル別
    • オンライン
    • オフライン
  • 流通チャネル別
    • OEM
    • 販売業者、ディーラー
    • 卸売業者、小売業者
  • 地域別
    • 北部
    • 南部
    • 東部
    • 西部・中部
  • 市場シェア分析：企業別（上位5社とその他）（金額）（2025年度）
• 市場マップ分析（2025年度）
  • 貯湯別
  • 動力源別
  • 容量別
  • エンドユーザー別
  • 販売チャネル別
  • 流通チャネル別
  • 地域別

第7章 需給の分析

第8章 輸入と輸出の分析

第9章 バリューチェーン分析

第10章 ポーターのファイブフォース分析

第11章 PESTLE分析

第12章 価格分析

第13章 市場力学

• 市場促進要因
• 市場の課題

第14章 市場動向と発展

第15章 政策と規制情勢

第16章 ケーススタディ

第17章 競合情勢

• マーケットリーダー上位5社の競合マトリクス
• 上位5社のSWOT分析
• 主要企業上位10社の情勢
  • 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 戦略的提言

第19章 調査会社について・免責事項

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

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