India Water Heater Market Size & Outlook, 2026-2033
Global Market
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India water heater market highlights
- The India water heater market generated a revenue of USD 1,251.0 million in 2025 and is expected to reach USD 1,983.2 million by 2033.
- The India market is expected to grow at a CAGR of 6% from 2026 to 2033.
- In terms of segment, electric was the largest revenue generating product in 2025.
- Solar is the most lucrative product segment registering the fastest growth during the forecast period.
Water heater market data book summary
| Market revenue in 2025 | USD 1,251.0 million |
| Market revenue in 2033 | USD 1,983.2 million |
| Growth rate | 6% (CAGR from 2026 to 2033) |
| Largest segment | Electric |
| Fastest growing segment | Solar |
| Historical data | 2021 - 2024 |
| Base year | 2025 |
| Forecast period | 2026 - 2033 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Electric, Solar, Gas |
| Key market players worldwide | A.O. Smith Corp, Robert Bosch Engineering & Business Solutions, Rinnai Corp, Noritz Corp, Whirlpool Corp, WESCO International Inc, Haier, Lennox International Inc |
Other key industry trends
- In terms of revenue, India accounted for 3.9% of the global water heater market in 2025.
- Country-wise, China is expected to lead the global market in terms of revenue in 2033.
- In Asia Pacific, China water heater market is projected to lead the regional market in terms of revenue in 2033.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 1,983.2 million by 2033.
According to the ADB, the GDP of India contracted by 8% in 2020 as the country was severely hit by the pandemic. According to the United Nations, India’s GDP is forecasted to grow by 7.5% in 2021. This looks unlikely as the country is facing a second wave of COVID-19, much more severe than the first.
Surging infections and inadequate vaccine deployment are hampering the economic revival. As the country rolls out its vaccine program amid the lockdown, it is expected that India will reach its pre-pandemic levels by 2022-2023, thus, signaling mild growth for the economy and thus the water heater market.
The market expansion is driven by the increasing number of new construction projects and rising per capita disposable income. The increasing demand for low-cost and efficient water heaters coupled with rising living standards is expected to drive the water heater market in India.
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Publish Date: Aug 26, 2025
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Water Heater Market Scope
Water Heater Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Whirlpool Corp | View profile | 59,000 | 2000 North M-63, Benton Harbor, MI, United States, 49022-2692 | www.whirlpoolcorp.com |
| Robert Bosch Engineering & Business Solutions | View profile | 10001+ | Bangalore, Karnataka, India, Asia | www.bosch-india-software.com |
| Haier | View profile | 10001+ | Qingdao Shi, Shandong, China, Asia | haier.com/in |
| Lennox International Inc | View profile | 12,600 | 2140 Lake Park Boulevard, Richardson, TX, United States, 75080 | www.lennox.com |
| A.O. Smith Corp | View profile | 12,000 | 11270 West Park Place, P. O. Box 245008, Suite 170, Milwaukee, WI, United States, 53224-9508 | www.aosmith.com |
| WESCO International Inc | View profile | 20,000 | 225 West Station Square Drive, Suite 700, Pittsburgh, PA, United States, 15219 | www.wesco.com |
| Rinnai Corp | View profile | 12,731 | 2-26, Fukuzumi-cho, Nakagawa-ku, Nagoya, Japan, 454-0802 | www.rinnai.co.jp |
| Noritz Corp | View profile | 7,174 | 93 Edo-machi, Chuo-ku, Kobe, Japan, 650-0033 | www.noritz.co.jp |
India Water Heater Market Outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to Water Heater Market Outlook will help companies and investors design strategic landscapes.
Electric was the largest segment with a revenue share of 64.75% in 2025.
Horizon Databook has segmented the India water heater market based on electric, solar, gas covering the revenue growth of each sub-segment from 2021 to 2033.
According to the ADB, the GDP of India contracted by 8% in 2020 as the country was severely hit by the pandemic. According to the United Nations, India’s GDP is forecasted to grow by 7.5% in 2021. This looks unlikely as the country is facing a second wave of COVID-19, much more severe than the first.
Surging infections and inadequate vaccine deployment are hampering the economic revival. As the country rolls out its vaccine program amid the lockdown, it is expected that India will reach its pre-pandemic levels by 2022-2023, thus, signaling mild growth for the economy and thus the water heater market.
The market expansion is driven by the increasing number of new construction projects and rising per capita disposable income. The increasing demand for low-cost and efficient water heaters coupled with rising living standards is expected to drive the water heater market in India.
- India Water Heater Market Product Outlook (Revenue, USD Million , 2021-2033)
- Electric
- Solar
- Gas
- India Water Heater Market Technology Outlook (Revenue, USD Million , 2021-2033)
- Tankless
- Storage Tank
- Hybrid
- India Water Heater Market Application Outlook (Revenue, USD Million , 2021-2033)
- Residential
- Commercial
- Industrial
- India Water Heater Market Capacity Outlook (Revenue, USD Million , 2021-2033)
- Below 30 Liters
- 30 - 100 Liters
- 100 - 250 Liters
- 250 - 400 Liters
- Above 400 Liters
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Horizon Databook provides a detailed overview of country-level data and insights on the India Water Heater Market Outlook, including forecasts for subscribers. This country databook contains high-level insights into India Water Heater Market Outlook from 2021 to 2033, including revenue numbers, major trends, and company profiles.
India Water Heater Market, 2021-2033 (US$M)
India water heater market statistics, by product, 2021-2033 (US$M)
