Vietnam Water Heater Market Demand, Drivers and Opportunities 2024-2030

Vietnam Water Heater Market Overview and Insights:

Vietnam Water Heater Market research is an ongoing process. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.

What is the Future Market Size of the Vietnam Water Heater Industry and its Yearly Growth Rate?

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. The market growth imputes the surging demand for water heaters in Vietnam, driven by rising requirements for hot water in the country. Rapid urbanization, coupled with a burgeoning population, has led to a sharp increase in construction activities, fostering a growing need for water heaters in both residential and commercial sectors. Moreover, with the expansion of Vietnam’s economy, there is a significant surge in the middle-class population, further creating the demand for water heaters in the country.

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Who are the Main Competitors Driving the Vietnam Water Heater Market Forward?

The prominent players essentially operating in the Vietnam Water Heater Market are as follows:

Rheem Manufacturing Company
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 key Drivers Defining the Vietnam Water Heater Market Size?

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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What is the Segmentation of the Vietnam Water Heater Market?

The Vietnam Water Heater market covered in this report is segmented –

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)
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)
By Region
- North
- South
- Central

Key Questions Answered in the Research Report

What is the predicted Vietnam Water Heater market size and growth rate for the years 2024-30?
What challenges are restricting the growth of the Vietnam Water Heater market?
Which segment accounted for the largest market share in the Vietnam Water Heater market?
Which prominent companies are leading growth in the Vietnam Water Heater market?
In what formats does Markntel Advisors deliver the concerned report descriptions?
How long does it take for customers to receive the reports provided by Markntel Advisors?
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