Vietnam Water Heater Market Statistics:
Market Size in 2025: USD 276.21 Million
Market Size in 2032: USD 781.21 Million
Market Growth Rate 2025-2032: 16.20%
According to The Report Cube latest research study, The Vietnam Water Heater Market reached a value of nearly USD 276.21 million in 2025. The market is assessed to grow at a CAGR of around 16.20%, during the forecast period of 2025-2032 to attain a value of around USD 781.21 million in 2032.
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Vietnam Water Heater Market Drivers:
- Increasing Adoption of Energy-efficient Water Heaters to Drive Industry Growth
The constant upgrade in electricity & gas prices in Vietnam has amplified customer interest in energy-efficient water heating solutions. This is specifically apparent in urban areas where utility expenses represent a substantial share of household expenses. Individuals are progressively calculating the lifetime operational expenses of water heaters rather than concentrating especially on purchase costs. Moreover, manufacturers have responded by developing water heaters with high energy efficacy ratings, heat recovery systems, and programmable features that enhance energy intake. Also, government energy-efficiency labeling programs for water heaters have further spread awareness among the people about long-term savings potential, solidifying the Vietnam Water Heater Market’s demand for premium energy-saving water heater models.
According to the report, prominent players operating in the market include:
- Rheem Manufacturing Company
- Smith Corporation
- Electrolux Vietnam Co. Ltd.
- Ariston Thermo Group
- Rinnai Vietnam Co.Ltd.
- Noritz Corporation
- Ferroli S.P.A
- Bosch Thermotechnology
- Picenza Vietnam Production
- Trading Company Ltd.
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Key Market Segmentation
- Market Share, By Product Type
- Electric Water Heaters
- Solar Water Heaters
- Gas Water Heaters
- Others (Oil water heaters, Heat pump water heaters, Hybrid water heaters, etc.)
- Market Share, By Pricing Model
- Premium Water Heaters
- Mid-Range Water Heaters
- Economy Water Heaters
- Market Share, By End User
- Residential
- Commercial/Industrial
Recent News and Developments in Vietnam Water Heater Market
· Rheem Manufacturing Company introduced its ProTerra™ hybrid electric water heater series in Vietnam, presenting energy-efficient heat pump technology with smart home integration capabilities.
· AO. Smith expanded its manufacturing facility in Binh Duong Province, aggregating production capacity by nearly 40% to meet rising domestic & export demands for high-efficiency water heaters.
· Rinnai Vietnam Co. gas water heaters Vietnam launched its eco-friendly condensing technology gas water heaters with around 95% thermal efficiency ratings in main urban markets.
Vietnam Water Heater Market FAQs
- What is the current size and forecast of the Vietnam water heater market (2026–2032)?
The market is projected to witness consistent growth, supported by urbanization, rising living standards, and adoption of energy-efficient technologies. - What are the major factors driving growth in the Vietnam water heater market?
Key drivers include government energy-efficiency initiatives, demand from the residential sector, rising disposable incomes, and increasing adoption of solar and instant water heaters. - Which water heater technologies are most popular in Vietnam?
Electric storage heaters dominate, while demand for solar and tankless (instant) heaters is rapidly increasing due to cost savings and environmental concerns. - Who are the primary end-users in the Vietnam water heater market?
Residential households remain the largest segment, followed by hotels, hospitals, and commercial facilities seeking reliable hot water solutions. - What challenges could slow market growth in Vietnam?
Challenges include high upfront costs of solar systems, inconsistent energy infrastructure in rural areas, and competition from low-cost imports. - What opportunities exist for investors in the Vietnam water heater industry?
Opportunities lie in renewable-energy-powered systems, smart water heaters, rural market penetration, and strategic partnerships with construction developers. - How will government policies and sustainability trends impact the market?
Policies promoting energy efficiency and renewable energy adoption are expected to boost the demand for eco-friendly and solar-powered water heaters.
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