The Report Cube which is one of the leading market research company in UAE expects the Vietnam Water Heater Market to grow at a CAGR of around 16.20% through 2032, as highlighted in their latest research report. The study provides an in-depth analysis of the emerging trends shaping the Vietnam Water Heater Market and offers detailed forecasts for its potential growth during 2025–2032. The report also presents a comprehensive assessment of the competitive landscape, including profiles of leading players, their performance metrics, and recent strategic developments. Additionally, it explores the key market drivers, challenges, opportunities, and provides insights into historical and future revenue trends at the global, regional, and country levels.
Vietnam Water Heater Market Overview:
Market Size (2025): USD 276.21 million
Market Size (2032): USD 781.21 million
CAGR (2025–2032): 16.20%
Top Companies in Vietnam Water Heater Market: Rheem Manufacturing Company, AO. 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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US LiDAR Industry Recent News and Developments:
2025:
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.
2024:
Noritz Corporation established a strategic partnership with several key residential developers to supply tankless water heating solutions for new housing projects.
Bosch Thermotechnology introduced a comprehensive after-sales service program with extended warranties across Vietnam's major cities.
Eemax tankless electric heaters entered the Vietnamese market through a joint venture with a noticeable local distributor, launching its instant electric water heater technology.
Key Growth Drivers of the Vietnam Water Heater Market:
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.
Vietnam Water Heater Market Segmentation
The global water heaters market is segmented by product type, pricing model, end user, and competitors. By product type, the market includes electric, solar, gas, and other advanced water heaters such as hybrid and heat pump models, with electric variants holding a major share due to easy installation and affordability. Based on pricing model, mid-range water heaters dominate the segment, balancing performance and cost for most households. By end user, the residential sector leads the market, driven by rising urbanization and increasing demand for energy-efficient home appliances, while the commercial and industrial sectors show steady growth. In terms of competition, the market features intense rivalry among global and regional brands, with leading players capturing significant revenue shares through innovation, energy-efficient solutions, and brand reliability.
- 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
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- Market Share, By End User
- Residential
- Commercial/Industrial
- Market Share, By Competitors
- Competition Characteristics
- Revenue Shares
Note:
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