Vietnam Water Heater Market Report and Forecast 2032

Vietnam Water Heater Market Insights & Analysis

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. The considerable growth trajectory can be ascribed to Vietnam's swift urbanization, rising disposable income, and increasing consciousness about energy-efficient water heating solutions. The country's government's emphasis on sustainable energy appliances has further elevated market development, specifically in the solar water heater segment in Vietnam.

Moreover, the residential water heater sector governs the Vietnam Water Heater Market share owing to the elevated construction of apartments & housing complexes in foremost regions, such as Ho Chi Minh City, Hanoi, and Da Nang. Also, the hospitality sector's water heating solutions growth with varied hotels, resorts, and commercial establishments has substantially contributed to industry expansion. Vietnam's tropical climate with seasonal deviations forms a year-round demand for hot water systems, specifically in northern & central regions undergoing cooler temperatures during the time of winter.

Vietnam Water Heater Market FY32

• Study Period: 2020- 2032


• Base Year: 2024


• CAGR(2025-2032): 16.20%


• Market Value 2032: USD 781.21 Million


• Major Players: 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 and Trading Company Ltd., Eemax Inc., and Others. 

Furthermore, the leading water heater brands & companies in Vietnam are progressively joining forces with international manufacturers & producers to integrate advanced technologies, including smart water heating controls, IoT-enabled water heaters, and energy efficiency features. Thus, this trend is remodeling customer preferences toward premium water heater products with long-term cost assistance despite higher initial investments. Also, the thriving e-commerce water heater sales have altered distribution channels, making water heaters more reachable to customers in the second- & third-tier cities, hence instigating the market growth graph.

Additionally, the Vietnam Water Heater Market is destined for strong growth pushed by progressing urbanization, increasing household construction, and growing customer preferences for convenience & comfort. Further, the shift toward renewable energy water heaters, specifically solar-powered water heating systems, presents considerable prospects as Vietnam accentuates sustainable development goals. Besides, the expanding middle-class population with higher spending capacity would likely drive demand for premium & technologically advanced water heating systems in the future years, thus enhancing the Vietnam Water Heater Market share.

Vietnam Water Heater Market Upgrades & Recent 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.