The import of electric instant, storage, and immersion water heaters to Singapore in 2023 stood at 550.77 thousand. From 2013 to 2023, the import values showed an overall growth trend, rising from 256.42 thousand to 550.77 thousand. Over the last two years, imports demonstrated an uptick in demand with year-on-year variations of 2.24% in 2022 and 2.15% in 2023. The Compound Annual Growth Rate (CAGR) over the past five years stood at 1.51% up to 2023. Future forecasts indicate a steady growth, with the import value predicted to reach 611.37 thousand by 2028 and a forecasted 5-year CAGR of 1.64%.

Future trends to watch for include:

Technological advancements in energy-efficient water heaters driving import demand.
Singapore’s regulatory changes impacting the market dynamics for imported water heaters.
Shifts in consumer preferences towards more sustainable and eco-friendly products.