Electric Heating Radiator Market

The global market for electric storage heating radiators is projected to experience growth in both volume and value terms from 2022 to 2030, with a forecasted CAGR of +5.3% and +7.7% respectively. Despite fluctuations in consumption and production volumes over the years, the market is anticipated to reach 23M units and $2.1B by the end of 2030. The United States, China, and India were the top consumers in 2022, while China dominated production volumes. The United States led in imports, with China as the key exporter. Lithuania showed significant growth in market size and export value. Average import and export prices varied by country, with Belgium and China showcasing the highest and lowest prices respectively.

Market Forecast

Driven by increasing demand for electric storage heating radiators worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +5.3% for the period from 2022 to 2030, which is projected to bring the market volume to 23M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +7.7% for the period from 2022 to 2030, which is projected to bring the market value to $2.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Electric Storage Heating Radiators

In 2022, after three years of decline, there was growth in consumption of electric storage heating radiators, when its volume increased by 0.4% to 15M units. The total consumption volume increased at an average annual rate of +4.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Global consumption peaked at 17M units in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

The global electric heating radiator market value fell slightly to $1.1B in 2022, flattening at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the global market reached the maximum level at $1.3B in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (2.8M units), China (2.1M units) and India (1.3M units), with a combined 41% share of global consumption. Malaysia, Brazil, Indonesia, Russia, Lithuania, the UK, Canada, Turkey, Saudi Arabia and Iran lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Malaysia (with a CAGR of +26.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, India ($99M), Brazil ($95M) and the United States ($69M) were the countries with the highest levels of market value in 2022, together comprising 23% of the global market. China, Canada, Lithuania, Indonesia, Russia, Turkey, the UK, Malaysia, Iran and Saudi Arabia lagged somewhat behind, together accounting for a further 32%.

Lithuania, with a CAGR of +26.3%, saw the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of electric heating radiator per capita consumption was registered in Lithuania (168 units per 1000 persons), followed by Malaysia (30 units per 1000 persons), the United States (8.5 units per 1000 persons) and Saudi Arabia (7.8 units per 1000 persons), while the world average per capita consumption of electric heating radiator was estimated at less than 0.1 units per 1000 persons.

From 2012 to 2022, the average annual rate of growth in terms of the electric heating radiator per capita consumption in Lithuania stood at +21.5%. In the other countries, the average annual rates were as follows: Malaysia (+24.9% per year) and the United States (+4.7% per year).

Production

World Production of Electric Storage Heating Radiators

In 2022, global production of electric storage heating radiators shrank to 13M units, waning by -1.7% against 2021. In general, the total production indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +2.6% against 2020 indices. The growth pace was the most rapid in 2013 when the production volume increased by 24%. Global production peaked at 15M units in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

In value terms, electric heating radiator production amounted to $1.7B in 2022 estimated in export price. Overall, the total production indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +2.9% against 2020 indices. The pace of growth appeared the most rapid in 2016 with an increase of 39% against the previous year. As a result, production attained the peak level of $2.1B. From 2017 to 2022, global production growth failed to regain momentum.

Production By Country

China (3.6M units) remains the largest electric heating radiator producing country worldwide, comprising approx. 27% of total volume. Moreover, electric heating radiator production in China exceeded the figures recorded by the second-largest producer, India (1.3M units), threefold. The third position in this ranking was held by the United States (1.1M units), with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +9.3%. The remaining producing countries recorded the following average annual rates of production growth: India (+7.9% per year) and the United States (+8.5% per year).

Imports

World Imports of Electric Storage Heating Radiators

In 2022, the amount of electric storage heating radiators imported worldwide rose notably to 4.5M units, surging by 11% on 2021 figures. Overall, total imports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -4.7% against 2019 indices. The pace of growth appeared the most rapid in 2019 with an increase of 33%. As a result, imports attained the peak of 4.7M units. From 2020 to 2022, the growth of global imports remained at a lower figure.

In value terms, electric heating radiator imports totaled $188M in 2022. Over the period under review, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 18% against the previous year. Global imports peaked at $191M in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports By Country

The United States was the main importer of electric storage heating radiators in the world, with the volume of imports accounting for 1.8M units, which was approx. 39% of total imports in 2022. Malaysia (1,002K units) ranks second in terms of the total imports with a 22% share, followed by the UK (11%). Belgium (174K units), France (147K units), the Netherlands (129K units) and Germany (107K units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +31.8%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest electric heating radiator importing markets worldwide were the United States ($42M), the UK ($27M) and France ($18M), with a combined 47% share of global imports. Belgium, Germany, the Netherlands and Malaysia lagged somewhat behind, together accounting for a further 20%.

The Netherlands, with a CAGR of +20.5%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average electric heating radiator import price amounted to $42 per unit, which is down by -3.9% against the previous year. Over the period under review, the import price showed a noticeable descent. The pace of growth appeared the most rapid in 2016 an increase of 15% against the previous year. Over the period under review, average import prices hit record highs at $59 per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was France ($126 per unit), while Malaysia ($3.7 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+4.7%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Electric Storage Heating Radiators

In 2022, global electric heating radiator exports rose sharply to 2.6M units, picking up by 6.2% on the previous year's figure. In general, exports showed a strong expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 83%. The global exports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, electric heating radiator exports contracted modestly to $127M in 2022. Over the period under review, total exports indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +46.5% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 30%. As a result, the exports attained the peak of $131M, and then declined slightly in the following year.

Exports By Country

China was the key exporting country with an export of around 1.5M units, which reached 59% of total exports. It was distantly followed by the Netherlands (276K units), Germany (215K units) and Lithuania (189K units), together making up a 26% share of total exports. The following exporters - Belgium (53K units), Spain (46K units) and the UK (44K units) - each accounted for a 5.4% share of total exports.

China was also the fastest-growing in terms of the electric storage heating radiators exports, with a CAGR of +41.4% from 2012 to 2022. At the same time, the Netherlands (+39.5%), Belgium (+34.4%), Germany (+13.1%) and Spain (+3.0%) displayed positive paces of growth. The UK experienced a relatively flat trend pattern. By contrast, Lithuania (-3.3%) illustrated a downward trend over the same period. China (+53 p.p.), the Netherlands (+9.2 p.p.) and Belgium (+1.7 p.p.) significantly strengthened its position in terms of the global exports, while Spain, the UK and Lithuania saw its share reduced by -2.4%, -3.8% and -24.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest electric heating radiator supplying countries worldwide were Lithuania ($27M), Germany ($24M) and China ($18M), with a combined 54% share of global exports. Belgium, Spain, the UK and the Netherlands lagged somewhat behind, together accounting for a further 22%.

Among the main exporting countries, Belgium, with a CAGR of +37.6%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average electric heating radiator export price stood at $48 per unit in 2022, declining by -8.6% against the previous year. In general, the export price recorded a deep setback. The most prominent rate of growth was recorded in 2020 an increase of 23% against the previous year. The global export price peaked at $127 per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Belgium ($174 per unit), while China ($11 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+11.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform