Electric Radiator Market

The article discusses the projected growth of the global market for electric radiators and convection heaters from 2022 to 2030, with an expected increase in volume and value. The United States is the largest consumer and importer, while China is the top producer and exporter. The market saw fluctuations in consumption, production, imports, and exports over the analyzed period, with notable growth rates observed in certain countries. Overall, the market is expected to continue expanding in the immediate term.

Market Forecast

Driven by increasing demand for electric radiators and convection heaters worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.5% for the period from 2022 to 2030, which is projected to bring the market volume to 262M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.9% for the period from 2022 to 2030, which is projected to bring the market value to $7.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Electric Radiators And Convection Heaters

In 2022, consumption of electric radiators and convection heaters decreased by -4.2% to 232M units, falling for the second consecutive year after three years of growth. The total consumption volume increased at an average annual rate of +1.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at 244M units in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

The global electric radiator market value shrank to $5.5B in 2022, reducing by -5.6% against 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 +1.4% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. Over the period under review, the global market attained the maximum level at $5.9B in 2021, and then reduced in the following year.

Consumption By Country

The United States (63M units) remains the largest electric radiator consuming country worldwide, accounting for 27% of total volume. Moreover, electric radiator consumption in the United States exceeded the figures recorded by the second-largest consumer, China (29M units), twofold. Kyrgyzstan (26M units) ranked third in terms of total consumption with an 11% share.

In the United States, electric radiator consumption increased at an average annual rate of +9.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (-3.5% per year) and Kyrgyzstan (-5.0% per year).

In value terms, the United States ($886M), China ($653M) and Mexico ($621M) constituted the countries with the highest levels of market value in 2022, together comprising 39% of the global market. Japan, France, South Korea, the UK, the Netherlands, Canada, Russia, Belgium, Kyrgyzstan and Thailand lagged somewhat behind, together accounting for a further 36%.

The Netherlands, with a CAGR of +23.3%, recorded 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.

The countries with the highest levels of electric radiator per capita consumption in 2022 were the Netherlands (587 units per 1000 persons), Belgium (459 units per 1000 persons) and the United States (187 units per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +23.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Electric Radiators And Convection Heaters

In 2022, the amount of electric radiators and convection heaters produced worldwide contracted modestly to 238M units, remaining constant against the year before. The total output volume increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when the production volume increased by 28% against the previous year. As a result, production attained the peak volume of 248M units. From 2019 to 2022, global production growth remained at a somewhat lower figure.

In value terms, electric radiator production contracted slightly to $7.2B in 2022 estimated in export price. The total output value 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. The pace of growth was the most pronounced in 2013 with an increase of 22%. Global production peaked at $7.5B in 2018; however, from 2019 to 2022, production failed to regain momentum.

Production By Country

China (143M units) remains the largest electric radiator producing country worldwide, accounting for 60% of total volume. Moreover, electric radiator production in China exceeded the figures recorded by the second-largest producer, Kyrgyzstan (54M units), threefold. Japan (8.1M units) ranked third in terms of total production with a 3.4% share.

In China, electric radiator production expanded at an average annual rate of +2.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Kyrgyzstan (+2.2% per year) and Japan (-1.2% per year).

Imports

World Imports of Electric Radiators And Convection Heaters

In 2022, approx. 186M units of electric radiators and convection heaters were imported worldwide; with an increase of 4.9% against 2021. Over the period under review, total imports indicated strong 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, imports increased by +75.9% against 2015 indices. The pace of growth was the most pronounced in 2021 with an increase of 23% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, electric radiator imports expanded significantly to $4.6B in 2022. Overall, total imports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +39.7% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 32% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports By Country

The United States represented the largest importing country with an import of around 63M units, which reached 34% of total imports. It was distantly followed by the Netherlands (17M units) and Germany (9.1M units), together comprising a 14% share of total imports. The UK (8.1M units), Russia (7.5M units), France (7.2M units), Thailand (6.8M units), Japan (6.2M units), Belgium (5.9M units), Canada (4.1M units), Iraq (3.4M units) and Spain (3.1M units) held a minor share of total imports.

Imports into the United States increased at an average annual rate of +9.4% from 2012 to 2022. At the same time, the Netherlands (+23.1%), Belgium (+15.2%), Russia (+8.9%), Thailand (+7.0%), Canada (+3.7%), France (+3.5%), the UK (+3.4%), Iraq (+2.1%) and Spain (+1.6%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing importer imported in the world, with a CAGR of +23.1% from 2012-2022. Japan experienced a relatively flat trend pattern. By contrast, Germany (-1.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United States, the Netherlands and Belgium increased by +9.9, +7.2 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest electric radiator importing markets worldwide were the United States ($761M), Germany ($404M) and Japan ($362M), with a combined 33% share of global imports. The Netherlands, France, the UK, Canada, Russia, Spain, Belgium, Iraq and Thailand lagged somewhat behind, together comprising a further 33%.

The Netherlands, with a CAGR of +21.3%, saw the highest growth rate of the value of imports, in terms of 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 radiator import price amounted to $25 per unit, therefore, remained relatively stable against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 6.5% against the previous year. Global import price peaked at $27 per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Japan ($59 per unit), while Thailand ($5.9 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+9.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Electric Radiators And Convection Heaters

In 2022, shipments abroad of electric radiators and convection heaters increased by 10% to 192M units, rising for the second year in a row after two years of decline. Overall, total exports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +6.4% 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 +42.8% against 2020 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 37%. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, electric radiator exports expanded to $4.7B in 2022. Over the period under review, total exports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.8% 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 +74.9% against 2016 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 30% against the previous year. Over the period under review, the global exports attained the maximum in 2022 and are likely to see steady growth in years to come.

Exports By Country

China was the key exporting country with an export of around 115M units, which resulted at 60% of total exports. Kyrgyzstan (28M units) ranks second in terms of the total exports with a 15% share, followed by Germany (4.8%). The Netherlands (7.1M units) and Turkey (3.5M units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to electric radiator exports from China stood at +4.3%. At the same time, Kyrgyzstan (+108.0%), the Netherlands (+22.1%) and Germany (+1.5%) displayed positive paces of growth. Moreover, Kyrgyzstan emerged as the fastest-growing exporter exported in the world, with a CAGR of +108.0% from 2012-2022. Turkey experienced a relatively flat trend pattern. From 2012 to 2022, the share of Kyrgyzstan and the Netherlands increased by +15 and +2.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($2.7B) remains the largest electric radiator supplier worldwide, comprising 57% of global exports. The second position in the ranking was held by Germany ($257M), with a 5.4% share of global exports. It was followed by the Netherlands, with a 4.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +6.6%. In the other countries, the average annual rates were as follows: Germany (-0.8% per year) and the Netherlands (+22.6% per year).

Export Prices By Country

In 2022, the average electric radiator export price amounted to $25 per unit, dropping by -4.9% against the previous year. In general, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 an increase of 16% against the previous year. Over the period under review, the average export prices hit record highs at $26 per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Turkey ($32 per unit), while Kyrgyzstan ($0.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+2.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform