According to TechSci Research report, “Vietnam Residential Electric Water Pump Market By Well Type, By Pump Type, By Function Type, By Power Rating, By Price Range, By Region, Competition, Forecast & Opportunities, 2025”, Vietnam residential electric water pump market is projected to reach $ 140 million by 2025 on account of increase in house construction activities in Vietnam and to meet the increasing demand-supply for water across the country. Furthermore, prolonged drought like conditions in Central and Northern Vietnam is one of the major issues for the population, and to address this, people are using electric water pumps so that they can meet their daily water requirements.
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Vietnam residential electric water pump market is segmented based on well type, function type, pump type, power rating, price range and region. Based on well type, the market can be segmented into shallow well and deep well. Among these, shallow well is expected to hold the largest market share during forecast period. Regionally, Vietnam residential electric water pump market has been segmented into Northern Vietnam, Southern Vietnam and Central Vietnam. Among these, Northern Vietnam is expected to hold the largest share in the market predominantly owing to the region’s huge and growing population.
Major players operating in Vietnam residential electric water pump market include Panasonic Malaysia Sdn Bhd, Hitachi Home Electronics Vietnam, Mitsubishi Electric Corporation, Shimizu Corporation, Wilo Vietnam Co. Ltd, Ebara Vietnam Pump Company Limited, Pentax Industries S.p.A, Iwaki Co., Ltd., among others. The demand for residential electric water pumps is expected to decline in 2020 compared to what it was in 2019 by almost 18%, owing to decline in consumer spending and lockdown due to COVID-19. In addition to it, the demand is expected to grow in coming years because of increase in job opportunities in the country as major players Like Apple, Microsoft and Google are planning to shift their production lines from China to Vietnam due to proximity to Shenzhen (China’s Manufacturing Hub), thus helping the organizations to smoothly route their manufacturing units.
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“Northern Vietnam is expected to dominate the residential electric water pump market during the forecast period, owing to extended dry periods in the region and need to pump underground water during these periods. Additionally, Government of Vietnam is taking necessary actions to meet the demand for water. The imports of electric water pumps have increased over the years to meet the surging water demand.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Vietnam Residential Electric Water Pump Market By Well Type, By Pump Type, By Function Type, By Power Rating, By Price Range, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of Vietnam residential electric water pump and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Vietnam residential electric water pump market.
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