Water heaters and immersion heaters market in North Macedonia

Earlier Report Observations

The market size for electric water heaters and immersion heaters in North Macedonia showed considerable variation between 2018 and 2024. After reaching USD 8.3 million in 2021, the market value contracted over the next two years before rebounding sharply to USD 10.0 million in 2024. This final surge marked the highest point in the observed period.

Several key developments influenced the market landscape during these years. Regulatory changes aimed at energy efficiency and decarbonization, driven by alignment with EU legislation such as the Ecodesign Directive, redirected product offerings and consumer choice. Concurrently, the market saw a growing trend toward tankless (instantaneous) electric water heaters, favored in both residential and commercial sectors for their space-saving design and energy efficiency.

The expansion of e-commerce in North Macedonia improved sales channels for appliances, while domestic production from companies like 'Electrogrejači Mis - H' in Probištip provided a local supply of standardized models. Investments in modernizing the electrical grid infrastructure, notably by EVN Group, also strengthened the foundation for electric appliance usage across the country.

Production water heaters and immersion heaters in North Macedonia

In value, 2017-2020, K $ US

North Macedonia's production of water heaters and immersion heaters declined for the second consecutive year. In 2020, output was valued at 11 653 K $ US, marking a measured decrease of 9.5% compared to 2019. Over the period from 2017 to 2020, production fell by 4.3%, with a compound annual growth rate of 1.4%. The highest value was recorded in 2018 at 12 901 K $ US, which also saw the largest increase of 6.0% that year.

Annual dynamics of production in North Macedonia in value, 2017-2020, K $ US

In kind, 2017-2020, K unit

After a two-year advance, North Macedonia's production of water heaters and immersion heaters declined. In 2020, 192.8 K units were produced, corresponding to a modest fall of 9.9% year-over-year. The maximum value was recorded in 2019 at 214.1 K units, which also experienced the largest increase of 11.2% that year.

Annual dynamics of production in North Macedonia in kind, 2017-2020, K unit

Exports water heaters and immersion heaters from North Macedonia

Exports in kind, K unit

Following a two-year rise, exported volumes of water heaters and immersion heaters from North Macedonia declined. In 2020, exports amounted to 216.8 K units, marking a decline of 11.2% compared to the previous year. Over the period from 2017 to 2020, exports increased by 9%, with a compound annual growth rate of 2.9%. The highest value was recorded in 2019 at 244.1 K units, which also saw the largest increase of 12.4% that year.

Annual dynamics of product's exports from North Macedonia in kind, 2017-2020, K unit

From 2017 to 2020, the portfolio of buyers for water heaters and immersion heaters from North Macedonia was broad. Poland accounted for 20.2% of exports in kind, Greece for 17.9%, and Serbia for 10.4%, together contributing 48.4% of total exports in kind. Many other countries held smaller but non-negligible shares.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from North Macedonia in kind, 2017-2020

Exports in value, K $ US

After a two-year increase, water heaters and immersion heaters deliveries from North Macedonia declined. In 2020, North Macedonia exported 9 632 K $ US of these products, reflecting a fall of 10.0% year-over-year. Over the period from 2017 to 2020, exports increased by 5.2%, with a compound annual growth rate of 1.7%. The maximum value was recorded in 2019 at 10 702 K $ US, which also experienced the largest increase of 8.2% that year.

Annual dynamics of product's exports from North Macedonia in value, 2017-2020, K $ US

Between 2017 and 2020, exports in value terms were distributed across a wide set of partner countries. Greece accounted for 20.4% of exports in value terms, Poland for 12.0%, and Serbia for 10.4%, jointly making up 42.7% of total flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from North Macedonia in value, 2017-2020

Imports water heaters and immersion heaters to North Macedonia

Imports in kind, K unit

Water heaters and immersion heaters imports into North Macedonia increased for the third consecutive year. In 2020, imports amounted to 613.2 K units, indicating a rise of 42.8% compared to 2019. Between 2017 and 2020, imports surged by 319.4%, equating to an annualized rate of 61.3%.

Annual dynamics of product's imports to North Macedonia in kind, 2017-2020, K unit

From 2017 to 2020, three principal markets—China, Serbia, and Greece—together accounted for 84.9% of total imports in kind of water heaters and immersion heaters to North Macedonia.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to North Macedonia in kind, 2017-2020

Imports in value, K $ US

Cross-border shipments of water heaters and immersion heaters into North Macedonia increased for the third consecutive year. In 2020, import volume tallied 4 942 K $ US, up by 12.6% compared to 2019. Over the period from 2017 to 2020, imports increased by 30.4%, with a compound annual growth rate of 9.2%.

Annual dynamics of product's imports to North Macedonia in value, 2017-2020, K $ US

Between 2017 and 2020, China was the largest supplier of water heaters and immersion heaters to North Macedonia, accounting for 22.7% of imports in value terms, followed by Italy at 19.8% and Serbia at 17.1%. Together, these three countries formed 59.6% of total imports in value terms.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to North Macedonia in value, 2017-2020