Quick Idea: Japan’s Leading Tankless Water Heater Company With Growth In China & USA – Rinnai (TYO: 5947)

Thinking Points

  • Rinnai (TYO: 5947) leads the Japanese water heater market with a 40% market share.
  • However, Rinnai’s Japan share is not the story. Growth outside of Japan has rapidly gained traction over the past few years – particularly in China and the US.
  • As infrastructure in ASEAN countries develop, we can expect Rinnai’s ASEAN revenues to grow as well.

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