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Electric Water Heater Market Size
Electric Water Heater Market was valued at USD 22.1 billion in 2022 and is anticipated to grow at a CAGR of over 4.4% from 2023 to 2032. Pleasing designs and compact footprints along with efforts by various manufacturers to enhance the insulation of electric water heater tanks, reducing standby heat loss and improving overall energy efficiency will drive the business trends.
Growing population and urbanization coupled with strategic mergers & acquisitions by various industry players will influence the market expansion. For instance, in November 2019, Viessmann acquired Kospel S.A., a manufacturer of instantaneous & electric water heaters in Poland. It will support the company to expand its product portfolio, expertise, and workforce in the field of innovative electrical systems, thereby maintaining a strong base across the European region.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 22.1 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 4.4% |
| 2032 Value Projection: | USD 33.8 Billion |
| Historical Data for: | 2019 to 2021 |
| No. of Pages: | 900 |
| Tables, Charts & Figures: | 1,411 |
| Segments covered: | Product, Capacity, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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COVID- 19 Impact
The COVID- 19 pandemic has had significant impact on the industry's growth on account of lockdown restrictions, shortage of labor, along with delays across several active projects. Ongoing government directives, immunization campaigns coupled with commencement of various industrial operations will impact the business dynamics. Furthermore, ongoing infrastructure development across economies along with ongoing construction activities will augment the industry landscape.
Electric Water Heater Market Trends
Competitive product pricing, availability of multi-capacity variants coupled with shifting consumer trends toward energy-efficient & reliant systems are projected to augment the electric water heater industry growth. Electrification of heating systems along with increasing integration of renewable energy sources will further proliferate the product adoption. Moreover, government and regulatory bodies are continuously working on establishing stringent energy efficiency standards coupled with growing incentive programs for the consumers to replace the conventional, less efficient water heaters will drive the industry scenario.
Electric Water Heater Market Analysis
Based on product, the storage segment accounted for USD 12.4 billion in 2022. Key features including smart technological features resulting in reduced energy consumption and lower utility bills in line with surge in number of multi-family & single family apartments will foster the product demand. Additionally, rising use of hot water for various household activities comprising cleaning & cooking among others along with requirement of hot water for personal hygiene will accelerate the business landscape.
>400 liters market is anticipated to register around 6% growth rate during 2023 and 2032, owing to requirement of high-capacity water heaters along with ongoing refurbishment and revamp of the existing buildings. Numerous manufacturers offering product customization across various commercial and industrial applications coupled with growing requirement for on- demand hot water particularly across institutes comprising hotels, restaurants, and hospitals will fuel the product potential.
Based on application, the residential electric water heater market will cross USD 23.9 billion by 2032. Businesses expansion across remote or underserved regions along with rapid expansion of the existing grid networks will enhance the industry scenario. Ongoing introduction of sustainable building energy standards coupled with rising investments by major players toward innovations for enhanced efficiency and energy savings is set to fuel the storage market size.
Asia Pacific electric water heater market is projected to showcase about 5.5% CAGR through 2032. Increasing investments toward infrastructure development along with ongoing government mandates to reduce the carbon emissions will influence the product adoption. For instance, the South Australia’s Water Heater Installation Requirement initially introduced in 2008 and effective by 2009 requires the plumbers to deploy low-emission water heaters, including high efficiency solar, gas or electric heat pump systems. The provisions are applicable on both new and existing homes. Furthermore, continuous development of zero emission green building projects coupled with growing awareness of smart appliances to reduce the increasing carbon footprint will complement the industry landscape.
Electric Water Heater Market Share
Eminent players operating in the Electric water heater industry are:
- A. O. Smith
- Ariston Holding N.V.
- Bosch Thermotechnology Corp.
- Bradford White Corporation
- GE Appliances
- Haier Inc.
- Racold
- Rheem Manufacturing Compan
- Whirlpool Corporation
- Rinnai Corporation
- State Industries
- FERROLI S.p.A
- Havells India Ltd.
- Hubbell Heaters
- Vaillant
- Nihon Itomic Co., Ltd.
- Viessmann
- Watts
- STIEBEL ELTRON GmbH & Co. KG
- American Standard Water Heaters
- Zenith Water Heaters
- LINUO RITTER INTERNATIONAL CO. LTD.
- Groupe Atlantic
Electric Water Heater Industry News
- In January 2023, Bosch Thermotechnology Corp. launched Tronic 4000 C and Tronic 6100 C, electric tankless water heaters. Tronic 4000 C, measuring 8.5" x 13" and weighing only 4.4 lbs, can be wall-mounted right beneath the sink. These products save large amounts of energy and space. With this launch, the company expanded its product portfolio along with enhancing its market position.
- In September 2022, Rheem Manufacturing Company launched the Rheem Professional Prestige Smart electric water heater featuring a demand response and LeakGuard. The water heater offers advanced electric solutions complying with new energy regulations and seamless connection to the electric grid. The product launch expanded the company’s portfolio and enhanced its industrial position.
This electric water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘‘000 Units & USD Million’ from 2023 to 2032 for the following segments:
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By Product
- Instant
- Storage
By Capacity
- <30 liters
- 30 - 100 liters
- 100 - 250 liters
- 250 - 400 liters
- >400 liters
By Application
- Residential
- Commercial
- College/University
- Offices
- Government/Military
- Others
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- France
- Germany
- Italy
- Austria
- Spain
- Netherlands
- Denmark
- Finland
- Sweden
- Norway
- Eurasia
- Russia
- Belarus
- Armenia
- Kazakhstan
- Kyrgyzstan
- CIS
- Azerbaijan
- Moldova
- Tajikistan
- Turkmenistan
- Uzbekistan
- Asia Pacific
- China
- Australia
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Thailand
- New Zealand
- Philippines
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- Kuwait
- Oman
- Turkey
- South Africa
- Nigeria
- Egypt
- Israel
- Iraq
- Latin America
- Brazil
- Argentina
- Chile
- Mexico
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