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Electric Water Heater Market Size

Report ID: GMI680
Published Date: Dec 2024
Report Format: PDF

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Electric Water Heater Market Size

The global electric water heater market size was valued at USD 23.8 Billion in 2024 and is estimated to grow at a CAGR of 4.2% from 2025 to 2034. An electric water heater is an appliance that uses electrical energy to heat water for various household or commercial needs, such as bathing, cleaning, and cooking. They rely on electrical resistance elements to directly heat water.

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Competitive pricing and a range of multi-capacity variants, combined with a consumer shift towards energy-efficient systems, are set to boost the industry growth. Shifting focus towards electrifying heating systems, alongside a rising integration of renewable energy sources, is anticipated to drive the product adoption. Stringent energy efficiency standards coupled with incentive programs encouraging consumers to transition from conventional, less efficient water heaters, will shape the industry's landscape.

Electric Water Heater Market Report Attributes
Report Attribute	Details
Base Year:	2024
Electric Water Heater Market Size in 2024:	USD 23.8 Billion
Forecast Period:	2024-2034
Forecast Period 2024-2034 CAGR:	4.2%
2034 Value Projection:	USD 35.9 Billion
Historical Data for:	2021 - 2023
No. of Pages:	80
Tables, Charts & Figures:	20
Segments covered:	Product, Capacity, Application, and Region
Growth Drivers:	Rapid urbanization and advancing product customization Frequent power outages and growing demand from off grid areas Growing demand for energy efficient water heaters
Pitfalls & Challenges:	High installation cost Availability of counterparts

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Government mandates aimed at curbing carbon emissions, combined with rising investments in infrastructure development, are set to drive product adoption. Rising demand for high-capacity water heaters, driven by the ongoing refurbishment and modernization of existing buildings will drive the market growth. Many manufacturers are now providing product customization tailored to diverse commercial and industrial applications, contributing to the business momentum. Additionally, the ongoing push for zero-emission green building projects, alongside heightened awareness of smart appliances to mitigate carbon footprints, will further shape the industry's landscape.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of electric water heater reached USD 23.8 billion in 2024 and is set to grow at a 4.2% CAGR from 2025 to 2034, driven by rapid urbanization and advancing product customization.

The residential segment is set to expand at a CAGR of over 4% through 2034, as many residential customers opt for Energy Star-certified electric water heaters to save on energy costs and qualify for rebates and incentives.

The U.S. market is anticipated to reach USD 2 billion by 2034, led by energy efficiency, environmental concerns, technological advancements, and regulatory changes.

The key players in the industry include A. O. Smith, Ariston Holding N.V., American Standard Water Heaters, Bosch Thermotechnology Corp., Bradford White Corporation, FERROLI, GE Appliances, Groupe Atlantic, Haier, Havells India, Hubbell Heaters, LINUO RITTER INTERNATIONAL, Nihon Itomic Co., Ltd., Noritz Corporation, Parker Boiler Company, Racold.