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Electric Water Heater Market Trends

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

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Electric Water Heater Market Trends

Businesses are expanding into remote and underserved regions, and existing grid networks are rapidly expanding, both of which are enhancing the industry's landscape. The ongoing introduction of sustainable energy standards for buildings, combined with significant investments from major players in innovations aimed at boosting efficiency and energy savings, is poised to drive the market growth.

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.