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Electric Water Heater Market Trends

Report ID: GMI680
Published Date: Oct 2023
Report Format: PDF

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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.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of electric water heater was exceeded USD 22.1 billion in 2022 and is anticipated to cross over USD 33.8 billion by 2032, driven by rising adoption to heat water for various domestic purposes, primarily for bathing, washing, and cleaning.

Demand for storage electric water heaters reached USD 12.4 billion in 2022, proplled by the surge in the number of multi-family & single-family apartments.

residential electric water heater market valuation is projected to surpass USD 23.9 billion by 2032, due to the rapid expansion of the existing grid networks.

Asia Pacific market for electric water heater is expected to witness more than 5.5% from 2023 to 2032, due to the increasing investments toward infrastructure development along with ongoing government mandates to reduce the carbon emissions.