Electric Water Heater Market Size, Share, Growth, and Industry Analysis, By Type (Storage and Non-storage), By Application (Commercial and Residential) and Regional Forecast to 2033

ELECTRIC WATER HEATER MARKET REPORT OVERVIEW

The Global Electric Water Heater Market size was USD 1859.88 million in 2024 and the market is projected to touch USD 3510.07 million by 2033, exhibiting a CAGR of 6.63% during the forecast period.

The Electric Water Heater Market is also poised for growth depending upon various factors. Electric water heaters are types of heaters that use electricity to heat the water. They provide water endlessly. The water is not stored in these heaters from before, instead the water starts heating up as soon as the heater is turned on. They are widely used for commercial, residential and industrial areas as they are used for bathing, cooking and cleaning purposes. Increase in infrastructure development is also increasing the demand for electric water heaters as water is supplied endlessly. There is a rise in urbanization, population and changing lifestyles that demand the increasing supply of hot water continuously.

• 

  Request a Free Sample to learn more about this report

COVID-19 IMPACT

"Market growth restrained by pandemic due to due to lockdown"

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The pandemic has caused a huge impact on the Electric Water Heater Market because of several reasons. There was disruption in supply chains and business suffered heavy losses which reduced the demand of heaters among consumers. Lockdown had affected the transportation business because of which raw material could not be supplied and there was no production going on. Manufacturing units were shut down as there was no workforce available because of restrictions which impacted the operational activities also. Thus, covid-19 impacted the market badly but the market may eventually recover.

LATEST TRENDS

"Advanced Features in heaters to Drive Market Growth"

A latest trend in the global electric water heaters market is that they are integrated with smart features, making them innovative solutions for modern consumers. With the advent of smart home technologies, manufacturers are incorporating features such as built-in LED lighting so that they can know when it is on or off, motion sensors technology which can automatically cut off the water supply when water is heated up, and remote-controlled systems in heaters. These smart functionalities offer enhanced convenience and efficiency, allowing users to easily access them.

• 

  Request a Free Sample to learn more about this report

ELECTRIC WATER HEATER  MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Storage and Non-Storage

• Storage: Storage electric water heaters are types of heaters that have insulated storage tanks which can store water. The water remains hot in the storage tank and can be used whenever needed.

• Non-Storage: Non-Storage electric water heaters are types of heaters that do not have any tank to store water. They provide hot water instantly when a power supply is provided to it.

By Application

Based on application the global market can be categorized into commercial and residential

• Commercial: there are various commercial applications of electric water heaters. They are widely used in the hospitality industry to provide hot water constantly.

• Residential: there are various residential applications of electric water heaters. They are the most important part of homes as hot water is daily used for household chores and bathing.

DRIVING FACTORS

"Increase in demand for energy efficient solutions  to Boost the Market"

One of the main driving factors in the Electric Water Heater Market growth is the rise in demand for energy saving solutions. There is a rise in demand among consumers regarding the products that can save electricity and reduce their bills. Many heaters now come with a blue star labeling  that means they are especially designed to save energy and directly impacts the Electric Water Heater Market. They are the best option to save energy and provide sustainability

"Advancement  in technology  to Expand the Market"

They have wi-fi built in them that are connected to the consumers smartphones which provide real time data regarding the heating process. Moreover, better insulation techniques are now being used in modern age heaters so that they can retain the water temperature for a longer period of time.

RESTRAINING FACTORS

"Development of Solar Heaters to Potentially Impede Market Growth"

One of the key restraining factors in the global electric water heaters market is the development of Solar Heaters. Development of solar heaters is very successful but it impacted negatively for the Electric Water Heater Market growth. Solar water heaters are dependent upon sunlight for the water heating process which does not consume energy at all. They are widely used commercially and even residential use is also increasing as it is a one-time investment and saves power. However, manufacturers are continuously researching and trying to develop more energy saving electric water heaters to overcome this restraining factor and increase the growth of Electric Water Heater Market.

• 

  Request a Free Sample to learn more about this report

ELECTRIC WATER HEATER  MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America Region Dominating The Market Due To Presence Of A Large Consumer Base"

Several reasons have led to North America becoming the leading region in the global Electric Water Heater Market share. The area's leadership is due to its large population and fast urban growth, creating a high need for water heating options. Furthermore, the rise of e-commerce and higher disposable incomes have made water heater products more accessible in the North American market, strengthening its position in the global market.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Major industry players have a significant impact on the Electric Water Heater Market, influencing market dynamics and consumer preferences. These major players have extensive retail networks and online platforms, giving consumers convenient access to a diverse range of electric water heater choices. Their significant worldwide influence and brand awareness have led to a higher level of consumer confidence and dedication, leading to the uptake of their products. Furthermore, these major players in the industry consistently dedicate resources to research and development, bringing new and creative designs, materials, and advanced features to electric water heaters to meet changing consumer demands. The combined actions of these key players have a significant effect on the competitive environment and future direction of the market.

LIST OF MARKET PLAYERS PROFILED

• Vanward Electric: (China)
• General Electric: (U.S.)
• Noritz: (Japan)
• Crompton Greaves: (India)
• Ferroli: (Italy)
• O. Smith: (U.S.)
• Siemens: (Germany)
• Hubbell: (U.S.)
• ELDOMINVEST: (Bulgaria)
• Bradford White: (U.S.)
• Haier: (China)
• Bajaj Electricals: (India)
• Ariston Thermo: (Italy)
• Rheem Manufacturing: (U.S.)

INDUSTRIAL DEVELOPMENT

November 2021:  Bajaj has launched new water heater models named ‘Campagno’ and ‘Caldia NXG’ which have special features such as automatic on/off and child safety lock.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated time frame. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.