The global electric water heaters market size is expected to value at USD 29.32 billion by 2022. The market is subject to witness a substantial growth due to the growing number of residential housing projects across the globe. Factors responsible for the robust growth of electric water heaters industry, in the recent years, include increasing popularity of tank less water heaters and rising per capita income in both developed and developing economies worldwide.
The electric water heaters offer advantages such as better energy efficiency, environment-friendly capabilities and advanced temperature control for long duration of time. These factors are predicted to fuel the market demand for electric water heaters in the upcoming period. Globally, electric water heaters market is predicted to grow at CAGR of 6.9% in forecast period, providing numerous opportunities for market players to invest in research and development of these products.
The electric water heater is capable of performing day-to-day applications such as cooking, cleaning, and bathing. While, increasing adoption of electric water heaters in commercial applications involving hospital and hotels are expected to stimulate market progress over the forecast period as well.
Increasing penetration of electric water heaters in rural areas in both developing and underdeveloped economies coupled with lowered cost are anticipated to boost market performance for electric water heater industry, in the near future. Additionally, easy availability of electric water heaters due to presence of supermarkets, hypermarkets, retail stores and e-commerce retail chains is positively affecting market growth.
The recent technological advancements coupled with development of novel products has led to soaring demand for electric water heater market from Asia Pacific region. Stringent laws and regulations placed by regional governments across the globe has led to the shifting focus towards adoption of safety awareness protocols, improved quality standards, and energy efficiency by industry players. These factors are expected to drive the growth of the market over the forecast period
However, less availability of electricity and shortages are limiting market growth to a certain extent. Additionally, latest trends involving increasing adoption of solar powered water heaters and adoption of hybrid products are expected to restrain market growth in the upcoming years. Growing popularity of the hybrid water heater among consumers is credited to its capability to operate on more than two energy sources. Furthermore, changing electricity prices, stringent environmental laws and regulations, and volatile raw material prices are projected to hamper market demand for electric water heaters.
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The market is broadly categorized into three major types based on end-user application such as residential, industrial and commercial electric water heaters. The residential electric water heaters is considered as one of the fastest growing segment in the electric water heaters industry with substantial revenue generation in the last couple of years.
Growing demand for residential electric water heater is attributed wide range of end-user application such as cooking, bathing, space heating, and cleaning. Commercial water heater segment has also displayed massive growth, in the recent years, owing to the increasing demand from commercial places such as business, apartment houses, commercial buildings, hotels, and hospitals. Growing demand from restaurants, schools, and hotels is expected to foster market growth of commercial water heater segment.
The electric water heaters market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies, lower cost of electricity, and existence of well-established manufacturing sector.
Asia-Pacific region is predicted to hold major market share in electric water heaters with massive growth in forecast period. Countries such as India and China are leading the Asia-Pacific market with improved standard of living, rising per capita income, shifting trend towards automated temperature control, energy efficient solutions and environmental sustainability, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the electric water heaters industry are A.O. Smith Co., General Electric Company, Inc., Rheem Manufacturing Co., Ariston Thermo SpA, Hubbell Electric Heater Co., and Siemens AG.
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Market Segment:
Electric Water Heaters Product Outlook (Volume, Million Units & Revenue, USD Million; 2012 - 2022)
• Storage
• Non-storage/Tankless
Electric Water Heaters Application Outlook (Volume, Million Units & Revenue, USD Million; 2012 - 2022)
• Commercial
• Residential
Electric Water Heaters Regional Outlook (Volume, Million Units & Revenue, USD Million; 2012 - 2022)
• North America
• Europe
• Asia Pacific
• Latin America
• MEA