Market Research Report
Global Electric Water Heater Market - 2019-2026
|Published by||DataM Intelligence||Product code||859729|
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|Global Electric Water Heater Market - 2019-2026|
|Published: January 1, 2020||Content info:||
Global Electric Water Heater Overview
The Global Electric Water Heater is expected to grow at a CAGR of XX% to reach a market value of USD XX million by 2026.
Electric Water Heater are used for basically used for heating water for various use. Increasing demand for the hot water use in residential for cleaning, washing clothes and other uses, and also use in commercial places like hospitals, restaurants and others will drive the market for Electric Water Heater during the forecast period. Whereas technical advancement in the electronic product that results in improved efficiency and better feature availability like shock proof water heater, temperature control which is much precise and other such features are also driving the market for electric water heater as people are attracted towards these advancements.
Global Electric Water Heater - Market Dynamics
The global Electric Water Heater is primarily driven by large infrastructure development in the developing countries such as China and India. The infrastructure activities include construction of offices, hospitals, restaurants, hotels which all have huge demand for hot water. Internet penetration in these developing nations is the other reason for the driving the electric water heater market. Internet penetration has enabled huge market potentials for e-commerce businesses. These E-commerce businesses provide convenience and easiness for shopping to consumers who devices such as Electric Water Heater through online shopping portals.
However, the availability of alternatives for electric water heater specially products like Gas fueled water heater and the solar water heater is hampering the growth of the electric water heater market.
Global Electric Water Heater - Segment Analysis
By product type, the global Electric Water Heater is segmented into Storage and Non-Storage/ Tankless. Storage type has the dominant position in the Electric Water Heater and is expected to retain its dominance in the forecasted period, due to the high requirement of stored hot water which could be used for long time, in the commercial places like hospitals, schools, hotel, restaurant and others. However, due to increase awareness of the technology for better temperature control and energy efficiency is going to favors the use of tankless electric water heaters. It is expected that electric water heater will grow at a CAGR of ~XX% during the forecast period.
By distribution channel, the global electric water heater Market is segmented into online and offline distribution channels. Offline distribution channel includes retail stores, hypermarkets, supermarkets, clubhouse stores, and department stores, while online distribution channel includes distribution through e-commerce platforms.
Offline channels lead the way in closing a greater number of sales compared to online channels. And this is due lack of awareness among the customer to order products online.
Global Electric Water Heater- Geographical Analysis
By geography, the global Electric Water Heater is segmented into North America, Asia-Pacific (APAC), Europe, South America, and Middle East and Africa (MEA).
Asia-Pacific (APAC) holds the largest market share for Electric Water Heater and will continue to hold the market in the forecasted period, due to the increased adoption of these heaters by residential and commercial users. The APAC region will also witness the fastest growth in the market due to the growing demand for tankless electric water heaters. However, Europe and North America is after APAC in terms of market share of Electric Water Heater.
In APAC, China and India are the major market holding countries due to the population growth and the effect of high infrastructure development in these countries leading to demand in electric water heaters.
Global Electric Water Heater- Competitive Analysis
Key players are adopting strategies such as investing in R&D, new product launches, expansion in both manufacturing units and distribution channels to stand out as strong competitors in the market. Global Electric Water Heater is a fragmented market with the presence of various global and regional players in the market. The major players include A.O Smith, Bosch Thermotechnology, Rinnai Corporation, Bradford White, State Industries. Other key players in the market include Saudi Ceramics, Rheem Manufacturing, Ferroli, Haier Electronics, Linuo Ritter, Whirlpool, Hubbell, Ariston Thermo, Kanch Water Heaters, Viessmann Group and Vaillant Group.
In November 2018, Haier launches its new range of water heaters - ES10V, ES15V & E25V in Vertical and ES15H & ES25H in Horizontal FR series with a unique colour PCM outer body, introduced for the 1st time in Indian market. FR series water heaters come with IPX4 coated body and are the first to receive international certification for their non-corrosive, splash-proof and water-resistant quality. And also, are equipped with PUF insulation with makes them shock proof, the new water heaters help in saving 50 percent electricity
In November 2018, the joint venture of Midea and Carrier has agreed on investing 13.50 billion for facility expansion at Pune, India. The new facility near Pune, with a technology park, will have three manufacturing units for home appliances and will be operational from 2020. HVAC products and compressors and will also include a manufacturing facility for Carrier Midea India, a 60:40 joint venture between Midea and Carrier. Over a period of five years, the facility will produce refrigerators, room ACs, washing machines, water purifiers, water heaters, commercial ACs and compressors.
The complex is likely to begin commercial operations at the beginning of 2020 and the technology park is expected to generate employment opportunities for over 2,000 people, both directly and indirectly.