Electric Water Heater Market Size - By Product (Instant, Storage), By Application (Residential, Commercial (College/University, Offices, Government/Military, Others)), By Capacity & Forecast, 2023

Description

Electric water heater market size is slated to expand at over 4.4% CAGR from 2023 to 2032. The rising emphasis on energy efficiency and sustainability worldwide is encouraging consumers to seek eco-friendly heating solutions.

The surging technological advancements, including the development of smart and energy-efficient electric water heaters is boosting the industry growth. For instance, in October 2023, Racold launched its premium 2023 edition of water heaters, including the Omnis and Altro range. Similarly, in November 2021, Bajaj Electricals Limited launched its new range of water heaters featuring advanced safety elements, including Child Safety mode and the Auto Shut Off technology for addressing the safety needs of consumers. The growing government incentives and regulations are further promoting the use of electric appliances. The high demand for electric water heaters in both residential and commercial applications will contribute to the market growth.

The electric water heater industry is segregated into product, capacity, application, and region.

Based on product, the industry share from instant water heaters is estimated to rise at significant CAGR from 2023 to 2032. This is ascribed to the increasing demand for on-demand hot water solutions, the rapid technological advancements for enhanced efficiency, and the rising preference for compact and space-saving appliances. With consumers opting for the convenience and energy efficiency offered by instant electric water heaters, the segment will witness considerable traction.

Electric water heater industry share from the commercial application segment is projected to record substantial CAGR during the forecast period. The growth can be attributed to the rising demand for reliable and energy-efficient water heating solutions in various commercial establishments. The increasing awareness of sustainability will also fuel the product adoption in commercial spaces.

Regionally, the North America electric water heater industry is projected to thrive at rapid pace between 2023 and 2032. This is attributed to the increasing awareness of energy efficiency, the shift towards sustainable practices, and the higher technological advancements in electric water heating solutions. Furthermore, the rising residential and commercial construction activities will drive the product demand across the region.

Product Code: 680

Chapter 1 Methodology & Scope

1.1 Market definitions
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Unpaid sources

Chapter 2 Executive Summary

2.1 Business trends
2.2 Product trends
2.3 Capacity trends
2.4 Application trends
2.5 Regional trends

Chapter 3 Electric Water Heater Industry Insights

3.1 Industry ecosystem analysis
- 3.1.1 Vendor matrix
3.2 Regulatory landscape
3.3 Industry impact forces
- 3.3.1 Growth drivers
  - 3.3.1.1 Growing demand for energy efficient water heaters
  - 3.3.1.2 Replacement of conventional water heating technology
  - 3.3.1.3 Stringent energy efficiency norms
  - 3.3.1.4 Rapid urbanization and advancing product customization
  - 3.3.1.5 Frequent power outages and growing demand from off grid areas
- 3.3.2 Industry pitfalls & challenges
  - 3.3.2.1 High installation cost
  - 3.3.2.2 Availability of counterparts
3.4 Growth potential analysis
3.5 Porter's Analysis
- 3.5.1 Bargaining power of suppliers
- 3.5.2 Bargaining power of buyers
- 3.5.3 Threat of new entrants
- 3.5.4 Threat of substitutes
3.6 PESTEL Analysis

Chapter 4 Competitive Benchmarking

4.1 Innovation & sustainability landscape
4.2 Competitive landscape, 2022
- 4.2.1 Strategic dashboard

Chapter 5 Electric Water Heater Market, By Product

5.1 Key product trends
5.2 Instant
5.3 Storage

Chapter 6 Electric Water Heater Market, By Capacity

6.1 Key capacity trends
6.2 <30 liters
6.3 30 - 100 liters
6.4 100 - 250 liters
6.5 250 - 400 liters
6.6 >400 liters

Chapter 7 Electric Water Heater Market, By Application

7.1 Key application trends
7.2 Residential
7.3 Commercial
- 7.3.1 College/university
- 7.3.2 Offices
- 7.3.3 Government/Military
- 7.3.4 Others

Chapter 8 Electric Water Heater Market, By Region

8.1 Key regional trends
8.2 North America
- 8.2.1 U.S.
- 8.2.2 Canada
8.3 Europe
- 8.3.1 UK
- 8.3.2 France
- 8.3.3 Germany
- 8.3.4 Italy
- 8.3.5 Austria
- 8.3.6 Spain
- 8.3.7 Netherlands
- 8.3.8 Denmark
- 8.3.9 Finland
- 8.3.10 Sweden
- 8.3.11 Norway
8.4 Eurasia
- 8.4.1 Russia
- 8.4.2 Belarus
- 8.4.3 Armenia
- 8.4.4 Kazakhstan
- 8.4.5 Kyrgyzstan
8.5 CIS
- 8.5.1 Azerbaijan
- 8.5.2 Moldova
- 8.5.3 Tajikistan
- 8.5.4 Turkmenistan
- 8.5.5 Uzbekistan
8.6 Asia Pacific
- 8.6.1 China
- 8.6.2 Australia
- 8.6.3 India
- 8.6.4 Japan
- 8.6.5 South Korea
- 8.6.6 Indonesia
- 8.6.7 Malaysia
- 8.6.8 Thailand
- 8.6.9 New Zealand
- 8.6.10 Philippines
8.7 Middle East & Africa
- 8.7.1 Saudi Arabia
- 8.7.2 UAE
- 8.7.3 Qatar
- 8.7.4 Kuwait
- 8.7.5 Oman
- 8.7.6 Turkey
- 8.7.7 South Africa
- 8.7.8 Nigeria
- 8.7.9 Egypt
- 8.7.10 Israel
- 8.7.11 Iraq
8.8 Latin America
- 8.8.1 Brazil
- 8.8.2 Argentina
- 8.8.3 Chile
- 8.8.4 Mexico

Chapter 9 Company Profiles

9.1 A. O. Smith
9.2 Ariston Holding N.V.
9.3 Bosch Thermotechnology Corp.
9.4 Bradford White Corporation
9.5 GE Appliances
9.6 Haier Inc.
9.7 Racold
9.8 Rheem Manufacturing Company
9.9 Whirlpool Corporation
9.10 Rinnai Corporation
9.11 State Industries
9.12 FERROLI S.p.A
9.13 Havells India Ltd.
9.14 Hubbell Heaters
9.15 Vaillant
9.16 Nihon Itomic Co., Ltd.
9.17 Viessmann
9.18 Watts
9.19 STIEBEL ELTRON GmbH & Co. KG
9.20 American Standard Water Heaters
9.21 Zenith Water Heaters
9.22 LINUO RITTER INTERNATIONAL CO. LTD.
9.23 Groupe Atlantic
9.24 Westinghouse Electric Corporation
9.25 Parker Boiler Company
9.26 Vaillant
9.27 Noritz Corporation

Electric Water Heater Market Size - By Product (Instant, Storage), By Application (Residential, Commercial (College/University, Offices, Government/Military, Others)), By Capacity & Forecast, 2023 - 2032