Electric Water Heater Market Size, Share, Growth Analysis, By Product(Tank and tankless), By End user(Residential and commercial), By Region - Industry Forecast 2024-2031

Electric Water Heater Market size was valued at USD 25.93 Billion in 2022 and is poised to grow from USD 27.38 Billion in 2023 to USD 42.34 Billion by 2031, at a CAGR of 5.60% during the forecast period (2024-2031).

The global electric water heater market is characterised by intense competition among numerous players striving to establish a strong market presence. The competitive landscape is diverse and dynamic, with a mix of both global and regional manufacturers. These companies compete based on factors such as product innovation, energy efficiency, pricing, brand reputation, and distribution networks. In an effort to gain a competitive edge, manufacturers continuously invest in research and development to introduce technologically advanced and energy-efficient electric water heaters. Moreover, the market's competitive nature is further influenced by the increasing focus on sustainability and environmental conservation. Many companies are aligning their product offerings with eco-friendly solutions, such as energy-efficient electric water heaters with lower greenhouse gas emissions. 'Rheem Manufacturing Company (US)', 'A.O. Smith Corporation (US)', 'Bradford White Corporation (US)', 'Haier Group Corporation (China)', 'Ariston Thermo Group (Italy)', 'Ferroli S.p.A. (Italy)', 'Racold Thermo Ltd. (India)', 'Whirlpool Corporation (US)', 'State Water Heaters (US)', 'General Electric Appliances (US)', 'Siemens AG (Germany)', 'Noritz Corporation (Japan)', 'Nibe Industrier AB (Sweden)', 'Stiebel Eltron GmbH & Co. KG (Germany)', 'Vaillant Group (Germany)', 'Rinnai Corporation (Japan)', 'Navien, Inc. (South Korea)', 'Bosch Thermotechnology Ltd. (Germany)', 'Midea Group Co., Ltd. (China)', 'Hubbell Incorporated (US)'

Electric water heaters are increasingly preferred due to their energy efficiency, which translates to lower utility bills for consumers. The rising awareness of energy conservation and the availability of energy-efficient models with improved insulation and heating technologies drive the demand for electric water heaters.

Integration of Smart Technology: Smart electric water heaters with Wi-Fi connectivity and smartphone apps were gaining traction. These smart appliances allowed users to remotely control and monitor their water heaters, set temperature preferences, and receive alerts for maintenance or operational issues. The integration of smart technology offered convenience and improved user experience.

North America is the dominant region in the Global Electric Water Heater Market. The high demand for electric water heaters in residential and commercial applications, coupled with stringent energy efficiency regulations, drives the market's dominance in this region. The US and Canada are the major contributors to the North American electric water heater market, with a significant number of households and commercial establishments relying on electric water heating systems. Additionally, the increasing trend towards smart homes and the adoption of energy-efficient appliances further support the market's growth in this region.