Global Electric Water Heater Market

Electric Water Heater Market Size, Share, Growth Analysis, By Product Type (With Tank, Tank Less), By Capacity (Small, Medium), By Region - Industry Forecast 2025-2032


Report ID: SQMIG45J2162 | Region: Global | Published Date: December, 2024
Pages: 157 | Tables: 59 | Figures: 75

Electric Water Heater Market Insights

Electric Water Heater Market size was valued at USD 27.38 Billion in 2023 and is poised to grow from USD 28.91 Billion in 2024 to USD 44.71 Billion by 2032, growing at a CAGR of 5.60% during the forecast period (2025-2032).

The global electric water heater market is experiencing significant growth, driven by the increasing demand for energy-efficient and cost-effective water heating solutions in residential, commercial, and industrial sectors. Additionally, the rising awareness about environmental conservation and the adoption of sustainable technologies are propelling the market's expansion as electric water heaters are considered more eco-friendly and emit fewer greenhouse gases. Furthermore, government initiatives and regulations promoting energy-efficient appliances are fostering the adoption of electric water heaters. Incentives and rebates offered by various governments to encourage the installation of energy-efficient water heaters are bolstering market growth. The growing preference for smart and connected homes is also driving the demand for electric water heaters with IoT-enabled features, allowing users to control and monitor the device remotely through mobile applications.

However, the global electric water heater market also faces certain challenges. The primary challenge is the presence of alternative water heating options such as gas-based water heaters, storage water heaters, and tankless electric water heaters. The competition from these alternatives may impact the growth of the electric water heater market. Moreover, the high initial cost of electric water heaters compared to some traditional options may pose a barrier to adoption, particularly in price-sensitive markets. Additionally, the availability and reliability of electricity supply in some regions can influence the preference for electric water heaters. In areas with frequent power outages or unstable electricity grids, consumers may opt for alternative water heating solutions. Despite these challenges, the market's growth is expected to remain steady due to ongoing technological advancements, increasing urbanisation, and the rising demand for energy-efficient appliances. Manufacturers are continuously innovating to introduce advanced electric water heaters with improved energy efficiency, durability, and user-friendly features, further contributing to the expansion of the Global Electric Water Heater Market.

US Electric Water Heater Market is poised to grow at a sustainable CAGR for the next forecast year.

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FAQs

Global Electric Water Heater Market size was valued at USD 25.9 billion in 2022 and is poised to grow from USD 27.35 billion in 2023 to USD 42.29 billion by 2031, growing at a CAGR of 5.6% 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. 'A.O. Smith Corporation (US) ', 'Rheem Manufacturing Company (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.

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Global Electric Water Heater Market

Report ID: SQMIG45J2162

$5,300
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