Electric Water Heater Market to Grow with a CAGR of 5.3% Globally through 2028
Rising demand for energy efficient appliances and
technological advancement are driving the Global Electric Water Heater Market
in the forecast period 2024-2028.
According to TechSci Research report, “Global Electric
Water Heater Market - Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Electric Water Heater Market stood
at USD 27.82 Billion in 2022 and is anticipated to grow with a CAGR of 5.3% in
the forecast period, 2024-2028. The global electric water heater market has
experienced consistent growth over the years, with a market size that continues
to expand. The demand for electric water heaters is driven by factors such as
urbanization, increased residential construction, and a growing emphasis on
energy efficiency and sustainability. As more households and businesses seek
reliable and energy-efficient water heating solutions, the market has responded
with a diverse range of electric water heater products to meet these evolving
needs. A primary driver of the global electric water heater market is the
growing focus on energy efficiency and sustainability. With heightened
awareness of environmental concerns and the need to reduce energy consumption,
consumers and businesses are actively seeking electric water heaters that are
energy efficient. Manufacturers have responded by developing models that
consume less electricity while maintaining performance standards. This shift
towards energy-efficient electric water heaters not only reduces carbon
emissions but also results in long-term cost savings for consumers.
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Rapid urbanization and increased residential
construction activities, particularly in emerging economies, have significantly
contributed to the expansion of the global electric water heater market. As
more people move to urban areas and new residential complexes are built, there
is a growing demand for modern amenities, including reliable and efficient
water heating solutions. Electric water heaters are well-suited to urban
settings due to their ease of installation and versatility. This trend is
further fueled by the need for space-saving solutions in smaller living spaces,
where electric water heaters offer a compact and efficient alternative. Technological advancements have played a pivotal role
in shaping the electric water heater industry. Manufacturers are constantly
innovating to improve the efficiency and functionality of their products. One
notable trend is the integration of smart technology into electric water
heaters. Models equipped with Wi-Fi connectivity, mobile app controls, and
intelligent features allow users to remotely monitor and control their water
heaters, optimize energy consumption, and receive maintenance alerts. Furthermore,
advancements in materials, insulation, and heating elements have increased the
durability and lifespan of electric water heaters, reduced maintenance costs
and enhanced overall performance. Meeting regulatory compliance and
certification requirements is a significant challenge and driver in the global
electric water heater market. Various countries and regions have established
strict standards related to safety, energy efficiency, and environmental
impact. Manufacturers must navigate a complex landscape of regulations, and
compliance is essential to ensure product safety and market access. Adherence
to these standards is not only a legal requirement but also a way for
manufacturers to demonstrate the quality and reliability of their products.
Government incentives and programs promoting energy-efficient appliances
further encourage manufacturers to develop compliant electric water heaters.
In conclusion, the global electric water heater market
is characterized by its growth, driven by factors like energy efficiency,
urbanization, technological advancements, and regulatory compliance. As
consumer preferences evolve and environmental concerns intensify, the market is
poised for further innovation. Manufacturers will continue to develop advanced,
energy-efficient, and eco-friendly electric water heaters to meet the demands
of a changing global landscape. With an increasing focus on sustainability and
smart technology integration, the future of the electric water heater market
promises continued growth and advancement.
The Global Electric Water Heater Market is segmented
into product type, application, distribution channel, regional distribution,
and company.
Based on product type the market is segmented into tank
and tankless. The global electric water heater market is witnessing a rising
demand for tankless electric water heaters. This surge in popularity can be
attributed to their energy-efficient and on-demand heating capabilities, which
eliminate the need for a storage tank and reduce standby energy losses.
Tankless electric water heaters offer continuous and endless hot water supply,
making them ideal for both residential and commercial applications. As
consumers prioritize energy efficiency and space-saving solutions, the demand
for tankless electric water heaters continues to grow, reshaping the dynamics
of the global electric water heater market.
Based on application the market is segmented into residential
and commercial. Based on distribution channel the market is segmented into offline
and online. Based on region the market is segmented into five regions, North
America, Europe, Asia Pacific, Middle East & Africa, and South America.
Major companies operating in Global Electric
Water Heater Market are:
- Bajaj Electricals
- General Electric
- Haier Electronics Group Co., Ltd
- Bosch
- Rheem Manufacturing Co.
- Ariston Thermo Spa
- A.O. Smith AB
- Bradford White Corporation
- Racold
- Havells India Ltd.
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“Technological advancement is a significant trend that
is expected to have an impact on growth over the forecasted period. Rising
disposable income, increasing demand from residential sector, and integration
of smart technology in water heaters will positively impact the Global Electric
Water Heater Market. Due to the wide range of products available to meet
specific needs of, as well as the growing popularity of the online distribution
channel, the market is growing at impressive rate through projected period,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Electric
Water Heater Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, Segmented By Product Type (Tank, Tankless), By Application
(Residential, Commercial), By Distribution Channel (Offline, Online), By
Region, By Competition, 2018-2028”, has evaluated the future growth
potential of Global Electric Water Heater Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Electric Water Heater Market.
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