The Electric water heater market in global is expected to grow from US$ 14.07 Bn in 2018 to US$ 21.47 Bn by the year 2027. This represents a CAGR of 4.9% from the year 2019 to 2027.
Asia Pacific was the leading geographic market, and it is anticipated to be the highest revenue contributor throughout the forecast period. In the APAC, swift development of infrastructure of various residential, commercial, and industrial units is driving the APAC electric water heater market, and this would continue to drive in the coming ten years.
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Electric Water Heater Market: Strategic Insights
Market Size Value in US$ 14.07 Billion in 2018 Market Size Value by US$ 21.47 Billion by 2027 Growth rate CAGR of 4.9% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Electric Water Heater Market: Strategic Insights
Market Size Value in | US$ 14.07 Billion in 2018 |
Market Size Value by | US$ 21.47 Billion by 2027 |
Growth rate | CAGR of 4.9% from 2019-2027 |
Forecast Period | 2019-2027 |
Base Year | 2019 |
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Speak to AnalystLucrative Regional Electric Water Heater Markets
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Market Insights
The Urban Immigration Factor is a Key Influential Factor for the Electric Water Heater Market
Different countries worldwide are experiencing a huge trend of urban migration. Urban migration is a growing trend in the twenty-first century. The key parameters driving the urban migration trend include job opportunities, educational opportunities, and medical opportunities. Also, increasing income levels among middle-class society and better living standards are key contributing factors towards urban relocation. The rising trend of urban migration has led to the development of residential infrastructures, which is a key factor catalyzing the growth of the electric water heaters market in the current scenario.
The urban population experiences more benefits than rural areas, and the same seek an enhanced standard of living. Pertaining to the factor mentioned above, the various technology developers, commodity manufacturers, energy & power generating organizations, infrastructure developers, and governments are constantly striving hard to meet the demands of the urban population. Urban migration and higher living standards, coupled with growing technologies and governmental policies, drive the growth of residential infrastructure in various developing countries as well as developed nations. The rising number of residential infrastructure is facilitating the electric water heater market players to witness growth in demand for their respective products.
The rising residential infrastructure worldwide is enabling the market players operating in the electric water heater market to enhance their respective product range to attract a wide variety of customers. The awareness of benefits and application areas of electric water heaters is peaking among the urban population, and pertaining to this, the adoption of the same is continuously growing, which is then furnishing the revenue size of the electric water heaters market. Thus, with the escalating migration from rural areas to urban areas in different countries, the demand for electric water heaters in the residential sector would soar in the coming years. Therefore, the urban immigration factor is a key influential factor for the electric water heater market throughout the forecast period.
Product Insights
The global electric water heater market by-product was led by storage segment. The non-storage segment held the second-largest market in 2018 and is anticipated to increase its shares during the forecast period from 2019 – 2027.
Application Insights
The global electric water heater market by application was led by the residential segment. Commercial segment held the second-largest market in 2018 and is anticipated to increase its shares during the forecast period from 2019 – 2027.
Global electric water heater Market by Product
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
The market players present in electric water heater market are mainly focusing on product enhancements by implementing advanced technologies. Few of the recent developments are listed below:
2019:PHCC expanded the partnership status of Bradford White Corp. to Strategic Partner category. The recognition expands the partnership from solely Bradford White Water Heaters to the entire Bradford White Corp.
2019:Bradford White announced the launch of its new web-based contractor resource, For The Pro, tailored for professional installers of Bradford White water heating, space heating, combination heating, and storage solutions for residential, commercial, and industrial applications.
2018:A. O. Smith opened new Lloyd R. Smith Corporate Technology Center that would serve as its global innovation hub for A. O. Smith products around the globe.
GLOBAL ELECTRIC WATER HEATER MARKET – MARKET SEGMENTATION
Global electric water heater Market by Product
- Storage
- < 30 Litres
- 30 - 100 Litres
- 100 - 250 Litres
- 250 - 400 Litres
- > 400 Litres
- Non-storage
Global electric water heater Market by Application
Global electric water heater Market by Application
- Residential
- Commercial
- Industrial
Global electric water heater Market by Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
Companies Mentioned
- A. O. Smith Corporation
- Ariston Thermo Group SpA
- Bajaj Electricals Ltd.
- Bosch Group
- Bradford White Corporation (BWC)
- Haier Smart Home Co., Ltd.
- Midea Group Co., Ltd.
- Siemens AG
- Viessmann Werke GmbH & Co. KG
- Whirlpool Corporation
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product ; Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
In the region, swift development of infrastructure of various residential, commercial, and industrial units is driving the APAC electric water heater market, and this would continue to drive in the coming ten years. The building construction investment by respective state government authorities would positively optimize the business outlook; the rising demand for electric water heaters, both storage as well as non-storage, would also augment the industry landscape.
Increasing construction activities and increase of the building infrastructure is driving the electric storage water heating demand across commercial establishments. Stringent government orders aiming to decrease the carbon footprint along with rising urbanization & commercialization would accelerate the demand for storage water heaters. Electric storage water heaters are used in various industrial applications for efficient heating. When it comes to efficiency and economy, electric storage water heaters are the best option in their category.
The demand for electric water heaters is expected to increase in the developing areas as the number of houses, hotels, commerce zones, shopping malls, hospitals, and industrial buildings in the developing countries is increasing, which is demanding electric water heaters. This is due to the fact that the count of each of the commercial spaces mentioned overhead is continuously growing, which is leading to the higher procurement rate of electric water heaters. Additionally, electricity in the developing countries are comparatively cheaper than the developed countries, the cost associated with gas filling in gas water heaters is omitted, and faster heating time on electric water heaters have attracted a significant percentage of urban population residing in the countries mentioned above. This parameter is foreseen to furnish the electric water heater market in the coming years.
The List of Companies
- AO Smith Corporation
- Ariston Thermo S.p.A
- Bajaj Electricals Ltd.
- Bradford White Corp.
- Whirlpool Corporation
- Haier Inc.
- Midea Group
- Bosch Thermotechnology
- Siemens AG
- Viesmann Group
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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