Electric Water Heater Market Dynamics and Trends by 2027

Historic Data: 2016-2017 | Base Year: 2018 | Forecast Period: 2019-2027

Electric Water Heater Market to 2027 - Global Analysis and Forecasts By Product (Storage, Non-storage); Application (Residential, Commercial, Industrial)

Report Date : Dec 2019
Report Code : TIPTE100001020

Category : Electronics and Semiconductor
Status : Published

Available Report Formats :
No. of Pages : 150

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Page Updated: Jun 2024

Analysis Strategic Insights Market Drivers Regional Insights Report Scope Recent Developments FAQs

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.

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.

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Electric Water Heater Market: Strategic Insights

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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.

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.

Electric Water Heater Market Regional Insights

The regional trends and factors influencing the Electric Water Heater Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Electric Water Heater Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Electric Water Heater Market Report Scope

Report Attribute	Details
Market size in 2018	US$ 14.07 Billion
Market Size by 2027	US$ 21.47 Billion
Global CAGR (2018 - 2027)	4.9%
Historical Data	2016-2017
Forecast period	2019-2027
Segments Covered	By Product Storage Non-storage By Application Residential Commercial Industrial
Regions and Countries Covered	North America US Canada Mexico Europe UK Germany France Russia Italy Rest of Europe Asia-Pacific China India Japan Australia Rest of Asia-Pacific South and Central America Brazil Argentina Rest of South and Central America Middle East and Africa South Africa Saudi Arabia UAE Rest of Middle East and Africa
Market leaders and key company profiles	AO Smith Corporation Ariston Thermo S.p.A Bajaj Electricals Ltd. Bradford White Corp. Whirlpool Corporation Haier Inc. Midea Group Bosch Thermotechnology Siemens AG

Electric Water Heater Market Players Density: Understanding Its Impact on Business Dynamics

The Electric Water Heater Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Get the Electric Water Heater Market top key players overview

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

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

Frequently Asked Questions

What are market opportunities for electric water heater?

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.

What are reasons behind Asia-Pacific electric water heater industry growth?

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.

Which product segment generates the highest revenue?

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.

Research Manager

Naveen Chittaragi

Associate Vice President,
Market Research & Consulting

Naveen is an experienced market research and consulting professional with over 9 years of expertise across custom, syndicated, and consulting projects. Currently serving as Associate Vice President, he has successfully managed stakeholders across the project value chain and has authored over 100 research reports and 30+ consulting assignments. His work spans across industrial and government projects, contributing significantly to client success and data-driven decision-making.

Naveen holds an Engineering degree in Electronics & Communication from VTU, Karnataka, and an MBA in Marketing & Operations from Manipal University. He has been an active IEEE member for 9 years, participating in conferences, technical symposiums, and volunteering at both section and regional levels. Prior to his current role, he worked as an Associate Strategic Consultant at IndustryARC and as an Industrial Server Consultant at Hewlett Packard (HP Global).

What are the Electric Water Heater Market report deliverables?

Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
PEST and SWOT Analysis
Market Size Value / Volume - Global, Regional, Country
Industry and Competitive Landscape
Excel Dataset

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