Electric Water Heater Market Dynamics and Trends by 2027
Electric Water Heater Market to 2027 - Global Analysis and Forecasts By Product (Storage, Non-storage); Application (Residential, Commercial, Industrial)
Historic Data: 2016-2017 | Base Year: 2018 | Forecast Period: 2019-2027- Report Date : Dec 2019
- Report Code : TIPTE100001020
- Category : Electronics and Semiconductor
- Status : Published
- Available Report Formats :
- No. of Pages : 150
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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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.
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
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
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
- 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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