Electric Water Heater Market Share, Size, Trend, Forecast 2027

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

Publication Month: Dec 2019 | Report Code: TIPTE100001020 | No. of Pages: No. of Pages150 | Category: Electronics and Semiconductor | Status: Published

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.

Strategic Insights

Report CoverageDetails
Market Size Value inUS$ 14.07 Billion in 2018
Market Size Value byUS$ 21.47 Billion by 2027
Growth rateCAGR of 4.9% from 2019-2027
Forecast Period2019-2027
Base Year2019
No. of Pages150
No. of Tables85
No. of Charts & Figures75
Historical data availableYes
Segments coveredProduct ; Application
Regional scopeNorth America; Europe; Asia Pacific; Latin America; MEA
Country scopeUS, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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Lucrative Regional Electric Water Heater Markets

Lucrative 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

Global electric water heater Market by Product

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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

  • 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

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

  1. AO Smith Corporation
  2. Ariston Thermo S.p.A
  3. Bajaj Electricals Ltd.
  4. Bradford White Corp.
  5. Whirlpool Corporation
  6. Haier Inc.
  7. Midea Group
  8. Bosch Thermotechnology
  9. Siemens AG
  10. Viesmann Group
  • Highlights key business priorities in order to assist companies to realign their business strategies.

  • The key findings and recommendations highlight crucial progressive industry trends in the electric water heater market, thereby allowing players to develop effective long term strategies.

  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.

  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.

  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to product, capacity, application.
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