Market Overview:

Global Water Heater Market size was valued at USD 30.46 Billion in 2023 and is poised to grow from USD 33.02 Billion in 2024 to USD 62.95 Billion by 2032, at a CAGR of 8.4% during the forecast period (2024-2032).

The demand for energy efficient water heaters has increased also wages are growing and more people are moving into cities which has led an important increase in the worldwide market for electric water heaters. This Electric water heater usage has grown as more people want modern feature for their homes and businesses. To satisfy different customer demands. This market has offers a range of goods including solar powered electric water heaters, instant water heaters and storage water heaters.

The Field in which technological innovations are critical in that  response to strict energy laws and growing customer demand for sustainable goods and manufacturers are creating novel also energy efficient models. These days has a lot of electric water heaters are more efficient and easy because to features like Wi Fi connection of smart controls and sophisticated heating components.

The market is divided geographically into Latin America, North America, Europe, Asia Pacific and the Middle East and Africa. Because of the regions fast urbanization, developing infrastructure and expanding middle class in nations like China and India. Asia Pacific has the greatest market share due to the rise of smart homes and the need to replace outdated heating systems with new energy efficient models, North America and Europe also have sizable markets.

Electric water heaters are most often used in the domestic sector while the commercial field also makes a significant contribution for new home construction and renovations fuel demand in the residential field while the growing number of hotels, hospitals and other businesses in need of dependable hot water solutions helps the commercial sector.

A.O. Smith Corporation, Rheem Manufacturing Company, Ariston Thermo Group, and Bosch Thermotechnology are some of the leading players in the industry. To improve their market positions and broaden of their product offerings these businesses engage in partnerships, acquisitions and new launches.

The market is confronted with obstacles, nevertheless including the high initial cost of electric water heaters and competition from gas and solar water heater options. The expansion of the industry may also be slowed by fluctuating energy costs and environmental issues with electric water heaters.

It is anticipated that the worldwide market for electric water heaters would expand in spite of these obstacles. The market will expand as a result of the emphasis on energy efficiency, technical advancements and the growing need for dependable hot water solutions in both households and businesses. There will probably be additional developments and possibilities in the industry as consumers become more conscious of energy-efficient appliances and as laws encourage them.

Market Dynamics: Market Drivers-

Increasing Demand for Energy-Efficient Water Heating Solutions

• Many reasons are there for significant of contributing to the increasing demand for energy efficient water heating technologies. People are select items with lower energy use and carbon footprints as a result of growing environmental awareness. The Electric water heaters that are energy efficient are made to operate with less power while maintaining optimal performance, resulting in reduced energy consumption and utility costs. This tendency is further supported by government incentives and laws. In order to encourage the use of energy efficient appliances for several governments throughout the globe have established stringent energy efficiency requirements and are providing tax breaks or subsidies. Technological developments have also increased the affordability and accessibility of these water heaters contributing to their increased popularity.
• These appliances are more convenient and efficient because to innovations like heat pump technology and sophisticated control systems in which also make them more appealing to customers. The need for energy efficient electric water heaters in homes and businesses is being driven by a combination of factors such as economic rewards, regulatory backing, technology advancements and environmental concerns. As more people become conscious of sustainability and energy saving on a global scale this tendency is probably going to continue.

Market Trends-

Increasing Emphasis on Hybrid Water Heaters

• Consumer interest in hybrid water heaters in which integrate gas burners, electric heating components and heat pumps is growing. These systems provide an effective and adaptable method of heating water. Hybrid water heaters may accommodate varied demands and preferences since they employ several heating techniques to optimize energy usage enhance efficiency and deliver a consistent supply of hot water.
• The Hybrid water heaters use heat pump technology to transport heat from the air to the water in which significantly reduce the energy use. When there is a large demand for hot water for the electric heating elements contribute more heat and the gas burners heat up quickly giving hot water access quickly. This combination increases the efficiency and lowers energy costs of hybrid water heaters by balancing their energy usage.
• Many uses of hybrid water heaters is one of their main advantages. To maximize energy efficiency they may automatically switch between several heating modes according on the demand and ambient temperature. To maintain the water temperature in milder weather, the heat pump could be utilized more often than the gas burner. This flexibility increases the system OF lifespan while simultaneously saving energy.
• Hybrid water heaters are made to accommodate a variety of applications including residential and commercial buildings, guaranteeing a steady and dependable supply of hot water. Their cutting edge features such as energy monitoring and sophisticated controls add to their appeal and make them a sensible and ecological choice for contemporary water heating.

Market Restraining Factors-

Fluctuations in Raw Material Prices

• Price fluctuations for raw materials have a significant effect on the market for electric water heaters, hurting both producers and end users. Materials used in electric water heaters include copper, aluminum, steel and different types of plastic. These materials may fluctuate in price owing to a number of variables, including supply and demand on a worldwide scale, trade rules, geopolitical concerns and economic situations. Tariffs or trade restrictions for instance may disrupt supply chains and lead to an abrupt increase in costs. Also shortages and increased prices may result from economic unrest in the areas where these resources are produced.
• The cost of manufacturing for manufacturers increases as the price of raw materials rises. This often translates into higher prices for electric water heaters in which reduces customer affordability and stifles industry expansion. Conversely if prices decline and producers may find it difficult to value their inventory and uphold agreements made at higher rates. Manufacturers find it challenging to maintain profit margins and steady pricing as a result of these price fluctuations. Companies may be reluctant to engage in new initiatives or inventions due to the unpredictability of raw material prices sometimes due to their desire to minimize financial risk. All things considered the market for electric water heaters finds it challenging to remain steady and expand due to the volatility of raw material costs.

Report Coverage:

The report will cover the qualitative and quantitative data on the Global Electric Water Heater Market.. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

By Product (Electric, Solar, and Gas), By Technology (Tankless, Storage, and Hybrid)

Report Scope and Segmentations:

List of Companies Profiled:

• Rheem Manufacturing Company
• O. Smith Corporation
• Bradford White Corporation
• Ariston Thermo Group
• Rinnai Corporation
• Noritz Corporation
• Ferroli S.p.A.
• Haier Electronics Group Co., Ltd. Whirlpool Corporation
• Bosch Thermotechnology
• State Water Heaters
• Navien, Inc.
• Reliance Water Heater Company
• American Water Heaters
• Eemax Inc.
• Stiebel Eltron GmbH & Co. KG
• Takagi Industrial Co., Ltd.
• Noritz America Corporation
• Viessmann Group
• Heatrae Sadia

Key Industry Developments:

• During the Acetech Exhibition 2023 in Delhi, GM Modular, a leading provider of electronic solutions, launched their latest product, the R1X storage water heater. Priced at USD 222.86, customers can conveniently purchase the R1X at GM Modular stores, through the company's website, and on popular e-commerce platforms such as Amazon and Flipkart.
• In December 2023, Rheem introduced two new models in their Maximus line of highly efficient gas water heaters. These include the 75-gallon Maximus Heavy Duty featuring LeakSense technology, and the 40- and 50-gallon Maximus Plus versions. These additions expand Rheem's offering of high-efficiency condensing gas-fired tank water heaters, providing customers with a broader selection of energy-efficient solutions.
• Additionally, Racold unveiled a premium line of water heaters in October 2023, introducing the Omins and Altro models. The Omnis series includes advanced features such as the Omnis DG Wi-fi model, equipped with voice control capabilities and energy-saving functions, and the Omnis DG model, featuring a digital display and silver ion technology to prevent bacterial growth.

Segmentation Analysis:

The market scope is segmented because of by Product, by Technology.

By Product

Based on the Resin Type of the market is segmented into Electric, Solar, and Gas.

• With the 51.2% of the market share in 2023 electric water heaters emerged as the most popular option. This is mostly due to the fact that more people now have access to power in regions like Asia Pacific and Africa. Due to its precise temperature control, energy efficiency and environmental friendliness electric water heaters are widely used.
• Simultaneously a substantial growth rate of 6.2% per year is anticipated for solar water heaters in the next years. More peoples desire for ecofriendly and energy efficient heating choices is the main driver of this rise. The market is being helped by the industry's companies diligent efforts to create new and enhanced solar water heating solutions.

By Technology

Based on the Technology of the market is segmented into Tankless, Storage, and Hybrid.

• With the 54.8% of worldwide sales in 2023 storage water heaters accounted for the largest portion of the water heater market. This is a result of the high efficiency and low maintenance requirements of storage water heaters. Particularly well iked in business and industrial environments as well as in colder climates where a steady supply of hot water is required. They are excellent option for a variety of situations due to their dependability and efficiency.
• On the other hand a xx% annual growth rate is predicted for tankless water heaters between 2024 and 2032 indicating significant future potential. Opposed to storage heaters and tankless water heaters are more energy efficient since they only heat water when it is really required. Also provide accurate temperature control and swiftly deliver hot water. Without tank water heaters are becoming more and more common for both households and businesses as environmental sustainability and energy conservation become increasingly important considerations.

Regional Snapshots-

• In the water heater market, the Asia Pacific region held the largest market share, driven by factors such as increasing population, rapid urbanization, and rising disposable incomes in countries like China, India, and Southeast Asian nations. These factors have spurred a significant demand for water heaters across residential, commercial, and industrial sectors. Moreover, there is a growing awareness and preference for energy-efficient and technologically advanced water heating solutions in the region.
• Meanwhile, the Middle East and Africa are anticipated to be the fastest-growing regions in the water heater market. This growth is fueled by extensive infrastructural development, including the construction of commercial complexes, hotels, and residential buildings, which necessitates robust water heating solutions. The burgeoning tourism industry in this region also contributes to the rising adoption of water heaters in the hospitality sector. Factors such as population growth, improving living standards, and governmental initiatives promoting energy-efficient appliances further drive market expansion in the Middle East and Africa.

Global Electric Water Heater Market Regional Analysis:

North America accounted for the highest Electric Water Heater% market share in terms of revenue in the Electric Water Heater market and is expected to expand at a CAGR of Electric Water Heater% during the forecast period. This growth can be attributed to the growing adoption of Electric Water Heater. The market in APAC is expected to witness significant growth and is expected to register a CAGR of Electric Water Heater% over upcoming years, because of the presence of key Electric Water Heater companies in economies such as Japan and China.

The objective of the report is to present comprehensive analysis of Global Electric Water Heater Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.

Electric Water Heater Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

wKey Questions

• How much the global Electric Water Heater Market valued?
• Which region has the largest share in 2024 for the global Electric Water Heater Market?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of Electric Water Heater Market:

• Historic year: 2019- 2022
• Base year: 2023
• Forecast: 2024 to 2032
• Representation of Market revenue in USD Million

Electric Water Heater Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: