During the forecast period, the Electric Water Heater Market is likely to hold the global market at a moderate CAGR of ~5.2%, with a forecasted revenue of ~US$ 24.4 Billion in 2022. It is anticipated to cross ~US$ 38.52 Billion by the end of 2032.
Electric water heaters are getting high demand in both the residential and industrial areas. These heaters are mostly used in residences to get hot water for bathing. These water geysers help in reducing the time and energy required to heat the water.
There are lots on new innovations involved in the latest designs of electrical water heaters, and many of them are compact, yet powerful, attracting more customers.
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Key Electric Water Heater Market Takeaways and Projections
- The U.S. is estimated dominate the Electric Water Heater market in North America, accounting for the largest share in the region through 2022.
- Germany is projected to account for a significant share in the Europe market over the assessment period.
- China is forecast to hold the lion’s share the East Asia market, projecting the fastest growth in the region between 2022 and 2032
- India is anticipated to emerge as a highly remunerative market in South Asia, accounting for the largest sales during the forecast period.
Report Benefits & Key Questions Answered
- Electric Water Heater Historical Market Outlook: Future Market Insight’s analysis examines vital dynamics, such as drivers, opportunities and challenges. It studies their impact on the market over the previous assessment period 2016-2020. The report provides crucial insights to market players to capitalize on opportunities and counter challenges.
- Electric Water Heater Demand-Supply Assessment: A latest study published by FMI offers in-depth insights into governing factors facilitating the demand outlook of the Electric Water Heater As per the survey, Electric Water Heater sales will project steady growth over the forecast period.
- Electric Water Heater Consumption by Demographics: The report published by FMI provides consumption by demographics analysis to assist the market players in formulating their marketing strategies on the basis of purchasing power of the customers. It examines changes in consumer behavior and also studies its effect on the demand for Electric Water Heater.
- Electric Water Heater Market Trend Analysis: FMI’s market trend analysis provide detailed insights into current and upcoming trends in the industrial automation industries. It also assist the industry players to identify potentials trends to capitalize on them.
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Competitive Landscape
Some key players in the Electric Water Heater market are Whirlpool, General Electric Co., Rheem Manufacturing Company, A.O. Smith Corp, Bradford White, Bajaj Electricals, Goodman, Midea Group, Siemens AG, and others
- Bajaj Electricals, a well-known electrical appliance company has launches new water heater models called ‘Campagno’ and ‘Caldia NXG’ in November 2021, with safety features as child safety mode and auto shut off technology. The child safety mode allows the user to regulate the temperature to certain limit, avoiding the water burns, and auto shut off technology, shuts off the heater after 90 minutes of inaction.
- A.O. Smith has launched a compact, instant water heater with 3-liter capacity in 2020. The heating component used in this heater is covered with glass, protecting it from scale formations and helping it to work efficiently. The design of this heater is compact and modern, suitable for any type bathroom, giving it an elegant look.
Key Players Are:
- Whirlpool
- General Electric Co
- Rheem Manufacturing Company
- A.O. Smith Corp
- Bradford white
- Goodman
- Bajaj Electricals
- Midea Group
- Siemens AG.
- Others
Key Segments Profiled In The Electrical Water Heaters Market
By Product Type:
- With Tank
- Tank less
By Capacity:
- Small
- Medium
- Large
By End User:
- Residential
- Commercial
- Industrial
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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