The global Electric Water Heater market is expected to experience steady growth over the forecast period, with a projected compound annual growth rate (CAGR) of approximately 5.2% from 2022 to 2032. The market, valued at USD 24.4 billion in 2022, is forecast to surpass USD 38.52 billion by 2032, driven by increasing demand from both residential and industrial sectors and the growing preference for energy-efficient and innovative water heating technologies.
Electric water heaters, essential in providing convenient hot water for everyday needs, are seeing rising adoption globally. The market is gaining momentum, especially in residential spaces where compact yet powerful designs are drawing significant consumer interest. Additionally, the industry’s innovation is creating opportunities for more energy-efficient and eco-friendly products, further driving market expansion.
Key Takeaways
- The global Electric Water Heater market is projected to grow at a steady CAGR of 5.2% from 2022 to 2032.
- Market value is expected to reach US$ 38.52 billion by 2032, up from US$ 24.4 billion in 2022.
- Increasing consumer demand for energy-efficient and innovative electric water heaters is driving market growth.
- Residential and industrial sectors are key drivers of electric water heater adoption globally.
- Technological advancements in electric water heaters focus on energy efficiency, cost-effectiveness, and environmental friendliness.
- The integration of renewable energy sources, such as solar power, is boosting the electric water heater market.
- Solar water heaters are gaining popularity as an alternative to electric models in regions with abundant sunlight.
- Energy consumption concerns are pushing manufacturers to redesign electric water heaters for greater efficiency.
Regional Insights
- China: Innovative electric water faucets with attached showerheads are gaining traction, offering energy-efficient and safe alternatives in households.
- India: Safety concerns, particularly with electric heating rods, are leading consumers to increasingly favor solar water heaters or gas-powered geysers.
Key Companies Profiled
Whirlpool
General Electric Co
Rheem Manufacturing Company
A.O. Smith Corp
Bradford white
Goodman
Bajaj Electricals
Midea Group
Siemens AG
Recent Development
- 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.
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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
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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 over 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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