What is the projected growth of the global electric water heater market?
The global electric water heater market is expected to grow at a CAGR of 5.9% from 2024 to 2031, driven by factors like rising demand for hot water, technological advancements, and infrastructure development in countries like China and India.
Who are the major players in the electric water heater market?
Some key players include A.O. Smith, Bosch Thermotechnology, Rinnai Corporation, Bradford White, State Industries, Haier Electronics, Rheem Manufacturing, and Ferroli.
Which region is the largest market for electric water heaters?
Asia-Pacific dominates the market, with China and India being major players due to population growth and infrastructure development. However, Europe and North America also hold significant shares.
What are the key trends in the electric water heater market?
Smart features, improved efficiency, and growing popularity of tankless models are key trends driving the market. Additionally, online sales are increasing as internet penetration expands.