Electric Water Heater Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMICT1140 | Last Updated On: Jun 22 2022 | Available Formats

> Global Electric Water Heater Market Expected to reach a high CAGR of 5.9% By 2029: DataM Intelligence

Global Electric Water Heater Market is segmented By Product Type (Storage, Non-Storage/ Tankless), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global "Electric Water Heater Market" is expected to grow at a CAGR of 5.9% during the forecasting period (2022-2029).

Electric Water Heater is used for basically used for heating water for various use. Increasing demand for hot water use in residential for cleaning, washing clothes, and other uses, and also use in commercial places like hospitals, restaurants and others will drive the market for Electric Water Heater during the forecast period. Whereas technical advancement in the electronic product that results in improved efficiency and better feature availability like a shockproof water heater, temperature control which is much precise and other such features are also driving the market for electric water heater as people are attracted towards these advancements.

Market Dynamics 

The global Electric Water Heater is primarily driven by large infrastructure development in developing countries such as China and India. The infrastructure activities include the construction of offices, hospitals, restaurants, hotels which all have a huge demand for hot water. Internet penetration in these developing nations is the other reason for driving the electric water heater market. Internet penetration has enabled huge market potentials for e-commerce businesses. These E-commerce businesses provide convenience and easiness for shopping to consumers who devices such as Electric Water Heater through online shopping portals. 

 However, the availability of alternatives for electric water heaters especially products like Gas fueled water heaters and the solar water heater is hampering the growth of the electric water heater market.

Market Segmentation

By product type, the global Electric Water Heater is segmented into Storage and Non-Storage/ Tankless. Storage type has the dominant position in the Electric Water Heater and is expected to retain its dominance in the forecasted period, due to the high requirement of stored hot water which could be used for a long time, in the commercial places like hospitals, schools, hotel, restaurant, and others. However, increasing awareness of the technology for better temperature control and energy efficiency is going to favor the use of tankless electric water heaters. It is expected that electric water heater will grow at a CAGR of ~XX% during the forecast period.

By distribution channel, the global electric water heater market is segmented into online and offline distribution channels. Offline distribution channel includes retail stores, hypermarkets, supermarkets, clubhouse stores, and department stores, while online distribution channel includes distribution through e-commerce platforms.

Offline channels lead the way in closing a greater number of sales compared to online channels. And this is due lack of awareness among the customer to order products online.

Geographical Share

By geography, the global Electric Water Heater is segmented into North America, Asia-Pacific (APAC), Europe, South America, and Middle East and Africa (MEA).

Asia-Pacific (APAC) holds the largest market share for Electric Water Heater and will continue to hold the market in the forecasted period, due to the increased adoption of these heaters by residential and commercial users. The APAC region will also witness the fastest growth in the market due to the growing demand for tankless electric water heaters. However, Europe and North America are after APAC in terms of market share of Electric Water Heater.

In APAC, China and India are the major market holding countries due to the population growth and the effect of high infrastructure development in these countries leading to demand in electric water heaters.

Competitive Trends 

Key players are adopting strategies such as investing in R&D, new product launches, expansion in both manufacturing units and distribution channels to stand out as strong competitors in the market. Global Electric Water Heater is a fragmented market with the presence of various global and regional players in the market. The major players include A.O Smith, Bosch Thermotechnology, Rinnai Corporation, Bradford White, State Industries. Other key players in the market include Saudi Ceramics, Rheem Manufacturing, Ferroli, Haier Electronics, Linuo Ritter, Whirlpool, Hubbell, Ariston Thermo, Kanch Water Heaters, Viessmann Group, and Vaillant Group.

In November 2018, Haier launches its new range of water heaters – ES10V, ES15V & E25V in Vertical and ES15H & ES25H in Horizontal FR series with a unique color PCM outer body, introduced for the 1st time in Indian market. FR series water heaters come with IPX4 coated bodies and are the first to receive international certification for their non-corrosive, splash-proof, and water-resistant quality. And also, are equipped with PUF insulation with makes them shockproof, the new water heaters help in saving 50 percent electricity

In November 2018, the joint venture of Midea and Carrier has agreed on investing 13.50 billion for facility expansion at Pune, India. The new facility near Pune, with a technology park, will have three manufacturing units for home appliances and will be operational from 2020. HVAC products and compressors and will also include a manufacturing facility for Carrier Midea India, a 60:40 joint venture between Midea and Carrier. Over a period of five years, the facility will produce refrigerators, room ACs, washing machines, water purifiers, water heaters, commercial ACs, and compressors.

The complex is likely to begin commercial operations at the beginning of 2020 and the technology park is expected to generate employment opportunities for over 2,000 people, both directly and indirectly.

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