Electric Water Heater Market Size, Share & Trends Analysis Report By Product (Storage, Non-storage), By Application (Residential, Commercial), By Region, And Segment Forecasts, 2024

Description

Electric Water Heater Market Growth & Trends:

The global electric water heater market size is expected to reach USD 25.86 billion by 2030, registering to grow at a CAGR of 8.5% from 2024 to 2030 according to a new report by Grand View Research, Inc. Increasing residential and commercial projects worldwide is expected to drive market demand over the forecast period. Rising disposable income and preference for tankless heaters may further fuel the electric water heaters market.

Growing awareness for automated temperature control, energy efficiency and environmental sustainability is estimated to favor tankless heaters demand. Increasing government initiatives to improve rural infrastructure and uninterrupted electricity availability in these areas is expected to provide new opportunities to market growth. Rising electricity prices, volatile raw material prices and growing preference for solar water heaters may restrain market growth over the forecast period.

Electric Water Heater Market Report Highlights:

Global market demand is expected to reach 25.86 billion units by 2030, growing at a CAGR of 8.5% over the forecast period.
Storage water heaters are more commonly used for residential applications. They have capacity ranging from 2 gallons to 105 gallons with continuous hot water availability. They are also increasingly used in countries with limited or broken electricity supply as they can store hot water for future use. Residential storage tanks are highly insulated to minimize standby losses, which may be prominent owing to irregular and non-continuous use. The market is gradually moving towards tankless electric water heaters; however, the storage segment is still expected to remain dominant over the forecast period.
Residential storage water heater tanks are highly insulated to minimize standby losses, which may be prominent owing to irregular and non-continuous use. Commercial water heaters can be glass lined, stainless steel lined, cement and hydrastine cement lined. Commercial developments such as restaurants, schools, hospitals, and hotels are expected to favor segment demand over the forecast period. Commercial electrical storage water heaters have capacity of up to 5000 gallons.
Countries such as China and India are expected to contribute to regional growth over the forecast period. Rapid infrastructue developments in these countries are expected to favor the Asia Pacific electric water heaters market. However, increasing trend for use of solar water heater may restrict market demand gradually over the next seven years. These products are used mostly in urban areas whereas in rural areas electrified hand sticks and open fires are used to heat water. Storage technology is increasingly becoming popular in most large households, since pre-heated water can be used from tanks in case of power cuts.
Key contributors to the electric water heaters market include A.O. Smith Corp, General electric, Rheem Manufacturing Co., and Siemens AG. Industry participants focus on offering energy-efficient and cost-effective products through technological advancements. They invest in R&D to offer innovative products to gain competitive advantage. A.O. Smith Corporation invested around USD 67.9 million, USD 57.8 million, and USD 51.7 million in 2014, 2013, and 2012 respectively for research & development.

Product Code: 978-1-68038-465-9

Chapter 1. Methodology and Scope

1.1. Market Segmentation and Scope
1.2. Market Definitions
1.3. Research Methodology
- 1.3.1. Information Procurement
- 1.3.2. Information or Data Analysis
- 1.3.3. Market Formulation & Data Visualization
- 1.3.4. Data Validation & Publishing
1.4. Research Scope and Assumptions
- 1.4.1. List of Data Sources

Chapter 2. Executive Summary

2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights

Chapter 3. Electric Water Heaters Market Variables, Trends, & Scope

3.1. Market Introduction/Lineage Outlook
3.2. Market Size and Growth Prospects (USD Million)
3.3. Market Dynamics
- 3.3.1. Market Drivers Analysis
- 3.3.2. Market Restraints Analysis
3.4. Electric Water Heaters Market Analysis Tools
- 3.4.1. Porter's Analysis
  - 3.4.1.1. Bargaining power of the suppliers
  - 3.4.1.2. Bargaining power of the buyers
  - 3.4.1.3. Threats of substitution
  - 3.4.1.4. Threats from new entrants
  - 3.4.1.5. Competitive rivalry
- 3.4.2. PESTEL Analysis
  - 3.4.2.1. Political landscape
  - 3.4.2.2. Economic and Social landscape
  - 3.4.2.3. Technological landscape
  - 3.4.2.4. Environmental landscape
  - 3.4.2.5. Legal landscape

Chapter 4. Electric Water Heaters Market: Product Estimates & Trend Analysis

4.1. Segment Dashboard
4.2. Electric Water Heaters Market: Solution Movement Analysis, 2023 & 2030 (USD Million)
- 4.2.1. Storage
- 4.2.2. Storage Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.3. Non-storage
- 4.3.1. Non-storage Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)

Chapter 5. Electric Water Heaters Market: Application Estimates & Trend Analysis

5.1. Segment Dashboard
5.2. Electric Water Heaters Market: Application Movement Analysis, 2023 & 2030 (USD Million)
5.3. Residential
- 5.3.1. Residential Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
5.4. Commercial
- 5.4.1. Commercial Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)

Chapter 6. Electric Water Heaters Market: Regional Estimates & Trend Analysis

6.1. Electric Water Heaters Market Share, By Region, 2023 & 2030 (USD Billion)
6.2. North America
- 6.2.1. North America Electric Water Heaters Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.2.2. U.S.
  - 6.2.2.1. U.S. Electric Water Heaters Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.2.3. Canada
  - 6.2.3.1. Canada Electric Water Heaters Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.2.4. Mexico
  - 6.2.4.1. Mexico Electric Water Heaters Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.3. Europe
- 6.3.1. Europe Electric Water Heaters Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.3.2. UK
  - 6.3.2.1. UK Electric Water Heaters Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.3.3. Germany
  - 6.3.3.1. Germany Electric Water Heaters Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.3.4. France
  - 6.3.4.1. France Electric Water Heaters Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.4. Asia Pacific
- 6.4.1. Asia Pacific Electric Water Heaters Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.4.2. China
  - 6.4.2.1. China Electric Water Heaters Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.4.3. Japan
  - 6.4.3.1. Japan Electric Water Heaters Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.4.4. India
  - 6.4.4.1. India Electric Water Heaters Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.4.5. South Korea
  - 6.4.5.1. South Korea Electric Water Heaters Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.4.6. Australia
  - 6.4.6.1. Australia Electric Water Heaters Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.5. Latin America
- 6.5.1. Latin America Electric Water Heaters Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.5.2. Brazil
  - 6.5.2.1. Brazil Electric Water Heaters Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.6. Middle East and Africa
- 6.6.1. Middle East and Africa Electric Water Heaters Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.6.2. Saudi Arabia
  - 6.6.2.1. Saudi Arabia Electric Water Heaters Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.6.3. UAE
  - 6.6.3.1. UAE Electric Water Heaters Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.6.4. South Africa
  - 6.6.4.1. South Africa Electric Water Heaters Market Estimates and Forecasts, 2018 - 2030 (USD Million)

Chapter 7. Competitive Landscape

7.1. Recent Developments & Impact Analysis by Key Market Participants
7.2. Company Categorization
7.3. Company Heat Map Analysis
7.4. Company Profiles
- 7.4.1. AquaMAX
  - 7.4.1.1. Participant's Overview
  - 7.4.1.2. Financial Performance
  - 7.4.1.3. Product Benchmarking
  - 7.4.1.4. Recent Developments/ Strategic Initiatives
- 7.4.2. Ariston
  - 7.4.2.1. Participant's Overview
  - 7.4.2.2. Financial Performance
  - 7.4.2.3. Product Benchmarking
  - 7.4.2.4. Recent Developments/ Strategic Initiatives
- 7.4.3. Atwood
  - 7.4.3.1. Participant's Overview
  - 7.4.3.2. Financial Performance
  - 7.4.3.3. Product Benchmarking
  - 7.4.3.4. Recent Developments/ Strategic Initiatives
- 7.4.4. Bosch
  - 7.4.4.1. Participant's Overview
  - 7.4.4.2. Financial Performance
  - 7.4.4.3. Product Benchmarking
  - 7.4.4.4. Recent Developments/ Strategic Initiatives
- 7.4.5. Bradford White Corporation
  - 7.4.5.1. Participant's Overview
  - 7.4.5.2. Financial Performance
  - 7.4.5.3. Product Benchmarking
  - 7.4.5.4. Recent Developments/ Strategic Initiatives
- 7.4.6. Baidu, Inc.
  - 7.4.6.1. Participant's Overview
  - 7.4.6.2. Financial Performance
  - 7.4.6.3. Product Benchmarking
  - 7.4.6.4. Recent Developments/ Strategic Initiatives
- 7.4.7. Eemax
  - 7.4.7.1. Participant's Overview
  - 7.4.7.2. Financial Performance
  - 7.4.7.3. Product Benchmarking
  - 7.4.7.4. Recent Developments/ Strategic Initiatives
- 7.4.8. Eemax
  - 7.4.8.1. Participant's Overview
  - 7.4.8.2. Financial Performance
  - 7.4.8.3. Product Benchmarking
  - 7.4.8.4. Recent Developments/ Strategic Initiatives
- 7.4.9. General Electric (GE)
  - 7.4.9.1. Participant's Overview
  - 7.4.9.2. Financial Performance
  - 7.4.9.3. Product Benchmarking
  - 7.4.9.4. Recent Developments/ Strategic Initiatives
- 7.4.10. Haier Electronics
  - 7.4.10.1. Participant's Overview
  - 7.4.10.2. Financial Performance
  - 7.4.10.3. Product Benchmarking
  - 7.4.10.4. Recent Developments/ Strategic Initiatives
- 7.4.11. Hubbell
  - 7.4.11.1. Participant's Overview
  - 7.4.11.2. Financial Performance
  - 7.4.11.3. Product Benchmarking
  - 7.4.11.4. Recent Developments/ Strategic Initiatives
- 7.4.12. Kenmore
  - 7.4.12.1. Participant's Overview
  - 7.4.12.2. Financial Performance
  - 7.4.12.3. Product Benchmarking
  - 7.4.12.4. Recent Developments/ Strategic Initiatives
- 7.4.13. Marey Heater Corp
  - 7.4.13.1. Participant's Overview
  - 7.4.13.2. Financial Performance
  - 7.4.13.3. Product Benchmarking
  - 7.4.13.4. Recent Developments/ Strategic Initiatives

Electric Water Heater Market Size, Share & Trends Analysis Report By Product (Storage, Non-storage), By Application (Residential, Commercial), By Region, And Segment Forecasts, 2024 - 2030