Electric Water Heater Market Size likely to exceed revenue of USD 33.22 billion by 2023

Text-only Preview

1 | P a g e
Electric Water Heater Market Size likely to exceed revenue of USD 33.22
billion by 2023: Global Market Insights Inc.
Electric Water Heater Market size was USD 17.5 billion in 2015, and is anticipated to grow at
7.5% CAGR from 2016 to 2024; according to a new research report by Global Market Insights,
Developments in new energy saving technologies, enhanced comfort algorithms and
improved display technology will drive growth. Demographic shifts such as numerous small
households and surging disposable income will prove beneficial for replacement demand on
a global scale. Increasing consumption from hospitals and hotels will fuel commercial electric
water heater market size. These products need to ensure higher degree of efficiency and
durability as compared to their residential counterparts. They can be glass lined, stainless
steel lined, cement and hydrastine cement lined. The segment was valued at nearly USD 6
billion in 2015, with growth projected to outperform the global CAGR in the coming years.
Residential electric water heater market share was over 85% of the overall volume, and is
projected to remain robust over the forecast timeframe, primarily due to considerable product
development and innovation.
Vendor focus lies on ensuring quality control, improving lead time and productivity, employing
eco-friendly materials, and maintaining customer satisfaction. Consumer preferences have
shifted towards demand f or high-end devices as a direct result of higher purchasing power
and evolving lifestyle.
India Electric Water Heaters Market share, by product, 2013-2024 (Million Units)
2 | P a g e
Browse key industry insights spread across 125 pages with 82 market data tables & 72 figures
& charts from the report, “Electric Water Heater Market Size By Application (Residential,
Commercial), By Product (Storage, Non-storage/Tankless/Instantaneous), Industry
Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Japan, China, India,
Mexico, Brazil), Application Potential, Price Trends, Competitive Market Share &
Forecast, 2016 - 2024” in detail along with the table of contents:
Electric water heater industry is poised to exceed 130 million units by 2024, at 7.0%
CAGR from 2016 to 2024.
Tankless electric water heater m arket share is forecast to grow at 8.7% CAGR over
the forecast timeline. They instantly heat water flowing through the device, without
retaining any water internally except for what is required by t he heat exchanger coil.
Point-of-use tankless heaters are small and can fit inside a cabinet under or in a closet.
They are generally employed for single purposes such as for a sink or shower. Whole
house units have high flow rate and can handle demand from several sources
Storage-based products mainly find application in regions that have limited electricit y
supply, since they enable continued hot water availability in such cases.
U.S. electric water heater market size will surpass USD 5.5 billion by 2024, and
represents the majority of North America revenue generation. According to t he DOE,
the maximum possible temperature rise at a given flow rate decides the rating of the
Asia Pacific electric water heater market share will grow at 10.7% CAGR estimations
from 2016 to 2024. These products are preferred over gas heaters across the region,
with steady demand across the residential as well as commercial application areas.
The industry is characterized by intense competition due to the presence of advanced
technologies, product design, reliability, performance, and quality based initiatives.
Incumbent players need to ensure high level of technical knowledge, capital
expenditure and R&D investment in order to establish strong presence.
Key insights of Electric Water Heater Market:
3 | P a g e
Major companies operating in the industry are AO Smith, Rheem, Bradford White,
Haier, Midea Group, Racold, etc. Growth strategies center around development of new
products in order to reach a wider customer base and to ensure considerable portfolio.
Global Market Insights has segmented the electric water heaters industry on the basis of
product, application, and region:
Electric Water Heater Product Analysis (Volume, Million Units & Revenue, USD
Million; 2013 - 2024)
o Storage
o Non-storage
Electric Water Heater Application Analysis (Volume, Million Units & Revenue,
USD Million; 2013 - 2024)
o Commercial
o Residential
Electric Water Heater Regional Analysis (Volume, Million Units & Revenue, USD
Million; 2013 - 2024)
o North America
o Europe
o Asia Pacific
o Latin America
Segmentation of Electric Water Heater Market: