Electric Water Heater Market Size, Share, Growth Analysis, By Product(Tank and tankless), By End user(Residential and commercial), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45J2162 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 59 |Figures: 75

Electric Water Heater Market Insights

Electric Water Heater Market size was valued at USD 24.56 Billion in 2021 and is poised to grow from USD 25.93 Billion in 2022 to USD 40.1 Billion by 2030, at a CAGR of 5.6% during the forecast period (2023-2030).

The global electric water heater market is experiencing significant growth, driven by the increasing demand for energy-efficient and cost-effective water heating solutions in residential, commercial, and industrial sectors. Additionally, the rising awareness about environmental conservation and the adoption of sustainable technologies are propelling the market's expansion as electric water heaters are considered more eco-friendly and emit fewer greenhouse gases. Furthermore, government initiatives and regulations promoting energy-efficient appliances are fostering the adoption of electric water heaters. Incentives and rebates offered by various governments to encourage the installation of energy-efficient water heaters are bolstering market growth. The growing preference for smart and connected homes is also driving the demand for electric water heaters with IoT-enabled features, allowing users to control and monitor the device remotely through mobile applications.

However, the global electric water heater market also faces certain challenges. The primary challenge is the presence of alternative water heating options such as gas-based water heaters, storage water heaters, and tankless electric water heaters. The competition from these alternatives may impact the growth of the electric water heater market. Moreover, the high initial cost of electric water heaters compared to some traditional options may pose a barrier to adoption, particularly in price-sensitive markets. Additionally, the availability and reliability of electricity supply in some regions can influence the preference for electric water heaters. In areas with frequent power outages or unstable electricity grids, consumers may opt for alternative water heating solutions. Despite these challenges, the market's growth is expected to remain steady due to ongoing technological advancements, increasing urbanisation, and the rising demand for energy-efficient appliances. Manufacturers are continuously innovating to introduce advanced electric water heaters with improved energy efficiency, durability, and user-friendly features, further contributing to the expansion of the Global Electric Water Heater Market.

US Electric Water Heater Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 24.56 Billion

Largest Segment

Tank

Fastest Growth

Tank

Growth Rate

5.6% CAGR

Global Electric Water Heater Market ($ Bn)
Country Share for North America Region (%)

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Electric Water Heater Market Segmental Analysis

The global electric water heater market is segmented on the basis of product, end user, and region. By product, the market is segmented into tank and tankless. By end user, the market is segmented into residential and commercial. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Electric Water Heater Market Analysis By Product

Tank water heaters, also known as storage water heaters, have been a dominant segment in the market for many years. These water heaters store hot water in a tank, which is continuously heated to maintain a set temperature. Tank water heaters are widely used in residential and commercial applications due to their relatively lower upfront cost and simplicity of installation. They are available in various sizes to meet the hot water demands of different households and businesses. While tank water heaters have been the conventional choice for water heating, their dominance is being challenged by the growing popularity of tankless water heaters.

Tankless water heaters, also called on-demand or instantaneous water heaters, are the fastest-growing segment in the Global Electric Water Heater Market. These heaters do not have a storage tank but instead heat water on demand as it flows through the unit. Tankless water heaters are gaining traction due to their energy efficiency and space-saving design. Unlike tank water heaters, they eliminate standby heat loss, leading to energy savings, especially in households with low hot water usage. The compact size of tankless water heaters makes them suitable for small living spaces, making them popular among urban dwellers seeking space optimization. Additionally, the growing awareness of environmental concerns and the desire for more sustainable solutions have further boosted the adoption of tankless water heaters.

Electric Water Heater Market Analysis By End user

The residential segment is the dominant end-user in the Global Electric Water Heater Market. Residential electric water heaters are widely used in households for domestic hot water needs, such as bathing, cooking, and cleaning. The demand for electric water heaters in residential applications is driven by factors like population growth, urbanisation, and the increasing trend of homeowners seeking energy-efficient and convenient water heating solutions. In many regions, residential buildings are the primary market for electric water heaters due to the significant number of households relying on electric water heating systems.

The commercial segment is the fastest-growing end-user in the global electric water heater market. Commercial electric water heaters are used in various establishments, including hotels, restaurants, offices, schools, and healthcare facilities, to meet the hot water requirements of employees, guests, or customers. The growth in the commercial segment is fueled by the expansion of the hospitality industry, increasing commercial construction activities, and the rising demand for hygienic hot water in healthcare facilities. Moreover, the emphasis on energy efficiency and the adoption of sustainable practices in commercial buildings are driving the demand for energy-efficient electric water heaters.

Global Electric Water Heater Market By Product

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Electric Water Heater Market Regional Insights

North America is the dominant region in the Global Electric Water Heater Market. The high demand for electric water heaters in residential and commercial applications, coupled with stringent energy efficiency regulations, drives the market's dominance in this region. The US and Canada are the major contributors to the North American electric water heater market, with a significant number of households and commercial establishments relying on electric water heating systems. Additionally, the increasing trend towards smart homes and the adoption of energy-efficient appliances further support the market's growth in this region.

Asia-Pacific is the fastest-growing region in the Global Electric Water Heater Market. The region's rapid economic development, urbanisation, and population growth are driving the demand for electric water heaters, especially in residential applications. Countries like China, India, Japan, and South Korea are witnessing significant market expansion due to the rising disposable income of the middle-class population, growing urbanisation, and the increasing adoption of modern living standards. Moreover, the promotion of energy-efficient appliances and the replacement of traditional water heating systems with electric water heaters further boost the market's growth in the Asia-Pacific region.

Global Electric Water Heater Market By Region
  • Largest
  • Fastest

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Electric Water Heater Market Dynamics

Electric Water Heater Market Drivers

Energy Efficiency and Cost Savings

  • Electric water heaters are increasingly preferred due to their energy efficiency, which translates to lower utility bills for consumers. The rising awareness of energy conservation and the availability of energy-efficient models with improved insulation and heating technologies drive the demand for electric water heaters.

Urbanization and Population Growth

  • Rapid urbanisation and population growth in developing countries result in increased housing construction and infrastructure development. As a result, the demand for electric water heaters in residential and commercial buildings rises, further boosting the market.

Electric Water Heater Market Restraints

Competition from Alternative Water Heating Technologies

  • The electric water heater market faces competition from alternative water heating technologies, such as gas water heaters, solar water heaters, and heat pumps. These alternatives may offer certain advantages, such as lower operating costs or reduced environmental impact, affecting the adoption of electric water heaters in specific regions.

Initial Cost and Installation Challenges

  • The upfront cost of electric water heaters can be higher compared to some traditional water heating options. Additionally, the installation process may require adequate electrical infrastructure and expertise, leading to higher installation expenses in some cases.

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Electric Water Heater Market Competitive Landscape

The global electric water heater market is characterised by intense competition among numerous players striving to establish a strong market presence. The competitive landscape is diverse and dynamic, with a mix of both global and regional manufacturers. These companies compete based on factors such as product innovation, energy efficiency, pricing, brand reputation, and distribution networks. In an effort to gain a competitive edge, manufacturers continuously invest in research and development to introduce technologically advanced and energy-efficient electric water heaters. Moreover, the market's competitive nature is further influenced by the increasing focus on sustainability and environmental conservation. Many companies are aligning their product offerings with eco-friendly solutions, such as energy-efficient electric water heaters with lower greenhouse gas emissions.

Additionally, partnerships and collaborations with energy providers and government organisations to promote energy-efficient appliances contribute to market competitiveness. The absence of specific company names allows for a comprehensive analysis of the broader market landscape. This enables industry players to strategize effectively and identify key areas of growth and improvement. The competitive landscape is expected to remain vibrant, with players continuously striving to meet the diverse needs and preferences of consumers, offer innovative features, and expand their market reach globally. As the demand for electric water heaters continues to rise, companies will need to adapt swiftly to market trends and customer demands to maintain a strong foothold in the highly competitive Global Electric Water Heater Market.

Electric Water Heater Market Top Player’s Company Profile

  • Haier Group Corporation (China)
  • Ariston Thermo Group (Italy)
  • Ferroli S.p.A. (Italy)
  • Racold Thermo Ltd. (India)
  • Whirlpool Corporation (US)
  • State Water Heaters (US)
  • General Electric Appliances (US)
  • Siemens AG (Germany)
  • Noritz Corporation (Japan)
  • Nibe Industrier AB (Sweden)
  • Stiebel Eltron GmbH & Co. KG (Germany)
  • Vaillant Group (Germany)
  • Rinnai Corporation (Japan)
  • Navien, Inc. (South Korea)
  • Bosch Thermotechnology Ltd. (Germany)
  • Midea Group Co., Ltd. (China)
  • Hubbell Incorporated (US)

Electric Water Heater Market Recent Developments

  • In January 2023, Rheem Corporation announced the launch of its new Performance Platinum Smart Electric Water Heater. The water heater is equipped with a Wi-Fi-enabled thermostat that allows users to control the temperature of their water remotely.
  • In February 2023, AO Smith Corporation introduced its new Infinity Hybrid Electric Water Heater. The water heater uses a heat pump to heat water, which can save up to 50% on energy costs.

Electric Water Heater Key Market Trends

  • Integration of Smart Technology: Smart electric water heaters with Wi-Fi connectivity and smartphone apps were gaining traction. These smart appliances allowed users to remotely control and monitor their water heaters, set temperature preferences, and receive alerts for maintenance or operational issues. The integration of smart technology offered convenience and improved user experience.
  • Focus on Eco-Friendly Solutions: With increasing environmental concerns, consumers were increasingly seeking eco-friendly water heating solutions. Manufacturers were responding to this trend by developing electric water heaters with lower greenhouse gas emissions and reduced carbon footprints.

Electric Water Heater Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global electric water heater market analysis, North America is the dominant region in the global electric water heater market and Asia-Pacific is the fastest-growing region. The global electric water heater market has witnessed significant growth and transformation in recent years, driven by various factors such as the increasing demand for energy-efficient and eco-friendly water heating solutions, urbanisation, and the expansion of the hospitality and commercial sectors. Consumers' preference for convenience, smart technologies, and space-saving designs has fueled the adoption of tankless electric water heaters. Moreover, government initiatives promoting energy efficiency and providing incentives have encouraged consumers to opt for electric water heaters. The market has also seen the emergence of solar-powered electric water heaters as a sustainable alternative. The competition among manufacturers to offer innovative products, superior after-sales service, and competitive pricing has intensified the market's dynamics. As environmental concerns continue to grow, manufacturers are focused on reducing carbon footprints and enhancing eco-friendly practices. The global electric water heater market is poised for continued growth, with technological advancements, increasing consumer awareness, and supportive government policies playing crucial roles in shaping its trajectory. To stay competitive in this evolving landscape, companies need to prioritise research and development, cater to diverse end-user needs, and align their product offerings with sustainability initiatives. As market players navigate these trends, the industry is expected to witness further expansion and innovation in the coming years.

Report Metric Details
Market size value in 2023 USD 24.56 Billion
Market size value in 2031 USD 40.1 Billion
Growth Rate 5.6%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Tank and tankless
  • End user
    • Residential and commercial
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Haier Group Corporation (China)
  • Ariston Thermo Group (Italy)
  • Ferroli S.p.A. (Italy)
  • Racold Thermo Ltd. (India)
  • Whirlpool Corporation (US)
  • State Water Heaters (US)
  • General Electric Appliances (US)
  • Siemens AG (Germany)
  • Noritz Corporation (Japan)
  • Nibe Industrier AB (Sweden)
  • Stiebel Eltron GmbH & Co. KG (Germany)
  • Vaillant Group (Germany)
  • Rinnai Corporation (Japan)
  • Navien, Inc. (South Korea)
  • Bosch Thermotechnology Ltd. (Germany)
  • Midea Group Co., Ltd. (China)
  • Hubbell Incorporated (US)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Electric Water Heater Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Electric Water Heater Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Electric Water Heater Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric Water Heater Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Water Heater Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Electric Water Heater Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Electric Water Heater Market size was valued at USD 24.56 Billion in 2021 and is poised to grow from USD 25.93 Billion in 2022 to USD 40.1 Billion by 2030, at a CAGR of 5.6% during the forecast period (2023-2030).

The electric water heater market is characterised by intense competition among numerous players striving to establish a strong market presence. The competitive landscape is diverse and dynamic, with a mix of both and regional manufacturers. These companies compete based on factors such as product innovation, energy efficiency, pricing, brand reputation, and distribution networks. In an effort to gain a competitive edge, manufacturers continuously invest in research and development to introduce technologically advanced and energy-efficient electric water heaters. Moreover, the market's competitive nature is further influenced by the increasing focus on sustainability and environmental conservation. Many companies are aligning their product offerings with eco-friendly solutions, such as energy-efficient electric water heaters with lower greenhouse gas emissions. 'Rheem Manufacturing Company (US)', 'A.O. Smith Corporation (US)', 'Bradford White Corporation (US)', 'Haier Group Corporation (China)', 'Ariston Thermo Group (Italy)', 'Ferroli S.p.A. (Italy)', 'Racold Thermo Ltd. (India)', 'Whirlpool Corporation (US)', 'State Water Heaters (US)', 'General Electric Appliances (US)', 'Siemens AG (Germany)', 'Noritz Corporation (Japan)', 'Nibe Industrier AB (Sweden)', 'Stiebel Eltron GmbH & Co. KG (Germany)', 'Vaillant Group (Germany)', 'Rinnai Corporation (Japan)', 'Navien, Inc. (South Korea)', 'Bosch Thermotechnology Ltd. (Germany)', 'Midea Group Co., Ltd. (China)', 'Hubbell Incorporated (US)'

Electric water heaters are increasingly preferred due to their energy efficiency, which translates to lower utility bills for consumers. The rising awareness of energy conservation and the availability of energy-efficient models with improved insulation and heating technologies drive the demand for electric water heaters.

Integration of Smart Technology: Smart electric water heaters with Wi-Fi connectivity and smartphone apps were gaining traction. These smart appliances allowed users to remotely control and monitor their water heaters, set temperature preferences, and receive alerts for maintenance or operational issues. The integration of smart technology offered convenience and improved user experience.

North America is the dominant region in the Electric Water Heater Market. The high demand for electric water heaters in residential and commercial applications, coupled with stringent energy efficiency regulations, drives the market's dominance in this region. The US and Canada are the major contributors to the North American electric water heater market, with a significant number of households and commercial establishments relying on electric water heating systems. Additionally, the increasing trend towards smart homes and the adoption of energy-efficient appliances further support the market's growth in this region.

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