Electric Water Heater Industry poised to exceed 130 million units by 2024
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”, Global Electric Water Heater Market size was evaluated at $17.6 billion for 2015 and is predicted to register a CAGR of 7.51% during forecast timeframe. Rising demand from household applications like bathing, space heating, cleaning and cooking is predicted to increase product demand during forecast timeframe.
Growing demand for hot water from hospitals and hotels is also predicted to be key factor driving industry growth. Development in construction industry coupled with substitution for aging device in different segments due to increasing disposable income can propel electric water heater industry expansion in future.
Electric water heater market price trend can inhibit industry growth owing to related operating expenses. However, these systems provide price advantage over fuel fired systems related to maintenance, design and deployment. Further, rising need to be equipped with new technological features is also predicted to drive industry growth.
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Global electric water heater market is segmented into products like tankless or non storage based products and storage based products.
Tankless products segment is predicted to expand rapidly in future and growing acceptance of these products all across the globe is credited to segment expansion.
Storage based products segment was evaluated at $11.7 billion for 2015 and is predicted to register CAGR of 6.81% during forecast timeframe. These products are installed in regions with limited or broken power supply and are primarily installed in residential sectors. All these factors are predicted to contribute towards segment growth.
Today, consumers prefer high-end products due to fast changing lifestyles and increasing disposable incomes.
Global electric water heater industry is segmented into commercial and residential applications. Commercial applications segment is predicted to expand rapidly during forecast timeframe.
Residential application segment contributed more than 80.1% of overall electric water heaters market share for 2015 and is projected to register CAGR of 6.91% during forecast timeline. It is anticipated to experience average development along with heavy industry penetration.
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Global electric water heater market is segmented into geographical regions like APAC, Latin America, North America, MEA and Europe.
APAC, with heavy demand from India and China electric water heater market share, contributed more than 28.1% of total consumption for 2015. This region is predicted to register CAGR of about 10.8% during forecast timeline. Growth in nations like Japan, China and India is forecast to promote product demand in the region.
U.S. electric water heater industry is predicted to experience growth due to rising investments in commercial as well as residential construction sectors. North American industry has contributed substantially to overall revenue generation as compared to low product demand. High selling costs can be one of the factors for significant revenue generation of the region.
Key industry participants profiled in the report include Reliance Holmes Heating Incorporation, Bradford White Corporation, Atwood Mobile Products, Venus Home Appliances, Ariston Thermo, AO Smith Corporation, Hubbell Incorporated, General Electric, AquaMax Private Limited, Haier Electronics, Eemax, Kenmore, Midea Group, Bosch Thermotechnology, Racold, State Water Heaters, Whirlpool Corporation, Rheem Manufacturing Company, Marey Heater Corporation, Stiebel Eltron, Zenith Water Heaters and Havells.
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