Electric Water Heater Market Size,Share,Growth,Competition,Trends,Growth Opportunities and Forecast (2024-2031)
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.
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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.
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Segment Analysis
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 ~% during the forecast period.
Competitive Landscape
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.
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