The Global Electric Water Heaters Market was valued at US$ 15.82 billion in 2024 and is projected to reach US$ 24.6 billion by 2030, at a CAGR of 7.6% during the forecast period 2024-2030.

The United States Electric Water Heaters Market was valued at US$ 4.25 billion in 2024 and is projected to reach US$ 6.85 billion by 2030, at a CAGR of 8.3% during the forecast period 2024-2030.

Appliances that heat water using electrical resistance elements or heat pump technology for residential and commercial applications.

Residential sector dominated with 62% of 24.5 million units shipped. Energy efficiency ratings improved 35%. Smart connectivity adoption reached 28%. Heat pump technology grew 48%. Manufacturing automation increased 42%. Warranty claims reduced 25%. Commercial installations expanded 38%. Safety compliance achieved 99.8%.

Report Overview
Electric Water Heaters refers to electricity as an energy source for heating water heater.
This report provides a deep insight into the global Electric Water Heaters market covering all its essential aspects. This ranges from a macro overview of the market to micro details of the market size, competitive landscape, development trend, niche market, key market drivers and challenges, SWOT analysis, value chain analysis, etc.
The analysis helps the reader to shape the competition within the industries and strategies for the competitive environment to enhance the potential profit. Furthermore, it provides a simple framework for evaluating and accessing the position of the business organization. The report structure also focuses on the competitive landscape of the Global Electric Water Heaters Market, this report introduces in detail the market share, market performance, product situation, operation situation, etc. of the main players, which helps the readers in the industry to identify the main competitors and deeply understand the competition pattern of the market.
In a word, this report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Electric Water Heaters market in any manner.
Global Electric Water Heaters Market: Market Segmentation Analysis
The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, the decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.
Key Company

• A.O. Smith
• GE
• Rheem Manufacturing
• Siemens
• Ariston Thermo
• Bajaj Electricals
• Bradford White
• Crompton Greaves
• ELDOMINVEST
• Ferroli
• Haier
• Hubbell
• Noritz
• Vanward Electric
• Stiebel Eltron
• Bosch
• Eemax
• Atmor
• Eccotemp Systems
• Drakken
• Midea Group

• Storage
• Non-storage

• Commercial
• Residential

• North America (USA, Canada, Mexico)
• Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
• South America (Brazil, Argentina, Columbia, Rest of South America)
• The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Electric Water Heaters Market
• Overview of the regional outlook of the Electric Water Heaters Market:
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• Access to date statistics compiled by our researchers. These provide you with historical and forecast data, which is analyzed to tell you why your market is set to change
• This enables you to anticipate market changes to remain ahead of your competitors
• You will be able to copy data from the Excel spreadsheet straight into your marketing plans, business presentations, or other strategic documents
• The concise analysis, clear graph, and table format will enable you to pinpoint the information you require quickly
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry concerning recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market from various perspectives through Porters five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support

Customization of the Report
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Drivers

1. Growing Demand for Efficient Heating Solutions: As consumer awareness about energy conservation rises, electric water heaters are becoming more popular due to their energy efficiency compared to traditional heating systems. With advancements in insulation and thermostat technologies, modern electric heaters consume less power and offer better performance, making them a preferred choice.
2. Urbanization and Infrastructure Development: With the rapid pace of urbanization, the demand for electric water heaters has increased in both residential and commercial sectors. As cities expand, new residential and commercial buildings often require electric water heaters for quick and reliable hot water solutions.
3. Government Regulations and Incentives: Many governments are promoting the adoption of energy-efficient appliances through rebates, tax incentives, and regulations aimed at reducing carbon footprints. This has spurred the demand for electric water heaters, which are considered more environmentally friendly than gas-powered models.
4. Convenience and Safety: Electric water heaters are often easier to install and maintain than their gas counterparts. They offer improved safety features, such as automatic shut-off mechanisms, making them attractive for consumers prioritizing convenience and safety in their households.

Restraints

1. High Initial Costs: Despite their energy efficiency, electric water heaters often come with a higher initial purchase and installation cost, especially when compared to conventional gas water heaters. This can be a barrier for price-sensitive consumers, particularly in emerging markets where affordability is a concern.
2. Dependency on Electricity Supply: Electric water heaters are dependent on a stable electricity supply. In regions with frequent power outages or insufficient electricity infrastructure, the performance of electric water heaters can be severely limited, reducing their appeal.
3. Limited Capacity for Large Households: For larger households or commercial establishments, electric water heaters may struggle to meet the high demand for hot water. Larger units or multiple systems may be required, adding to installation complexity and cost.

Opportunities

1. Technological Innovations: Continuous advancements in heating technology, such as smart water heaters with Wi-Fi connectivity, energy-efficient heat pump systems, and faster heating elements, present significant growth opportunities. These innovations can provide added convenience, lower energy consumption, and a higher degree of control for consumers.
2. Growth in Emerging Markets: The increasing purchasing power and growing middle-class population in emerging markets such as Asia-Pacific, Africa, and Latin America provide a vast untapped market for electric water heaters. As urbanization continues, demand for home appliances, including electric water heaters, is expected to rise.
3. Integration with Renewable Energy Sources: As the world transitions to renewable energy, electric water heaters can be integrated with solar power or wind energy systems. Solar water heaters, which are powered by electricity generated from solar panels, present a sustainable option for eco-conscious consumers. This integration allows for energy savings and reduced reliance on the grid.
4. Expansion of Online Retail Channels: The increasing popularity of e-commerce platforms opens up new distribution channels for electric water heaters. Consumers can easily compare models, check reviews, and make informed purchasing decisions, which can drive market growth. Additionally, online platforms often provide attractive financing options, further encouraging adoption.

Challenges

1. Energy Consumption in Some Models: While modern electric water heaters are designed to be energy-efficient, some older or lower-end models may still consume a significant amount of electricity. This can be a deterrent for consumers looking to reduce their overall energy bills, especially in regions where electricity costs are high.
2. Environmental Impact of Electricity Generation: Although electric water heaters are more eco-friendly than gas models, they are still reliant on electricity, which in many regions is still generated from fossil fuels. This limits the full environmental benefits of electric water heaters unless the electricity is sourced from renewable energy.
3. Competition from Alternative Heating Systems: The market faces competition from alternative water heating solutions, such as tankless water heaters, solar water heaters, and gas-powered units. Tankless water heaters, for example, offer on-demand heating without the need for a storage tank, which can be more energy-efficient for certain applications. Similarly, solar water heaters are an attractive eco-friendly option for many consumers, especially in regions with abundant sunlight. 
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